Honorable Kevin Eltife, Chair, Senate Committee on Business & Commerce
FROM:
Ursula Parks, Director, Legislative Budget Board
IN RE:
SB539 by Perry (Relating to reinsurance financial statement credit and accounting.), As Introduced
No significant fiscal implication to the State is anticipated.
The bill would amend the Insurance Code relating to reinsurance financial statement credit and accounting.
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 within existing resources.
The bill would take effect September 1, 2015, but would only apply to a reinsurance contract that is entered into or renewed on or after January 1, 2016.
Local Government Impact
No fiscal implication to units of local government is anticipated.