Honorable John Carona, Chair, Senate Committee on Business & Commerce
FROM:
Ursula Parks, Director, Legislative Budget Board
IN RE:
SB1672 by Taylor (Relating to the business of travel insurance; authorizing penalties.), Committee Report 1st House, Substituted
No significant fiscal implication to the State is anticipated.
The bill would amend the Insurance Code relating to the business of travel insurance; authorizing penalties. The bill would allow, but not require, at the discretion of the Commissioner of Insurance, the issuance of a travel insurance specialty license, and would allow a travel insurance supervising entity to be designated by an insurer authorized to engage in the business of travel insurance.
The bill applies only to a travel insurance policy that is delivered, issued for delivery, or renewed on or after January 1, 2014.
Based on information provided by the Texas Department of Insurance (TDI), it is assumed that any costs associated with the implementation of this bill could be absorbed within existing staff and resources.
Local Government Impact
No fiscal implication to units of local government is anticipated.