Honorable Kelly Hancock, Chair, Senate Committee on Business & Commerce
FROM:
Jerry McGinty, Director, Legislative Budget Board
IN RE:
SB773 by Nichols (Relating to notice of available alternatives to the lapse or surrender of a life insurance policy.), As Introduced
No significant fiscal implication to the State is anticipated.
The bill would amend the Insurance Code relating to notice of available alternatives to the lapse or surrender of a life insurance policy. Based on information provided by the Texas Department of Insurance and Department of Banking, this analysis assumes that the duties and responsibilities associated with implementing the provisions of the bill could be accomplished by utilizing existing resources.
Local Government Impact
No significant fiscal implication to units of local government is anticipated.
Source Agencies:
327 Employees Retirement System, 451 Department of Banking, 454 Department of Insurance, 710 Texas A&M Univ System Admin, 720 UT Sys Admin