Honorable Kelly Hancock, Chair, Senate Committee on Business & Commerce
FROM:
Ursula Parks, Director, Legislative Budget Board
IN RE:
SB1466 by Taylor, Larry (Relating to maximum liability limits for windstorm and hail insurance coverage provided through the Texas Windstorm Insurance Association.), Committee Report 1st House, Substituted
No significant fiscal implication to the State is anticipated.
The bill would amend the Insurance Code relating to maximum liability limits for windstorm and hail insurance coverage provided through the Texas Windstorm Insurance Association. 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 provisions of the bill would only apply to a proposed maximum liability limit for an insurance policy that is delivered, issued for delivery, or renewed on or after January 1, 2018. The bill would take effect immediately upon receiving a vote of two-thirds of all members elected to the House and Senate or otherwise on September 1, 2017.
Local Government Impact
No fiscal implication to units of local government is anticipated.