LEGISLATIVE BUDGET BOARD

Austin, Texas

FISCAL NOTE, 83RD LEGISLATIVE REGULAR SESSION

March 22, 2013

TO:	Honorable John Carona, Chair, Senate Committee on Business & Commerce
FROM:	Ursula Parks, Director, Legislative Budget Board
IN RE:	SB1702 by Taylor (Relating to residential property insured by the Texas Windstorm Insurance Association.), As Introduced

No significant fiscal implication to the State is anticipated.

The bill would amend the Insurance Code relating to residential property insured by the Texas Windstorm Insurance Association.  The bill would allow new residential structures to obtain or continue coverage through the association subject to inspection requirements and provide for an annual premium surcharge for a noncompliant residential structure.

Based on information provided 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.

Source Agencies:

454 Department of Insurance

LBB Staff:

UP, RB, ER