LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE, 83RD LEGISLATIVE REGULAR SESSION March 4, 2013 TO: Honorable John Carona, Chair, Senate Committee On Business & Commerce FROM: Ursula Parks, Director, Legislative Budget Board IN RE:SB631 by Carona (Relating to certain statutory insurance deposit requirements.), As Introduced No significant fiscal implication to the State is anticipated. The bill would amend the Insurance Code to require the Insurance Commissioner to issue a letter approving an application for the substitution or withdrawal of a special deposit required of an entity engaged in the business of insurance under potentially hazardous conditions. The bill would also prohibit the Comptroller of Public Accounts from releasing the deposit until an approval letter is issued by the Insurance Commissioner. 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 LBB Staff: UP, RB, MW, ER, LXH
LEGISLATIVE BUDGET BOARD
Austin, Texas
FISCAL NOTE, 83RD LEGISLATIVE REGULAR SESSION
March 4, 2013
TO: Honorable John Carona, Chair, Senate Committee On Business & Commerce FROM: Ursula Parks, Director, Legislative Budget Board IN RE:SB631 by Carona (Relating to certain statutory insurance deposit requirements.), As Introduced
TO: Honorable John Carona, Chair, Senate Committee On Business & Commerce
FROM: Ursula Parks, Director, Legislative Budget Board
IN RE: SB631 by Carona (Relating to certain statutory insurance deposit requirements.), As Introduced
Honorable John Carona, Chair, Senate Committee On Business & Commerce
Honorable John Carona, Chair, Senate Committee On Business & Commerce
Ursula Parks, Director, Legislative Budget Board
Ursula Parks, Director, Legislative Budget Board
SB631 by Carona (Relating to certain statutory insurance deposit requirements.), As Introduced
SB631 by Carona (Relating to certain statutory insurance deposit requirements.), 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 to require the Insurance Commissioner to issue a letter approving an application for the substitution or withdrawal of a special deposit required of an entity engaged in the business of insurance under potentially hazardous conditions. The bill would also prohibit the Comptroller of Public Accounts from releasing the deposit until an approval letter is issued by the Insurance Commissioner. 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.
The bill would amend the Insurance Code to require the Insurance Commissioner to issue a letter approving an application for the substitution or withdrawal of a special deposit required of an entity engaged in the business of insurance under potentially hazardous conditions. The bill would also prohibit the Comptroller of Public Accounts from releasing the deposit until an approval letter is issued by the Insurance Commissioner.
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
454 Department of Insurance
LBB Staff: UP, RB, MW, ER, LXH
UP, RB, MW, ER, LXH