Bill Text: TX HB5048 | 2023-2024 | 88th Legislature | Introduced
Bill Title: Relating to boycott, coercion, and intimidation activities by insurance companies regarding environmental, social, and governance matters.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2023-03-23 - Referred to Insurance [HB5048 Detail]
Download: Texas-2023-HB5048-Introduced.html
| 88R14148 KBB-F | ||
| By: Harris of Williamson | H.B. No. 5048 | |
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| relating to boycott, coercion, and intimidation activities by | ||
| insurance companies regarding environmental, social, and | ||
| governance matters. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Section 541.054, Insurance Code, is amended to | ||
| read as follows: | ||
| Sec. 541.054. BOYCOTT, COERCION, OR INTIMIDATION. (a) It | ||
| is an unfair method of competition or an unfair or deceptive act or | ||
| practice in the business of insurance to commit through concerted | ||
| action or to enter into an agreement to commit an act of boycott, | ||
| coercion, or intimidation that results in or tends to result in the | ||
| unreasonable restraint of or a monopoly in the business of | ||
| insurance. | ||
| (b) An act of boycott, coercion, or intimidation includes | ||
| refusing to deal with, terminating business activities with, or | ||
| otherwise taking any commercial action that is intended to | ||
| penalize, inflict economic harm on, limit commercial relations | ||
| with, or change or limit the activities of a company because the | ||
| company, without violating controlling federal or state law: | ||
| (1) engages in the exploration, production, | ||
| utilization, transportation, sale, or manufacturing of fossil | ||
| fuel-based energy, timber, mining, or agriculture; | ||
| (2) engages in, facilitates, or supports the | ||
| manufacture, import, distribution, marketing or advertising, sale, | ||
| or lawful use of firearms, ammunition, or component parts and | ||
| accessories of firearms or ammunition; | ||
| (3) contracts with the United States Immigration and | ||
| Customs Enforcement for the provision of federal immigration | ||
| detention centers or support services related to the implementation | ||
| of federal immigration and border security laws, regulations, and | ||
| policies; | ||
| (4) does not meet, is not expected to meet, or does not | ||
| commit to meet environmental standards or disclosure criteria, in | ||
| particular to eliminate, reduce, offset, or disclose greenhouse gas | ||
| emissions; or | ||
| (5) does not meet, is not expected to meet, or does not | ||
| commit to meet corporate board, employment, composition, | ||
| compensation, or disclosure criteria that incorporates | ||
| characteristics protected under Chapter 21, Labor Code. | ||
| (c) A method of competition, act, or practice in the | ||
| business of insurance may be determined to be an action to boycott, | ||
| coerce, or intimidate based on evidence indicating that purpose, | ||
| including: | ||
| (1) branding, advertising, statements, explanations, | ||
| reports, letters to clients, communications with portfolio | ||
| companies, statements of principles, or commitments; or | ||
| (2) participation in, affiliation with, or status as a | ||
| signatory to any coalition, initiative, joint statement of | ||
| principles, or agreement. | ||
| SECTION 2. This Act takes effect September 1, 2023. | ||
