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:HB3006 by Bonnen, Dennis (Relating to the use of assets of the Texas Windstorm Insurance Association.), As Introduced No significant fiscal implication to the State is anticipated. The bill would amend the Insurance Code relating to the use of assets of the Texas Windstorm Association (TWIA). The bill would prohibit TWIA from diverting any increases in the association's assets in any calendar year for any other purpose other than to satisfy the liability of the association's claims incurred in that calendar year. Based on information provided by the Texas Department of Insurance, the agency would need to amend rules concerning the Catastrophe Reserve Trust Fund (CRTF) and the TWIA plan of operation. It is assumed that any costs and responsibilities associated with implementing the provisions of this bill would accomplished with existing resources. In addition, this analysis does not consider the fiscal impacts to TWIA and the CRTF since those assets, revenues, and expenditures are accounted for outside the treasury. 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:HB3006 by Bonnen, Dennis (Relating to the use of assets of the Texas Windstorm Insurance Association.), As Introduced
TO: Honorable John T. Smithee, Chair, House Committee on Insurance
FROM: Ursula Parks, Director, Legislative Budget Board
IN RE: HB3006 by Bonnen, Dennis (Relating to the use of assets of the Texas Windstorm Insurance Association.), 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
HB3006 by Bonnen, Dennis (Relating to the use of assets of the Texas Windstorm Insurance Association.), As Introduced
HB3006 by Bonnen, Dennis (Relating to the use of assets of the Texas Windstorm Insurance Association.), 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 use of assets of the Texas Windstorm Association (TWIA). The bill would prohibit TWIA from diverting any increases in the association's assets in any calendar year for any other purpose other than to satisfy the liability of the association's claims incurred in that calendar year. Based on information provided by the Texas Department of Insurance, the agency would need to amend rules concerning the Catastrophe Reserve Trust Fund (CRTF) and the TWIA plan of operation. It is assumed that any costs and responsibilities associated with implementing the provisions of this bill would accomplished with existing resources. In addition, this analysis does not consider the fiscal impacts to TWIA and the CRTF since those assets, revenues, and expenditures are accounted for outside the treasury.
The bill would amend the Insurance Code relating to the use of assets of the Texas Windstorm Association (TWIA). The bill would prohibit TWIA from diverting any increases in the association's assets in any calendar year for any other purpose other than to satisfy the liability of the association's claims incurred in that calendar year.
Based on information provided by the Texas Department of Insurance, the agency would need to amend rules concerning the Catastrophe Reserve Trust Fund (CRTF) and the TWIA plan of operation. It is assumed that any costs and responsibilities associated with implementing the provisions of this bill would accomplished with existing resources. In addition, this analysis does not consider the fiscal impacts to TWIA and the CRTF since those assets, revenues, and expenditures are accounted for outside the treasury.
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