LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE, 81ST LEGISLATIVE REGULAR SESSION May 23, 2009 TO: Honorable Joe Straus, Speaker of the House, House of Representatives FROM: John S. O'Brien, Director, Legislative Budget Board IN RE:HB1293 by Eiland (Relating to the sale and marketing of life insurance and annuities.), As Passed 2nd House No significant fiscal implication to the State is anticipated. The bill would amend the insurance code to create minimum disclosure requirements for annuity contracts. The bill would authorize the Texas Department of Insurance (TDI) to adopt by rule Buyer's Guides for fixed, deferred, and equity indexed annuities. Additionally, the bill would require TDI to enforce the provisions of the bill. Based on information provided by TDI, it is assumed that costs associated with implementing the provisions of the bill could be absorbed within its current resources. Local Government Impact No fiscal implication to units of local government is anticipated. Source Agencies:454 Department of Insurance LBB Staff: JOB, SD, KJG, MW, CH
LEGISLATIVE BUDGET BOARD
Austin, Texas
FISCAL NOTE, 81ST LEGISLATIVE REGULAR SESSION
May 23, 2009
TO: Honorable Joe Straus, Speaker of the House, House of Representatives FROM: John S. O'Brien, Director, Legislative Budget Board IN RE:HB1293 by Eiland (Relating to the sale and marketing of life insurance and annuities.), As Passed 2nd House
TO: Honorable Joe Straus, Speaker of the House, House of Representatives
FROM: John S. O'Brien, Director, Legislative Budget Board
IN RE: HB1293 by Eiland (Relating to the sale and marketing of life insurance and annuities.), As Passed 2nd House
Honorable Joe Straus, Speaker of the House, House of Representatives
Honorable Joe Straus, Speaker of the House, House of Representatives
John S. O'Brien, Director, Legislative Budget Board
John S. O'Brien, Director, Legislative Budget Board
HB1293 by Eiland (Relating to the sale and marketing of life insurance and annuities.), As Passed 2nd House
HB1293 by Eiland (Relating to the sale and marketing of life insurance and annuities.), As Passed 2nd House
No significant fiscal implication to the State is anticipated.
No significant fiscal implication to the State is anticipated.
The bill would amend the insurance code to create minimum disclosure requirements for annuity contracts. The bill would authorize the Texas Department of Insurance (TDI) to adopt by rule Buyer's Guides for fixed, deferred, and equity indexed annuities. Additionally, the bill would require TDI to enforce the provisions of the bill. Based on information provided by TDI, it is assumed that costs associated with implementing the provisions of the bill could be absorbed within its current resources.
The bill would amend the insurance code to create minimum disclosure requirements for annuity contracts. The bill would authorize the Texas Department of Insurance (TDI) to adopt by rule Buyer's Guides for fixed, deferred, and equity indexed annuities. Additionally, the bill would require TDI to enforce the provisions of the bill.
Based on information provided by TDI, it is assumed that costs associated with implementing the provisions of the bill could be absorbed within its current resources.
Local Government Impact
No fiscal implication to units of local government is anticipated.
Source Agencies: 454 Department of Insurance
454 Department of Insurance
LBB Staff: JOB, SD, KJG, MW, CH
JOB, SD, KJG, MW, CH