Honorable John Frullo, Chair, House Committee on Insurance
FROM:
Ursula Parks, Director, Legislative Budget Board
IN RE:
SB1628 by Taylor, Larry (Relating to insurance claims and certain prohibited acts and practices in or in relation to the business of insurance; amending provisions that are or may be subject to a criminal penalty.), As Engrossed
No significant fiscal implication to the State is anticipated.
The bill would amend the Insurance Code relating to insurance claims and certain prohibited acts and practices in or in relation to the business of insurance; amending provisions that are or may be subject to a criminal penalty.
Based on information provided by the Texas Department of Insurance (TDI), the bill would expand the use of empires in the appraisal process to include the entire state. Currently, this process is used only for Texas Windstorm Insurance Association claims along the Texas coast. TDI estimates that in order to meet the provisions of the bill, the agency would need an additional 3.0 FTEs and approximately $237,803 in General Revenue Maintenance Tax Funds each year.
Based on information provided by the Texas Department of Insurance and the Office of Court Administration, this analysis assumes that all duties and responsibilities necessary to implement the provisions of the bill could be accomplished utilizing existing staff and resources.
Local Government Impact
No significant fiscal implication to units of local government is anticipated.
Source Agencies:
212 Office of Court Administration, Texas Judicial Council, 454 Department of Insurance