LEGISLATIVE BUDGET BOARD

Austin, Texas

FISCAL NOTE, 81ST LEGISLATIVE REGULAR SESSION

May 8, 2009

TO:	Honorable Robert Duncan, Chair, Senate Committee on State Affairs
FROM:	John S. O'Brien, Director, Legislative Budget Board
IN RE:	HB1293 by Eiland (Relating to disclosure of certain information regarding annuity transactions.), As Engrossed

No significant fiscal implication to the State is anticipated.

The bill would amend the insurance code to create minimum disclosure requirements for annuity contracts. The bill would authorize the Texas Department of Insurance (TDI) to adopt by rule Buyer's Guides for fixed, deferred, and equity indexed annuities. Additionally, the bill would require TDI to enforce the provisions of the bill.

Based on information provided by TDI, it is assumed that costs associated with implementing the provisions of the bill could be absorbed within its current resources.

Local Government Impact

No fiscal implication to units of local government is anticipated.

Source Agencies:

454 Department of Insurance

LBB Staff:

JOB, CH, KJG, MW