| TO: | Honorable Bill Ratliff, Chair, Senate Committee on State Affairs |
| FROM: | John Keel, Director, Legislative Budget Board |
| IN RE: | SB463 by Janek (Relating to structures that constitute insurable property under the Texas Windstorm Insurance Association.), As Introduced |
The Texas Department of Insurance indicates that costs associated with the bill could be absorbed within current resources.
The Comptroller's office estimates that structures in these areas could be insured for windstorm coverage that could, possibly, trigger construction activity, increased property tax, sales tax, and insurance tax revenues.
Further, if such were to happen, and a hurricane occurred, many more conditions would have to be met before an impact on General Revenue would be realized: a lot of insured structures were hurt and the damage was so severe as to trigger Catastrophe Pool assessments, which could then be taken as credits against insurance premium taxes.
| Source Agencies: | 304 Comptroller Of Public Accounts, 454 Department Of Insurance
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| LBB Staff: | JK, RR, RT, RB
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