Honorable Eddie Lucio III, Chair, House Committee on Insurance
FROM:
John McGeady, Assistant Director Sarah Keyton, Assistant Director Legislative Budget Board
IN RE:
HB3306 by Smithee (Relating to the disclosure of information concerning the corporate governance structure of certain insurers and related entities; providing an administrative penalty.), As Introduced
No significant fiscal implication to the State is anticipated.
The bill would amend the Insurance Code relating to the disclosure of information concerning the corporate governance structure of certain insurers and related entities; providing an administrative penalty. 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 states that an insurer is not required to file a corporate governance annual disclosure under the provisions of the bill before June 1, 2020. The bill would take effect September 1, 2019.
Local Government Impact
No fiscal implication to units of local government is anticipated.