LEGISLATIVE BUDGET BOARD

Austin, Texas

FISCAL NOTE, 80TH LEGISLATIVE REGULAR SESSION

March 2, 2007

TO:	Honorable John T. Smithee, Chair, House Committee on Insurance
FROM:	John S. O'Brien, Director, Legislative Budget Board
IN RE:	HB1246 by Taylor (Relating to certain refund requirements regarding credit insurance.), As Introduced

No significant fiscal implication to the State is anticipated.

The bill would amend the Insurance Code to require each credit life or credit accident and health insurance policy evidenced by an individual policy or group certificate of insurance that is issued or renewed on or after January 1, 2008 to include a written notice regarding certain refund requirements.

Based on the analysis of the Texas Department of Insurance, it is assumed that costs resulting from duties and responsibilities associated with implementing the provisions of the bill could be absorbed within current resources.

The bill would take effect September 1, 2007.

Local Government Impact

No fiscal implication to units of local government is anticipated.

Source Agencies:

454 Department of Insurance

LBB Staff:

JOB, JRO, MW, SK