Honorable Kelly Hancock, Chair, Senate Committee on Business & Commerce
FROM:
Ursula Parks, Director, Legislative Budget Board
IN RE:
HB3370 by Craddick (Relating to certain disclosures and notices required for certain life insurance policies.), Committee Report 2nd House, Substituted
No significant fiscal implication to the State is anticipated.
The bill would amend the Insurance Code relating to certain disclosures and notices required for certain life insurance policies. Based on information provided by the Texas Department of Insurance, this analysis assumes that the duties and responsibilities associated with implementing the provisions of the bill could be accomplished by utilizing existing resources.
The bill would take effect on September 1, 2017; however, the provisions of the bill would only apply to an increase in a non-guaranteed element or a decrease in a credited interest rate that is applied to an insurance policy on or after January 1, 2018.
Local Government Impact
No fiscal implication to units of local government is anticipated.