LEGISLATIVE BUDGET BOARD

Austin, Texas

FISCAL NOTE, 78TH LEGISLATIVE REGULAR SESSION

March 23, 2003

TO:	Honorable Bill Ratliff, Chair, Senate Committee on State Affairs
FROM:	John Keel, Director, Legislative Budget Board
IN RE:	SB681 by Averitt (Relating to the standard nonforfeiture law for certain annuities.), As Introduced

No significant fiscal implication to the State is anticipated.

The Texas Department indicates the bill would increase filing fees by annuity insurers by $208,100 over the fiscal year 2004-05 biennium. This amount would come from an increase of 2081 annuity product filings over the two year period, with a fee of $100 per filing.

It is assumed any increase to the Texas Department of Insurance Operating Fund Account related to this increase in fees would be offset by a corresponding decrease in the Insurance Maintenance Tax.

The agency does not indicate any additional costs associated with the bill.

Local Government Impact

No fiscal implication to units of local government is anticipated.

Source Agencies:	454 Department of Insurance
LBB Staff:	JK, RR, RT, RB