Honorable Larry Phillips, Chair, House Committee on Insurance
FROM:
Ursula Parks, Director, Legislative Budget Board
IN RE:
HB3220 by Phillips (Relating to the regulation of insurance holding company systems, including internationally active insurance groups; authorizing a fee.), As Introduced
No significant fiscal implication to the State is anticipated.
The bill would amend the Insurance Code relating to the regulation of insurance holding company systems, including internationally active insurance groups; authorizing a fee. Based on information provided by the Texas Department of Insurance (TDI), this analysis assumes the duties and responsibilities associated with implementing the provisions of the bill could be accomplished by utilizing existing resources.
The bill would require TDI to establish a fee on affected insurers to reimburse the expenses of the commissioner's participation in the administration of the section. TDI indicates it could absorb the costs associated with the bill within existing resources; therefore, any revenue from the fee would be minimal.
Local Government Impact
No fiscal implication to units of local government is anticipated.
Source Agencies:
304 Comptroller of Public Accounts, 454 Department of Insurance