Honorable Larry Phillips, Chair, House Committee on Insurance
FROM:
Ursula Parks, Director, Legislative Budget Board
IN RE:
HB3496 by Shine (Relating to voting procedures for policyholders of farm mutual insurance companies.), As Introduced
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. 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, a farm mutual insurance company would not be required to comply with the provisions of the bill before January 1, 2019.
Local Government Impact
No fiscal implication to units of local government is anticipated.