SB 0478 - Fiscal Note

Fiscal Note - SB 0478 - Requires boxing promoters to file proof of health insurance of $100,000 for each boxer it promotes

COMMITTEE ON LEGISLATIVE RESEARCH

OVERSIGHT DIVISION

FISCAL NOTE

L.R. NO. 2044-01

BILL NO. SB 478

SUBJECT: Insurance

TYPE: Original

DATE: March 4, 1999

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FISCAL SUMMARY

ESTIMATED NET EFFECT ON STATE FUNDS
FUND AFFECTED	FY 2000	FY 2001	FY 2002
None
Total Estimated Net Effect on All State Funds	$0	$0	$0

ESTIMATED NET EFFECT ON FEDERAL FUNDS
FUND AFFECTED	FY 2000	FY 2001	FY 2002
None
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 and Department of Economic Development assume this proposal would not fiscally impact their agencies.

FISCAL IMPACT - State Government	FY 2000	FY 2001	FY 2002
	(10 Mo.)
	$0	$0	$0
FISCAL IMPACT - Local Government	FY 2000	FY 2001	FY 2002
	(10 Mo.)
	$0	$0	$0
FISCAL IMPACT - Small Business
Boxing promoters could have administrative duties and costs for premiums on insurance policies.

DESCRIPTION

This proposal requires professional boxing promoters to file proof of insurance of not less than $100,000 for each boxer with the Department of Economic Development. If the promoter

does not file proof of insurance, the promoter will not be issued a permit or license to promote professional boxing matches. The insurance policy will cover any medical expense associated with a boxing injury. The insurance policy will also pay the boxer's estate if the boxing injury results in death.

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 Economic Development

Jeanne Jarrett, CPA

Director

March 4, 1999