LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE, 81ST LEGISLATIVE REGULAR SESSION March 14, 2009 TO: Honorable John T. Smithee, Chair, House Committee on Insurance FROM: John S. O'Brien, Director, Legislative Budget Board IN RE:HB1294 by Eiland (Relating to the use of senior-specific certifications and professional designations in the sale of life insurance and annuities.), As Introduced No significant fiscal implication to the State is anticipated. The bill would amend the Insurance Code to prohibit insurance agents from using senior-specific certifications and professional designations in the sale of life insurance and annuities. The Texas Department of Insurance (TDI) would incorporate the requirements of this bill into its existing insurance advertisement reviews relating to life and annuity products. Based on information provided by TDI, it is assumed that any costs associated with the bill could be absorbed within the agency's existing resources. Local Government Impact No fiscal implication to units of local government is anticipated. Source Agencies:450 Department of Savings and Mortgage Lending, 451 Department of Banking, 454 Department of Insurance LBB Staff: JOB, KJG, MW, CH
LEGISLATIVE BUDGET BOARD
Austin, Texas
FISCAL NOTE, 81ST LEGISLATIVE REGULAR SESSION
March 14, 2009
TO: Honorable John T. Smithee, Chair, House Committee on Insurance FROM: John S. O'Brien, Director, Legislative Budget Board IN RE:HB1294 by Eiland (Relating to the use of senior-specific certifications and professional designations in the sale of life insurance and annuities.), As Introduced
TO: Honorable John T. Smithee, Chair, House Committee on Insurance
FROM: John S. O'Brien, Director, Legislative Budget Board
IN RE: HB1294 by Eiland (Relating to the use of senior-specific certifications and professional designations in the sale of life insurance and annuities.), As Introduced
Honorable John T. Smithee, Chair, House Committee on Insurance
Honorable John T. Smithee, Chair, House Committee on Insurance
John S. O'Brien, Director, Legislative Budget Board
John S. O'Brien, Director, Legislative Budget Board
HB1294 by Eiland (Relating to the use of senior-specific certifications and professional designations in the sale of life insurance and annuities.), As Introduced
HB1294 by Eiland (Relating to the use of senior-specific certifications and professional designations in the sale of life insurance and annuities.), As Introduced
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 prohibit insurance agents from using senior-specific certifications and professional designations in the sale of life insurance and annuities. The Texas Department of Insurance (TDI) would incorporate the requirements of this bill into its existing insurance advertisement reviews relating to life and annuity products. Based on information provided by TDI, it is assumed that any costs associated with the bill could be absorbed within the agency's existing resources.
The bill would amend the Insurance Code to prohibit insurance agents from using senior-specific certifications and professional designations in the sale of life insurance and annuities. The Texas Department of Insurance (TDI) would incorporate the requirements of this bill into its existing insurance advertisement reviews relating to life and annuity products.
Based on information provided by TDI, it is assumed that any costs associated with the bill could be absorbed within the agency's existing resources.
Local Government Impact
No fiscal implication to units of local government is anticipated.
Source Agencies: 450 Department of Savings and Mortgage Lending, 451 Department of Banking, 454 Department of Insurance
450 Department of Savings and Mortgage Lending, 451 Department of Banking, 454 Department of Insurance
LBB Staff: JOB, KJG, MW, CH
JOB, KJG, MW, CH