Honorable Eddie Lucio III, Chair, House Committee on Insurance
FROM:
John McGeady, Assistant Director Sarah Keyton, Assistant Director Legislative Budget Board
IN RE:
HB1648 by Lucio III (relating to arbitration related to certain risks under certain insurance policies and contracts.), Committee Report 1st House, Substituted
No significant fiscal implication to the State is anticipated.
The bill would amend the Insurance Code relating to arbitration related to certain risks under certain insurance policies and contracts. 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 or contract written by a Lloyd's plan or a surplus lines insurance contract 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.