LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE, 83RD LEGISLATIVE REGULAR SESSION March 11, 2013 TO: Honorable John Carona, Chair, Senate Committee On Business & Commerce FROM: Ursula Parks, Director, Legislative Budget Board IN RE:SB697 by Carona (Relating to the qualifications of certain nonresident individuals to hold a surplus lines agent license.), As Introduced No significant fiscal implication to the State is anticipated. The bill would amend the Insurance Code relating to the qualifications of certain nonresident individuals to hold a surplus lines agent license. The bill would exempt an individual from being required to obtain a general property and casualty or managing general agent license to hold a surplus lines agent license if they are not a resident of this state, if they are licensed as a surplus lines agent in their state of residence, if their state of residence does not require a license, or if the individual has a professional relationship with a licensed individual. Based on information provided by the Texas Department of Insurance, it is assumed that 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:454 Department of Insurance LBB Staff: UP, RB, MW, ER, LXH
LEGISLATIVE BUDGET BOARD
Austin, Texas
FISCAL NOTE, 83RD LEGISLATIVE REGULAR SESSION
March 11, 2013
TO: Honorable John Carona, Chair, Senate Committee On Business & Commerce FROM: Ursula Parks, Director, Legislative Budget Board IN RE:SB697 by Carona (Relating to the qualifications of certain nonresident individuals to hold a surplus lines agent license.), As Introduced
TO: Honorable John Carona, Chair, Senate Committee On Business & Commerce
FROM: Ursula Parks, Director, Legislative Budget Board
IN RE: SB697 by Carona (Relating to the qualifications of certain nonresident individuals to hold a surplus lines agent license.), 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
SB697 by Carona (Relating to the qualifications of certain nonresident individuals to hold a surplus lines agent license.), As Introduced
SB697 by Carona (Relating to the qualifications of certain nonresident individuals to hold a surplus lines agent license.), 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 qualifications of certain nonresident individuals to hold a surplus lines agent license. The bill would exempt an individual from being required to obtain a general property and casualty or managing general agent license to hold a surplus lines agent license if they are not a resident of this state, if they are licensed as a surplus lines agent in their state of residence, if their state of residence does not require a license, or if the individual has a professional relationship with a licensed individual. Based on information provided by the Texas Department of Insurance, it is assumed that 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 qualifications of certain nonresident individuals to hold a surplus lines agent license. The bill would exempt an individual from being required to obtain a general property and casualty or managing general agent license to hold a surplus lines agent license if they are not a resident of this state, if they are licensed as a surplus lines agent in their state of residence, if their state of residence does not require a license, or if the individual has a professional relationship with a licensed individual.
Based on information provided by the Texas Department of Insurance, it is assumed that 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: 454 Department of Insurance
454 Department of Insurance
LBB Staff: UP, RB, MW, ER, LXH
UP, RB, MW, ER, LXH