This Fiscal Note is not an official copy and should not be quoted or cited.
This Fiscal Note is not an official copy and should not be quoted or cited.
Fiscal Note - SB 0429 - Certain underinsured motorist policies
COMMITTEE ON LEGISLATIVE RESEARCH
OVERSIGHT DIVISION
FISCAL NOTE
L.R. NO. 1936-04
BILL NO. SCS for SBs 429, 430 & 407
SUBJECT: Insurance
TYPE: Original
DATE: April 5, 1999
FISCAL SUMMARY
ESTIMATED NET EFFECT ON STATE FUNDS Net Effect on All State Funds
FUND AFFECTED
FY 2000
FY 2001
FY 2002 Insurance Dedicated Fund
$0
$0 to $33,350
$0
Total Estimated
$0
$0 to $33,350
$0
|
ESTIMATED NET EFFECT ON FEDERAL FUNDS | |||
| FUND AFFECTED | FY 2000 | FY 2001 | FY 2002 |
| None | $0 | $0 | $0 |
| Total Estimated
Net Effect on All Federal Funds |
$0 | $0 | $0 |
|
ESTIMATED NET EFFECT ON LOCAL FUNDS | |||
| FUND AFFECTED | FY 2000 | FY 2001 | FY 2002 |
| Local Government | $0 | $0 | $0 |
Numbers within parentheses: ( ) indicate costs or losses
This fiscal note contains 3 pages.
FISCAL ANALYSIS
ASSUMPTION
The Department of Insurance (INS) states there are currently 320 private passenger insurers and 347 commercial auto insurers in Missouri. Some of these companies may be writing both types of auto insurance and therefore may be counted twice. INS estimates new revenue in FY 2001 from $0 to $33,350 depending on the need for filing new policy forms. INS assumes that current appropriations and staff can absorb the work responsibilities for this single proposal; however, if additional proposals are approved, INS may need to request increased appropriations due to the combined effect of multiple proposals.
Officials of the Department of Corrections, Department of Conservation, Missouri Consolidated Health Care Plan, Department of Public Safety - Missouri Highway Patrol, and the Department of Transportation assume the proposal would have no fiscal impact on their agencies.
| FISCAL IMPACT - State Government | FY 2000 | FY 2001 | FY 2002 |
| (10 Mo.) | |||
| INSURANCE DEDICATED FUND | |||
| Revenue - Department of Insurance | |||
| Filing fees | $0 to | ||
| $0 | $33,350 | $0 | |
|
ESTIMATED NET EFFECT ON |
$0 to | ||
| INSURANCE DEDICATED FUND | $0 | $33,350 | $0 |
| FISCAL IMPACT - Local Government | FY 2000 | FY 2001 | FY 2002 |
| (10 Mo.) | |||
| $0 | $0 | $0 | |
| FISCAL IMPACT - Small Business | |||
| No direct fiscal impact to small businesses is expected as a result of this proposal. | |||
DESCRIPTION
The proposal includes several modifications to laws regarding insurance, including those regarding underinsured motor vehicle coverage, the definition of a managing general agent, eliminating the requirement of a summary for individual and group life insurance policies marketed with an illustration, and requiring insurers to issue standardized forms for explanations of benefits and referrals.
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
Department of Corrections
Department of Conservation
Missouri Consolidated Health Care Plan
Department of Public Safety - Missouri Highway Patrol
Department of Transportation
Jeanne Jarrett, CPA
Director
April 5, 1999