Honorable Eddie Lucio III, Chair, House Committee on Insurance
FROM:
John McGeady, Assistant Director Sarah Keyton, Assistant Director Legislative Budget Board
IN RE:
HB1411 by Lucio III (Relating to the cancellation and nonrenewal of certain liability and commercial property insurance policies.), As Introduced
No significant fiscal implication to the State is anticipated.
This bill would amend the Insurance Code relating to the cancellation and nonrenewal of certain liability and commercial property insurance policies. 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 applies only to an insurance policy that is delivered, issued for delivery, or renewed on or after January 1, 2020. The bill would take effect on September 1, 2019.
Local Government Impact
No fiscal implication to units of local government is anticipated.