Honorable Kelly Hancock, Chair, Senate Committee on Business & Commerce
FROM:
John McGeady, Assistant Director Sarah Keyton, Assistant Director Legislative Budget Board
IN RE:
SB442 by Hancock (Relating to a disclosure regarding flood coverage under a residential property insurance policy.), As Introduced
No significant fiscal implication to the State is anticipated.
The bill would amend the Insurance Code relating to a disclosure regarding flood coverage under a residential property insurance policy. 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.