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:HB2646 by Turner, Chris (Relating to the office of public insurance counsel's ability to initiate a hearing on insurance rates or rate filings.), As Introduced No significant fiscal implication to the State is anticipated. The bill would amend the Insurance Code relating to the Office of Public Insurance Counsel's (OPIC) ability to initiate a hearing on insurance rates or rate filings. The bill would allow OPIC to initiate hearings on rate filings or a rate in effect through a written petition to the insurance commissioner and require those hearings to be held within 30 days after the petition is filed. Based on information provided by the Texas Department of Insurance and OPIC, it is assumed that there would be an additional two hearings per year which would require additional actuarial services; however, any costs associated with the implementation of this bill would be absorbed within existing staff and resources. Local Government Impact No fiscal implication to units of local government is anticipated. Source Agencies:359 Office of Public Insurance Counsel, 454 Department of Insurance LBB Staff: UP, AG, ER, LXH
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:HB2646 by Turner, Chris (Relating to the office of public insurance counsel's ability to initiate a hearing on insurance rates or rate filings.), As Introduced
TO: Honorable John T. Smithee, Chair, House Committee on Insurance
FROM: Ursula Parks, Director, Legislative Budget Board
IN RE: HB2646 by Turner, Chris (Relating to the office of public insurance counsel's ability to initiate a hearing on insurance rates or rate filings.), 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
HB2646 by Turner, Chris (Relating to the office of public insurance counsel's ability to initiate a hearing on insurance rates or rate filings.), As Introduced
HB2646 by Turner, Chris (Relating to the office of public insurance counsel's ability to initiate a hearing on insurance rates or rate filings.), 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 the Office of Public Insurance Counsel's (OPIC) ability to initiate a hearing on insurance rates or rate filings. The bill would allow OPIC to initiate hearings on rate filings or a rate in effect through a written petition to the insurance commissioner and require those hearings to be held within 30 days after the petition is filed. Based on information provided by the Texas Department of Insurance and OPIC, it is assumed that there would be an additional two hearings per year which would require additional actuarial services; however, any costs associated with the implementation of this bill would be absorbed within existing staff and resources.
The bill would amend the Insurance Code relating to the Office of Public Insurance Counsel's (OPIC) ability to initiate a hearing on insurance rates or rate filings. The bill would allow OPIC to initiate hearings on rate filings or a rate in effect through a written petition to the insurance commissioner and require those hearings to be held within 30 days after the petition is filed.
Based on information provided by the Texas Department of Insurance and OPIC, it is assumed that there would be an additional two hearings per year which would require additional actuarial services; however, any costs associated with the implementation of this bill would be absorbed within existing staff and resources.
Local Government Impact
No fiscal implication to units of local government is anticipated.
Source Agencies: 359 Office of Public Insurance Counsel, 454 Department of Insurance
359 Office of Public Insurance Counsel, 454 Department of Insurance
LBB Staff: UP, AG, ER, LXH
UP, AG, ER, LXH