Supplement: TX HB769 | 2021-2022 | 87th Legislature | Fiscal Note (House Committee Report)
For additional supplements on Texas HB769 please see the Bill Drafting List
Bill Title: Relating to the administration of the Texas Windstorm Insurance Association.
Status: 2021-06-15 - Effective on 9/1/21 [HB769 Detail]
Download: Texas-2021-HB769-Fiscal_Note_House_Committee_Report_.html
Bill Title: Relating to the administration of the Texas Windstorm Insurance Association.
Status: 2021-06-15 - Effective on 9/1/21 [HB769 Detail]
Download: Texas-2021-HB769-Fiscal_Note_House_Committee_Report_.html
| TO: |
Honorable Tom Oliverson, Chair, House Committee on Insurance |
| FROM: |
Jerry McGinty, Director, Legislative Budget Board
|
| IN RE: |
HB769 by Middleton (relating to the administration of the Texas Windstorm Insurance Association.), Committee Report 1st House, Substituted |
Provisions of the bill could decrease deposits made to the Catastrophe Reserve Trust Fund, but the amount and timing of any decrease is unknown. Therefore, the fiscal implications of the bill cannot be determined at this time.
The bill would amend the Insurance Code relating to the administration of the Texas Windstorm Insurance Association (TWIA). The bill would prohibit TWIA from depositing certain excess revenue in the Catastrophe Reserve Trust Fund (CRTF). The CRTF is a fund outside the Treasury held by the Texas Treasury Safekeeping Trust Company. Provisions of the bill could decrease deposits made to the CRTF, but the amount and timing of any decrease is unknown.
Based on information provided by the Comptroller of Public Accounts, the fiscal impact to the State cannot be estimated at this time.
Based on information provided by the Comptroller of Public Accounts, the fiscal impact to the State cannot be estimated at this time.
Local Government Impact
No fiscal implication to units of local government is anticipated.
| Source Agencies: | 304 Comptroller of Public Accounts, 454 Department of Insurance |
| LBB Staff: | JMc, AAL, MB, MPUK, SD |
