Honorable John T. Smithee, Chair, House Committee on Insurance
FROM:
John S. O'Brien, Director, Legislative Budget Board
IN RE:
HB4344 by Smithee (Relating to regulation of premium rates for long-term care insurance.), Committee Report 1st House, Substituted
No significant fiscal implication to the State is anticipated.
The bill would amend the Insurance Code to increase the regulation of premium rates for long-term care insurance. The bill would require long-term care providers to file premium rates with the Texas Department of Insurance (TDI) for approval prior to using the rate. Additionally, the bill would require TDI to adopt rules regarding the review and approval process for long-term care insurance premium rates. Based on the analysis of TDI, any costs associated with the implementation of this bill could be absorbed within existing resources.
Local Government Impact
No fiscal implication to units of local government is anticipated.