LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE, 87TH LEGISLATIVE REGULAR SESSION May 3, 2021 TO: Honorable Kelly Hancock, Chair, Senate Committee on Business & Commerce FROM: Jerry McGinty, Director, Legislative Budget Board IN RE: SB773 by Nichols (Relating to notice of available alternatives to the lapse or surrender of a life insurance policy.), As Introduced No significant fiscal implication to the State is anticipated. The bill would amend the Insurance Code relating to notice of available alternatives to the lapse or surrender of a life insurance policy. Based on information provided by the Texas Department of Insurance and Department of Banking, this analysis assumes that the duties and responsibilities associated with implementing the provisions of the bill could be accomplished by utilizing existing resources. Local Government ImpactNo significant fiscal implication to units of local government is anticipated. Source Agencies: b > td > 327 Employees Retirement System, 451 Department of Banking, 454 Department of Insurance, 710 Texas A&M Univ System Admin, 720 UT Sys Admin LBB Staff: b > td > JMc, SZ, MB, MPUK, AAL
LEGISLATIVE BUDGET BOARD
Austin, Texas
FISCAL NOTE, 87TH LEGISLATIVE REGULAR SESSION
May 3, 2021
TO: Honorable Kelly Hancock, Chair, Senate Committee on Business & Commerce FROM: Jerry McGinty, Director, Legislative Budget Board IN RE: SB773 by Nichols (Relating to notice of available alternatives to the lapse or surrender of a life insurance policy.), As Introduced
TO: Honorable Kelly Hancock, Chair, Senate Committee on Business & Commerce
FROM: Jerry McGinty, Director, Legislative Budget Board
IN RE: SB773 by Nichols (Relating to notice of available alternatives to the lapse or surrender of a life insurance policy.), 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
SB773 by Nichols (Relating to notice of available alternatives to the lapse or surrender of a life insurance policy.), As Introduced
SB773 by Nichols (Relating to notice of available alternatives to the lapse or surrender of a life insurance policy.), 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 notice of available alternatives to the lapse or surrender of a life insurance policy. Based on information provided by the Texas Department of Insurance and Department of Banking, this analysis assumes that the duties and responsibilities associated with implementing the provisions of the bill could be accomplished by utilizing existing resources.
Local Government Impact
No significant fiscal implication to units of local government is anticipated.
Source Agencies: b > td > 327 Employees Retirement System, 451 Department of Banking, 454 Department of Insurance, 710 Texas A&M Univ System Admin, 720 UT Sys Admin
327 Employees Retirement System, 451 Department of Banking, 454 Department of Insurance, 710 Texas A&M Univ System Admin, 720 UT Sys Admin
LBB Staff: b > td > JMc, SZ, MB, MPUK, AAL
JMc, SZ, MB, MPUK, AAL