Honorable Larry Phillips, Chair, House Committee on Insurance
FROM:
Ursula Parks, Director, Legislative Budget Board
IN RE:
HB4239 by Muñoz, Jr. (Relating to regulation of title insurance rates.), As Introduced
No significant fiscal implication to the State is anticipated.
The bill would amend the Insurance Code relating to regulation of title insurance rates. 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 transactions, reports, and rates on or after January 1, 2018. The Commissioner of Insurance shall hold a public hearing to set the initial flexible rate band and any other related matters not later than January 1, 2018.
Local Government Impact
No fiscal implication to units of local government is anticipated.