LEGISLATIVE BUDGET BOARD

Austin, Texas

FISCAL NOTE, 83RD LEGISLATIVE REGULAR SESSION

April 15, 2013

TO:	Honorable John T. Smithee, Chair, House Committee on Insurance
FROM:	Ursula Parks, Director, Legislative Budget Board
IN RE:	HB3453 by Eiland (Relating to the use by insurers of a standard residential property insurance policy form.), As Introduced

No significant fiscal implication to the State is anticipated.

The bill would amend the Insurance Code relating to the use by insurers of a standard residential property insurance policy form. The bill would require the insurance commissioner to adopt a standard residential property insurance policy form, and require insurers to utilize the form. The bill would apply to a residential property insurance policy delivered, issued for delivery, or renewed on or after January 1, 2014.

Based on information provided by the Texas Department of Insurance, it is assumed that any costs associated with the implementation of this bill would be absorbed within existing staff and resources.

Local Government Impact

No fiscal implication to units of local government is anticipated.

Source Agencies:

454 Department of Insurance

LBB Staff:

UP, AG, ER, LXH