Honorable Jeff Leach, Chair, House Committee on Judiciary & Civil Jurisprudence
FROM:
John McGeady, Assistant Director Sarah Keyton, Assistant Director Legislative Budget Board
IN RE:
HB3771 by Oliverson (Relating to the approval of insurance companies to provide certain structured settlement annuity contracts.), As Introduced
No significant fiscal implication to the State is anticipated.
The bill would amend the Property Code to revise the credit rating a court is required to consider in determining whether to approve an insurance company to provide an annuity contract for a structured settlement for the benefit of minor or an incapacitated person. The bill would require a court to use criteria based on the best interests of the beneficiary in resolving disputes over which company is to provide the annuity contract. Based on the analysis of the Office of Court Administration and the Texas Department of Insurance, duties and responsibilities associated with implementing the provisions of the bill could be accomplished using existing resources.
Local Government Impact
No significant fiscal implication to units of local government is anticipated.
Source Agencies:
212 Office of Court Administration, Texas Judicial Council, 454 Department of Insurance