Legislative Developments

A bill on its way to the desk of the Texas governor, known as the Texas Responsible Artificial Intelligence Governance Act, would require disclosures regarding the development and deployment of AI technology across various use cases.

In an open leader to Senate leadership, the National Association of Insurance Commissioners expressed concern over a clause in the budget reconciliation bill that would prohibit state regulation of artificial intelligence technology for 10 years.

A bill currently under consideration in the U.S. House of Representatives would require all real estate purchases by non-citizens to be reported to the IRS, as well as impose a tax on such purchases.

Accepting the recommendations of regulatory agencies, Colorado Gov. Jared Polis has signed a state bill into law to sunset the state’s title insurance commission. The commission will be replaced by an advisory group that will meet twice a year.

A bill recently approved by the governor of Florida outlines new state statutes and a uniform code governing controllable electronic records and transitional provisions, including deeds and other property documents.

Congress is once again considering the Insurance Data Protection Act, which is intended to curb the subpoena and enforcement powers of the Treasury’s Federal Insurance Office.

The Texas state senate is currently considering a bill that would officially include real property theft and real property fraud as criminal offenses under state law, while also establishing a statute of limitations for those offenses.

A state bill to update Oklahoma’s deed regulations, including the addition of a requirement for licensees to undergo continuing education on deed theft, is being considered by the state senate.

A coalition of senators have introduced the Insurance Data Protection Act to the U.S. Senate with an aim to scale back the authority of the Federal Insurance Office and return more autonomy to state regulatory agencies.