LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE 74th Regular Session April 9, 1995 TO: Honorable Kenny Marchant, Chair IN RE: House Bill No. 2790 Committee on Financial Institutions By: Shields House of Representatives Austin, Texas FROM: John Keel, Director In response to your request for a Fiscal Note on House Bill No. 2790 (relating to the exemption of insurance benefits and certain annuity proceeds from seizure under process) this office has determined the following: The bill would amend the Insurance Code with a new section clarifying that the exemptions and protections from seizure, garnishment, attachment or other seizure of the proceeds from life insurance policies and annuity contracts are in addition to similar exemptions provided under the Property Code. No fiscal implication to the State or units of local government is anticipated. Source: Department of Insurance LBB Staff: JK, RM, RR