This Fiscal Note is not an official copy and should not be quoted or cited.
Fiscal Note - SB 0729 - Allows Creation of Mutual Insurance Holding Companies
L.R. NO. 2853-01
BILL NO. SB 729
SUBJECT: Insurance, Insurance-General, Department of Insurance
TYPE: Original
DATE: January 17, 1996
FISCAL SUMMARY
ESTIMATED NET EFFECT ON STATE FUNDS
FUND AFFECTED FY 1997 FY 1998 FY 1999
None
Total Estimated
Net Effect on All
State Funds $0 $0 $0
ESTIMATED NET EFFECT ON FEDERAL FUNDS
FUND AFFECTED FY 1997 FY 1998 FY 1999
None
Total Estimated
Net Effect on All
Federal Funds $0 $0 $0
ESTIMATED NET EFFECT ON LOCAL FUNDS
FUND AFFECTED FY 1997 FY 1998 FY 1999
Local Government $0 $0 $0
FISCAL ANALYSIS
ASSUMPTION
Officials from the Department of Insurance assume this proposal would not
fiscally impact their agency.
FISCAL IMPACT - State Government FY 1997 FY 1998 FY 1999
(10 Mo.)
$0 $0 $0
FISCAL IMPACT - Local Government FY 1997 FY 1998 FY 1999
(10 Mo.)
$0 $0 $0
DESCRIPTION
This proposal revises current law pertaining to all mutual insurance holding
companies. A mutual insurance company can reorganize to become a mutual
insurance holding company. The mutual shall file an application and plan
with the Director of Insurance, who shall conduct an adequate review and may
conduct a hearing. The plan shall be approved unless it is not fair and
equitable to the policyholders.
This legislation is not federally mandated, would not duplicate any other
program and would not require additional capital improvements or rental
space.
SOURCES OF INFORMATION
Department of Insurance