LEGISLATIVE BUDGET BOARD

Austin, Texas

FISCAL NOTE, 83RD LEGISLATIVE REGULAR SESSION

March 11, 2013

TO:	Honorable John Carona, Chair, Senate Committee On Business & Commerce
FROM:	Ursula Parks, Director, Legislative Budget Board
IN RE:	SB698 by Carona (Relating to the refund of unearned premium for a personal automobile or residential property insurance policy.), As Introduced

No significant fiscal implication to the State is anticipated.

The bill would amend the Insurance Code relating to the refund of unearned premium for a personal automobile or residential property insurance policy. The bill would require insurers to refund any unearned premium to the policyholder after the termination of a policy of personal automobile or residential property insurance.

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, RB, MW, ER, LXH