COMMITTEE ON LEGISLATIVE RESEARCH
OVERSIGHT DIVISION
FISCAL NOTE
L.R. NO.: 2811-01
BILL NO.: SB 606
SUBJECT: Insurance - Property; Property, Real and Personal
TYPE: Original
DATE: January 27, 2000
FISCAL SUMMARY
| FUND AFFECTED | FY 2001 | FY 2002 | FY 2003 |
| Insurance Dedicated | $0 to $60,000 | $0 | $0 |
| Total Estimated
Net Effect on All State Funds |
$0 TO $60,000 | $0 | $0 |
| FUND AFFECTED | FY 2001 | FY 2002 | FY 2003 |
| None | |||
| Total Estimated
Net Effect on All Federal Funds |
$0 | $0 | $0 |
| FUND AFFECTED | FY 2001 | FY 2002 | FY 2003 |
| Local Government | $0 | $0 | $0 |
Numbers within parentheses: ( ) indicate costs or losses.
This fiscal note contains 3 pages.
ASSUMPTION
Officials from the Department of Conservation, the Missouri Consolidated Health Care Plan, the Department of Transportation, the Office of State Courts Administrator, the Office of Attorney General, and the Department of Public Safety - Missouri State Highway Patrol assume this proposal would not fiscally impact their agencies.
Department of Correction (DOC) officials did not respond to our fiscal impact request. However, in responding to a similar proposal last year, DOC assumed no fiscal impact.
Officials from the Department of Insurance (INS) states that there are currently approximately 1,200 insurance companies writing property insurance in Missouri. INS estimates this proposal would result in revenue of $0 to $60,000 to the Insurance Dedicated Fund. INS anticipates that current appropriations and staff would absorb the work responsibilities for this single proposal. However, if additional proposals are approved during the legislative session, INS may need to request an increase in appropriations due to the combined effect of multiple proposals.
| FISCAL IMPACT - State Government | FY 2001
(10 Mo.) |
FY 2002 | FY 2003 |
| INSURANCE DEDICATED FUND | |||
| Income - Department of Insurance | |||
| Filing fees | $0 to $60,000 | $0 | $0 |
| ESTIMATED NET EFFECT ON INSURANCE DEDICATED FUND |
$0 TO $60,000 |
$0 |
$0 |
| FISCAL IMPACT - Local Government | FY 2001
(10 Mo.) |
FY 2002 | FY 2003 |
| $0 | $0 | $0 |
FISCAL IMPACT - Small Business
Small insurance companies could be fiscally impacted to the extent of this additional insurance coverage as a result of the requirements of this proposal.
DESCRIPTION
This proposal would prohibit insurance companies from denying coverage for property damage to an innocent coinsured who did not contribute to the damage if the damage resulted from domestic violence and the perpetrator of the damage is criminally prosecuted for the acts causing the damage. Payment to the innocent coinsured would be limited to his or her ownership interest in the property as reduced by any payments to a secured interest.
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 Conservation
Missouri Consolidated Health Care Plan
Department of Transportation
Department of Public Safety
Missouri State Highway Patrol
Office of State Courts Administrator
Office of Attorney General
Department of Insurance
NOT RESPONDING: Department of Corrections
Jeanne Jarrett, CPA
Director
January 27, 2000