Honorable John Frullo, Chair, House Committee on Insurance
FROM:
Ursula Parks, Director, Legislative Budget Board
IN RE:
HB3980 by Frullo (Relating to the creation of a coverage summary for certain property and casualty insurance policies.), As Introduced
No significant fiscal implication to the State is anticipated.
The bill would amend the Insurance Code relating to the creation of a coverage summary for certain property and casualty insurance policies.
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 takes effect September 1, 2015; however, any changes to law as a result of the passage of this bill applies only to an insurance policy that is delivered, issued for delivery, or renewed on or after January 1, 2016.
Local Government Impact
No fiscal implication to units of local government is anticipated.