Honorable Troy Fraser, Chair, Senate Committee on Business & Commerce
FROM:
John S. O'Brien, Director, Legislative Budget Board
IN RE:
SB2493 by Deuell (Relating to regulation of prepaid funeral benefits.), Committee Report 1st House, Substituted
No significant fiscal implication to the State is anticipated.
The bill would amend the Finance Code relating to the regulation of prepaid funeral contracts and benefits, outlining responsibilities for the Department of Banking (DOB) and guidelines for sellers and purchasers of prepaid funeral contracts. The bill would also amend sections relating to prepaid funeral contract premiums and insurance-funded contracts and add a new section establishing requirements for insurance policies.
Based on the analysis of the DOB, Texas Department of Insurance, and the Funeral Services Commission, duties and responsibilities associated with implementing the provisions of the bill could be accomplished by utilizing existing resources.
Local Government Impact
No fiscal implication to units of local government is anticipated.
Source Agencies:
451 Department of Banking, 454 Department of Insurance, 513 Funeral Service Commission