Honorable John Frullo, Chair, House Committee on Insurance
FROM:
Ursula Parks, Director, Legislative Budget Board
IN RE:
HB2586 by Smithee (Relating to contingent deferred annuity contracts.), Committee Report 1st House, Substituted
No significant fiscal implication to the State is anticipated.
The bill would amend the Insurance Code relating to rulemaking authority for annuity contracts.
Based on information provided by the Texas Department of Insurance, it is assumed that all duties and responsibilities necessary to implement the provisions of the bill could be accomplished utilizing existing staff and resources.
The bill would take effect immediately if it received a vote of two-thirds of all the members elected to each house, as provided by Section 39, Article III, Texas Constitution. If the bill did not receive the vote necessary for immediate effect, it would take effect September 1, 2015.
Local Government Impact
No fiscal implication to units of local government is anticipated.