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March 17, 2003     (512) 463-0300

Fraser Reports on Progress of Insurance Rate Regulation

Austin - The first draft of the insurance rate regulation bill, Senate Bill (SB) 14, has been delivered to Business and Commerce Committee members to review for a hearing on Tuesday. Horseshoe Bay Senator Troy Fraser told the press that he has given members a deadline of Wednesday, March 19, 2003 at two o'clock, to draft amendments to roll into the bill, which he hopes will have enough votes to pass out of committee by Thursday. When the bill reaches the full Senate, Chairman Fraser said that he hopes to have the two-thirds vote required for the bill to take immediate effect.

"We had to do the surgery to fix the problem. Once we do that, we think rates will go down," said Fraser. He expects insurance rates to decrease by twelve to fifteen percent when SB 14 takes effect and, within six months to a year, he anticipates them to continue to decrease back to the level they were at in 2001.

The Senate passed the following bills in today's session:

The Senate will reconvene Tuesday, March 18, 2003, at 11:00 a.m.

Session video and all other webcast recordings can be accessed from the Senate website's audio and video archive pages.