Honorable Kelly Hancock, Chair, Senate Committee on Business & Commerce
FROM:
Ursula Parks, Director, Legislative Budget Board
IN RE:
SB1071 by Hancock (Relating to the regulation of insurance holding company systems, including internationally active insurance groups; authorizing a fee.), Committee Report 1st House, Substituted
No significant fiscal implication to the State is anticipated.
This bill would amend the Insurance Code relating to the regulation of insurance holding company systems, including internationally active insurance groups; authorizing a fee. Based on information provided by the Texas Department of Insurance (TDI), 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 require TDI to establish a fee on affected insurers to reimburse the expenses of the commissioner's participation in the administration of the subchapter. TDI indicates it could absorb the costs associated with the bill within existing resources; therefore, any revenue from the fee would be minimal.
This legislation would do one or more of the following: create or recreate a dedicated account in the General Revenue Fund, create or recreate a special or trust fund either with or outside of the Treasury, or create a dedicated revenue source. The fund, account, or revenue dedication included in this bill would be subject to funds consolidation review by the current Legislature.
Local Government Impact
No fiscal implication to units of local government is anticipated.