LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE, 83RD LEGISLATIVE REGULAR SESSION April 8, 2013 TO: Honorable John T. Smithee, Chair, House Committee on Insurance FROM: Ursula Parks, Director, Legislative Budget Board IN RE:HB1651 by Smithee (Relating to a claim filing period and contractual limitations period in certain property insurance policies.), As Introduced No significant fiscal implication to the State is anticipated. The bill would amend the Insurance Code relating to a claim filing period and contractual limitations period in certain property insurance policies. The bill would allow for a policy form or printed endorsement form for residential or commercial property insurance to provide for a contractual limitations period for filing suit on a first-party claim under the policy and provides the parameters for any such contractual limitations. Based on information provided by the Texas Department of Insurance, the bill may result in a temporary increase in filings to make amendments to policy forms, which would result in a minimal increase in revenues. It is assumed that all 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:454 Department of Insurance LBB Staff: UP, AG, ER
LEGISLATIVE BUDGET BOARD
Austin, Texas
FISCAL NOTE, 83RD LEGISLATIVE REGULAR SESSION
April 8, 2013
TO: Honorable John T. Smithee, Chair, House Committee on Insurance FROM: Ursula Parks, Director, Legislative Budget Board IN RE:HB1651 by Smithee (Relating to a claim filing period and contractual limitations period in certain property insurance policies.), As Introduced
TO: Honorable John T. Smithee, Chair, House Committee on Insurance
FROM: Ursula Parks, Director, Legislative Budget Board
IN RE: HB1651 by Smithee (Relating to a claim filing period and contractual limitations period in certain property insurance policies.), As Introduced
Honorable John T. Smithee, Chair, House Committee on Insurance
Honorable John T. Smithee, Chair, House Committee on Insurance
Ursula Parks, Director, Legislative Budget Board
Ursula Parks, Director, Legislative Budget Board
HB1651 by Smithee (Relating to a claim filing period and contractual limitations period in certain property insurance policies.), As Introduced
HB1651 by Smithee (Relating to a claim filing period and contractual limitations period in certain property insurance policies.), 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 relating to a claim filing period and contractual limitations period in certain property insurance policies. The bill would allow for a policy form or printed endorsement form for residential or commercial property insurance to provide for a contractual limitations period for filing suit on a first-party claim under the policy and provides the parameters for any such contractual limitations. Based on information provided by the Texas Department of Insurance, the bill may result in a temporary increase in filings to make amendments to policy forms, which would result in a minimal increase in revenues. It is assumed that all duties and responsibilities associated with implementing the provisions of the bill could be accomplished by utilizing existing resources.
The bill would amend the Insurance Code relating to a claim filing period and contractual limitations period in certain property insurance policies. The bill would allow for a policy form or printed endorsement form for residential or commercial property insurance to provide for a contractual limitations period for filing suit on a first-party claim under the policy and provides the parameters for any such contractual limitations.
Based on information provided by the Texas Department of Insurance, the bill may result in a temporary increase in filings to make amendments to policy forms, which would result in a minimal increase in revenues. It is assumed that all 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: 454 Department of Insurance
454 Department of Insurance
LBB Staff: UP, AG, ER
UP, AG, ER