Honorable Joe Straus, Speaker of the House, House of Representatives
FROM:
Ursula Parks, Director, Legislative Budget Board
IN RE:
HB3496 by Shine (Relating to voting procedures for policyholders of farm mutual insurance companies. ), As Passed 2nd House
No significant fiscal implication to the State is anticipated.
The bill would amend the Insurance Code relating to voting procedures for policyholders of farm mutual insurance companies. The bill would also amend the Insurance Code pertaining to the applicability of certain insurance laws to certain farm mutual insurance companies. The bill would amend which farm mutual insurance companies are not subject to insurance premium taxes and which farm mutual insurance companies are subject to insurance maintenance taxes.
Based on information provided by the Texas Department of Insurance and Comptroller of Public Accounts, this analysis assumes the duties and responsibilities associated with implementing the provisions of the bill could be accomplished by utilizing existing resources.
This analysis assumes there could be a minimal impact on premium and maintenance tax revenue associated with implementing the provisions of the bill, but it is anticipated to not have a significant fiscal impact.
Local Government Impact
No fiscal implication to units of local government is anticipated.
Source Agencies:
454 Department of Insurance, 304 Comptroller of Public Accounts