TO: | Honorable John T. Smithee, Chair, House Committee on Insurance |
FROM: | John S. O'Brien, Director, Legislative Budget Board |
IN RE: | HB1293 by Eiland (Relating to disclosure of certain information regarding annuity transactions.), Committee Report 1st House, Substituted |
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.
Source Agencies: | 454 Department of Insurance
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LBB Staff: | JOB, CH, KJG, MW
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