Fiscal Note - SB 0250 - Limits An Exemption From Insurance Regulation Relating to Nonprofit Entities
L.R. NO. 1025-01
BILL NO. SB 250
SUBJECT: Insurance - General; Charities; Department of Insurance
TYPE: Original
DATE: January 29, 1997
FISCAL SUMMARY
ESTIMATED NET EFFECT ON STATE FUNDS
FUND AFFECTED FY 1998 FY 1999 FY 2000
None
Total Estimated
Net Effect on All
State Funds $0 $0 $0
ESTIMATED NET EFFECT ON FEDERAL FUNDS
FUND AFFECTED FY 1998 FY 1999 FY 2000
None
Total Estimated
Net Effect on All
Federal Funds $0 $0 $0
ESTIMATED NET EFFECT ON LOCAL FUNDS
FUND AFFECTED FY 1998 FY 1999 FY 2000
Local Government $0 $0 $0
FISCAL ANALYSIS
ASSUMPTION
Department of Insurance (INS) officials assume this proposal would not
significantly fiscally impact their agency. INS further states that the
passage of more than one similar proposal could require the INS to request
increased appropriations to cover cumulative administrative costs.
FISCAL IMPACT - State Government FY 1998 FY 1999 FY 2000
(10 Mo.)
$0 $0 $0
FISCAL IMPACT - Local Government FY 1998 FY 1999 FY 2000
(10 Mo.)
$0 $0 $0
FISCAL IMPACT - Small Business
Small businesses would be expected to be fiscally impacted to the extent of
reduced costs from the Guarantee Fund assessments due to the requirements of
this proposal.
DESCRIPTION
This proposal would limit an exemption from insurance regulation for
insurance provided to nonprofit educational, religious or charitable
institutions. These insurance contracts would only be exempted if they are
not subject to guarantee fund assessments in the state of domicile.
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
This Fiscal Note is not an official copy and should not be quoted or cited.