Honorable Eddie Lucio III, Chair, House Committee on Insurance
FROM:
John McGeady, Assistant Director Sarah Keyton, Assistant Director Legislative Budget Board
IN RE:
HB3632 by Herrero (Relating to policyholder approval for certain windstorm and hail insurance rate changes.), As Introduced
No significant fiscal implication to the State is anticipated.
The bill would amend the Insurance Code relating to policyholder approval for certain windstorm and hail insurance rate changes. 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 a rate approved by the board of directors of the Texas Windstorm Insurance Association 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.