LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE, 87TH LEGISLATIVE REGULAR SESSION April 5, 2021 TO: Honorable Kelly Hancock, Chair, Senate Committee on Business & Commerce FROM: Jerry McGinty, Director, Legislative Budget Board IN RE: SB1810 by Hancock (Relating to the licensing and regulation of insurance professionals.), As Introduced No significant fiscal implication to the State is anticipated. The bill would amend the Insurance Code relating to the licensing and regulation of insurance professionals. Based on information provided by the Texas Department of Insurance, this analysis assumes that the duties and responsibilities associated with implementing the provisions of the bill could be accomplished by utilizing existing resources.The bill would eliminate certain licenses and extend the duration of certain temporary licenses. Any revenue loss resulting from the elimination of licenses or the extension of the duration of temporary licenses would result in an increase in other fees or in insurance maintenance tax rates; therefore, there would be no fiscal impact to the State. 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, SZ, MB, MPUK
LEGISLATIVE BUDGET BOARD
Austin, Texas
FISCAL NOTE, 87TH LEGISLATIVE REGULAR SESSION
April 5, 2021
TO: Honorable Kelly Hancock, Chair, Senate Committee on Business & Commerce FROM: Jerry McGinty, Director, Legislative Budget Board IN RE: SB1810 by Hancock (Relating to the licensing and regulation of insurance professionals.), As Introduced
TO: Honorable Kelly Hancock, Chair, Senate Committee on Business & Commerce
FROM: Jerry McGinty, Director, Legislative Budget Board
IN RE: SB1810 by Hancock (Relating to the licensing and regulation of insurance professionals.), As Introduced
Honorable Kelly Hancock, Chair, Senate Committee on Business & Commerce
Honorable Kelly Hancock, Chair, Senate Committee on Business & Commerce
Jerry McGinty, Director, Legislative Budget Board
Jerry McGinty, Director, Legislative Budget Board
SB1810 by Hancock (Relating to the licensing and regulation of insurance professionals.), As Introduced
SB1810 by Hancock (Relating to the licensing and regulation of insurance professionals.), 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 licensing and regulation of insurance professionals. Based on information provided by the Texas Department of Insurance, this analysis assumes that the duties and responsibilities associated with implementing the provisions of the bill could be accomplished by utilizing existing resources.The bill would eliminate certain licenses and extend the duration of certain temporary licenses. Any revenue loss resulting from the elimination of licenses or the extension of the duration of temporary licenses would result in an increase in other fees or in insurance maintenance tax rates; therefore, there would be no fiscal impact to the State.
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, SZ, MB, MPUK
JMc, SZ, MB, MPUK