LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE, 87TH LEGISLATIVE REGULAR SESSION March 29, 2021 TO: Honorable Tom Oliverson, Chair, House Committee on Insurance FROM: Jerry McGinty, Director, Legislative Budget Board IN RE: HB769 by Middleton (Relating to the administration of the Texas Windstorm Insurance Association.), As Introduced Provisions of the bill could decrease deposits made to the Catastrophe Reserve Trust Fund, but the amount and timing of any decrease is unknown. Therefore, the fiscal implications of the bill cannot be determined at this time. The bill would amend the Insurance Code relating to the administration of the Texas Windstorm Insurance Association (TWIA). The bill would prohibit TWIA from depositing certain excess revenue in the Catastrophe Reserve Trust Fund (CRTF). The CRTF is a fund outside the Treasury held by the Texas Treasury Safekeeping Trust Company. Provisions of the bill could decrease deposits made to the CRTF, but the amount and timing of any decrease is unknown.Based on information provided by the Comptroller of Public Accounts, the fiscal impact to the State cannot be estimated at this time. Local Government ImpactNo fiscal implication to units of local government is anticipated. Source Agencies: b > td > 304 Comptroller of Public Accounts, 454 Department of Insurance LBB Staff: b > td > JMc, AAL, MB, MPUK, SD
LEGISLATIVE BUDGET BOARD
Austin, Texas
FISCAL NOTE, 87TH LEGISLATIVE REGULAR SESSION
March 29, 2021
TO: Honorable Tom Oliverson, Chair, House Committee on Insurance FROM: Jerry McGinty, Director, Legislative Budget Board IN RE: HB769 by Middleton (Relating to the administration of the Texas Windstorm Insurance Association.), As Introduced
TO: Honorable Tom Oliverson, Chair, House Committee on Insurance
FROM: Jerry McGinty, Director, Legislative Budget Board
IN RE: HB769 by Middleton (Relating to the administration of the Texas Windstorm Insurance Association.), As Introduced
Honorable Tom Oliverson, Chair, House Committee on Insurance
Honorable Tom Oliverson, Chair, House Committee on Insurance
Jerry McGinty, Director, Legislative Budget Board
Jerry McGinty, Director, Legislative Budget Board
HB769 by Middleton (Relating to the administration of the Texas Windstorm Insurance Association.), As Introduced
HB769 by Middleton (Relating to the administration of the Texas Windstorm Insurance Association.), As Introduced
Provisions of the bill could decrease deposits made to the Catastrophe Reserve Trust Fund, but the amount and timing of any decrease is unknown. Therefore, the fiscal implications of the bill cannot be determined at this time.
Provisions of the bill could decrease deposits made to the Catastrophe Reserve Trust Fund, but the amount and timing of any decrease is unknown. Therefore, the fiscal implications of the bill cannot be determined at this time.
The bill would amend the Insurance Code relating to the administration of the Texas Windstorm Insurance Association (TWIA). The bill would prohibit TWIA from depositing certain excess revenue in the Catastrophe Reserve Trust Fund (CRTF). The CRTF is a fund outside the Treasury held by the Texas Treasury Safekeeping Trust Company. Provisions of the bill could decrease deposits made to the CRTF, but the amount and timing of any decrease is unknown.Based on information provided by the Comptroller of Public Accounts, the fiscal impact to the State cannot be estimated at this time.
Local Government Impact
No fiscal implication to units of local government is anticipated.
Source Agencies: b > td > 304 Comptroller of Public Accounts, 454 Department of Insurance
304 Comptroller of Public Accounts, 454 Department of Insurance
LBB Staff: b > td > JMc, AAL, MB, MPUK, SD
JMc, AAL, MB, MPUK, SD