LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE, 83RD LEGISLATIVE REGULAR SESSION April 1, 2013 TO: Honorable John T. Smithee, Chair, House Committee on Insurance FROM: Ursula Parks, Director, Legislative Budget Board IN RE:HB2786 by Smithee (Relating to own risk and solvency assessment by insurers and insurance groups; providing a penalty.), As Introduced No significant fiscal implication to the State is anticipated. The bill would amend the Insurance Code relating to own risk and solvency assessments by insurers and insurance groups. The bill would require domestic insurers to maintain a risk management framework and to conduct an annual confidential internal own risk and solvency assessment. The bill would further require that the insurer submit a summary of the assessment at the request of the commissioner of insurance. Based on information provided by the Texas Department of Insurance, 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, 304 Comptroller of Public Accounts LBB Staff: UP, AG, ER, RB
LEGISLATIVE BUDGET BOARD
Austin, Texas
FISCAL NOTE, 83RD LEGISLATIVE REGULAR SESSION
April 1, 2013
TO: Honorable John T. Smithee, Chair, House Committee on Insurance FROM: Ursula Parks, Director, Legislative Budget Board IN RE:HB2786 by Smithee (Relating to own risk and solvency assessment by insurers and insurance groups; providing a penalty.), As Introduced
TO: Honorable John T. Smithee, Chair, House Committee on Insurance
FROM: Ursula Parks, Director, Legislative Budget Board
IN RE: HB2786 by Smithee (Relating to own risk and solvency assessment by insurers and insurance groups; providing a penalty.), 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
HB2786 by Smithee (Relating to own risk and solvency assessment by insurers and insurance groups; providing a penalty.), As Introduced
HB2786 by Smithee (Relating to own risk and solvency assessment by insurers and insurance groups; providing a penalty.), 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 own risk and solvency assessments by insurers and insurance groups. The bill would require domestic insurers to maintain a risk management framework and to conduct an annual confidential internal own risk and solvency assessment. The bill would further require that the insurer submit a summary of the assessment at the request of the commissioner of insurance. Based on information provided by the Texas Department of Insurance, 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, 304 Comptroller of Public Accounts
454 Department of Insurance, 304 Comptroller of Public Accounts
LBB Staff: UP, AG, ER, RB
UP, AG, ER, RB