Honorable Larry Phillips, Chair, House Committee on Insurance
FROM:
Ursula Parks, Director, Legislative Budget Board
IN RE:
HB3429 by Bonnen, Greg (Relating to windstorm and hail insurance coverage issued by the FAIR Plan Association in catastrophe areas.), As Introduced
No significant fiscal implication to the State is anticipated.
The bill would amend the Insurance Code relating to windstorm and hail insurance coverage issued by the FAIR Plan Association in catastrophe areas. Based on information provided by the Texas Department of Insurance, 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 take effect on September 1, 2017; however, the provisions of the bill would only apply to a residential property insurance policy that is delivered, issued for delivery, or renewed on or after January 1, 2018.
Local Government Impact
No fiscal implication to units of local government is anticipated.