LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE, 81ST LEGISLATIVE REGULAR SESSION April 28, 2009 TO: Honorable Troy Fraser, Chair, Senate Committee on Business & Commerce FROM: John S. O'Brien, Director, Legislative Budget Board IN RE:HB2752 by Eiland (Relating to independent audits of insurer financial statements and insurer internal controls.), As Engrossed No significant fiscal implication to the State is anticipated. The bill would amend the Insurance Code to revise the audit requirements for audited financial reports from insurers and to change the professional requirements of the auditor preparing the report. The bill would not require health maintenance organizations to submit an audited financial report to the Texas Department of Insurance (TDI). The bill would require TDI to revise the exemption process for receiving audited financial reports from insurers. Based on the analysis by TDI, it is assumed any costs associated with implementing this bill could be absorbed within current agency resources. Local Government Impact No fiscal implication to units of local government is anticipated. Source Agencies:454 Department of Insurance LBB Staff: JOB, JRO, KJG, MW, CH
LEGISLATIVE BUDGET BOARD
Austin, Texas
FISCAL NOTE, 81ST LEGISLATIVE REGULAR SESSION
April 28, 2009
TO: Honorable Troy Fraser, Chair, Senate Committee on Business & Commerce FROM: John S. O'Brien, Director, Legislative Budget Board IN RE:HB2752 by Eiland (Relating to independent audits of insurer financial statements and insurer internal controls.), As Engrossed
TO: Honorable Troy Fraser, Chair, Senate Committee on Business & Commerce
FROM: John S. O'Brien, Director, Legislative Budget Board
IN RE: HB2752 by Eiland (Relating to independent audits of insurer financial statements and insurer internal controls.), As Engrossed
Honorable Troy Fraser, Chair, Senate Committee on Business & Commerce
Honorable Troy Fraser, Chair, Senate Committee on Business & Commerce
John S. O'Brien, Director, Legislative Budget Board
John S. O'Brien, Director, Legislative Budget Board
HB2752 by Eiland (Relating to independent audits of insurer financial statements and insurer internal controls.), As Engrossed
HB2752 by Eiland (Relating to independent audits of insurer financial statements and insurer internal controls.), As Engrossed
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 revise the audit requirements for audited financial reports from insurers and to change the professional requirements of the auditor preparing the report. The bill would not require health maintenance organizations to submit an audited financial report to the Texas Department of Insurance (TDI). The bill would require TDI to revise the exemption process for receiving audited financial reports from insurers. Based on the analysis by TDI, it is assumed any costs associated with implementing this bill could be absorbed within current agency resources.
The bill would amend the Insurance Code to revise the audit requirements for audited financial reports from insurers and to change the professional requirements of the auditor preparing the report. The bill would not require health maintenance organizations to submit an audited financial report to the Texas Department of Insurance (TDI). The bill would require TDI to revise the exemption process for receiving audited financial reports from insurers. Based on the analysis by TDI, it is assumed any costs associated with implementing this bill could be absorbed within current agency 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, JRO, KJG, MW, CH
JOB, JRO, KJG, MW, CH