Honorable John T. Smithee, Chair, House Committee on Insurance
FROM:
John S O'Brien, Director, Legislative Budget Board
IN RE:
HB504 by Menendez (Relating to partial surrender of or withdrawals from annuity contracts, life insurance policies, and endowment contracts.), As Introduced
No significant fiscal implication to the State is anticipated.
The bill would amend the Insurance Code relating to partial surrender of or withdrawals from annuity contracts, life insurance policies, and endowment contracts. Based on the analysis by the Texas Department of Insurance, it is assumed that all 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.