LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE, 81ST LEGISLATIVE REGULAR SESSION April 21, 2009 TO: Honorable Vicki Truitt, Chair, House Committee on Pensions, Investments & Financial Services FROM: John S. O'Brien, Director, Legislative Budget Board IN RE:HB3762 by Flynn (Relating to regulation of prepaid funeral benefits. ), Committee Report 1st House, Substituted No significant fiscal implication to the State is anticipated. The bill would amend the Finance Code relating to the regulation of prepaid funeral contracts and benefits, outlining responsibilities for the Department of Banking (DOB) and guidelines for sellers and purchasers of prepaid funeral contracts. The bill would also amend sections relating to prepaid funeral contract premiums and insurance-funded contracts and add a new section establishing requirements for insurance policies. Based on the analysis of the DOB, Texas Department of Insurance, and the Funeral Services Commission, duties and responsibilities associated with implementing the provisions of the bill could be accomplished by utilizing existing resources. Local Government Impact No fiscal implication to units of local government is anticipated. Source Agencies:451 Department of Banking, 454 Department of Insurance, 513 Funeral Service Commission LBB Staff: JOB, JRO, ACa
LEGISLATIVE BUDGET BOARD
Austin, Texas
FISCAL NOTE, 81ST LEGISLATIVE REGULAR SESSION
April 21, 2009
TO: Honorable Vicki Truitt, Chair, House Committee on Pensions, Investments & Financial Services FROM: John S. O'Brien, Director, Legislative Budget Board IN RE:HB3762 by Flynn (Relating to regulation of prepaid funeral benefits. ), Committee Report 1st House, Substituted
TO: Honorable Vicki Truitt, Chair, House Committee on Pensions, Investments & Financial Services
FROM: John S. O'Brien, Director, Legislative Budget Board
IN RE: HB3762 by Flynn (Relating to regulation of prepaid funeral benefits. ), Committee Report 1st House, Substituted
Honorable Vicki Truitt, Chair, House Committee on Pensions, Investments & Financial Services
Honorable Vicki Truitt, Chair, House Committee on Pensions, Investments & Financial Services
John S. O'Brien, Director, Legislative Budget Board
John S. O'Brien, Director, Legislative Budget Board
HB3762 by Flynn (Relating to regulation of prepaid funeral benefits. ), Committee Report 1st House, Substituted
HB3762 by Flynn (Relating to regulation of prepaid funeral benefits. ), Committee Report 1st House, Substituted
No significant fiscal implication to the State is anticipated.
No significant fiscal implication to the State is anticipated.
The bill would amend the Finance Code relating to the regulation of prepaid funeral contracts and benefits, outlining responsibilities for the Department of Banking (DOB) and guidelines for sellers and purchasers of prepaid funeral contracts. The bill would also amend sections relating to prepaid funeral contract premiums and insurance-funded contracts and add a new section establishing requirements for insurance policies. Based on the analysis of the DOB, Texas Department of Insurance, and the Funeral Services Commission, duties and responsibilities associated with implementing the provisions of the bill could be accomplished by utilizing existing resources.
Local Government Impact
No fiscal implication to units of local government is anticipated.
Source Agencies: 451 Department of Banking, 454 Department of Insurance, 513 Funeral Service Commission
451 Department of Banking, 454 Department of Insurance, 513 Funeral Service Commission
LBB Staff: JOB, JRO, ACa
JOB, JRO, ACa