COMMITTEE ON LEGISLATIVE RESEARCH
OVERSIGHT DIVISION
FISCAL NOTE
L.R. NO.: 3799-01
BILL NO.: SB 836
SUBJECT: Corporations: Insurance
TYPE: Original
DATE: February 3, 2000
FISCAL SUMMARY
| FUND AFFECTED | FY 2001 | FY 2002 | FY 2003 |
| Total Estimated
Net Effect on All State Funds |
$0 | $0 | $0 |
| FUND AFFECTED | FY 2001 | FY 2002 | FY 2003 |
| 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 of the Office of Secretary of State assume this proposal would not affect total state revenues, and would have no fiscal impact on their office.
Officials of the Department of Insurance assume this proposal would have no fiscal impact on small business, and would not affect total state revenues. Officials assume no fiscal impact to their department.
Oversight assumes no local fiscal impact.
| FISCAL IMPACT - State Government | FY 2001
(10 Mo.) |
FY 2002 | FY 2003 |
| $0 | $0 | $0 | |
| FISCAL IMPACT - Local Government | FY 2001
(10 Mo.) |
FY 2002 | FY 2003 |
| $0 | $0 | $0 | |
FISCAL IMPACT - Small Business
No direct fiscal impact to small businesses would be expected as a result of this proposal.
DESCRIPTION
This act clarifies a not-for-profit statute that limits corporate distributions. The current statute does not reference public corporations formed for self-insurance purposes. The provisions for those corporations are found in sovereign immunity statutes and do allow for certain distributions. This act would clarify that not-for-profit insurance companies established by
political subdivisions may make distributions in conformity with Sections 537.020 and 537.635, RSMo.
This legislation is not federally mandated, would not duplicate any other program and would not DESCRIPTION (continued)
require additional capital improvements or rental space.
SOURCES OF INFORMATION
Secretary of State
Department of Insurance
Jeanne Jarrett, CPA
Director
February 3, 2000