COMMITTEE ON LEGISLATIVE RESEARCH
OVERSIGHT DIVISION
FISCAL NOTE
L.R. No.: 0969-03
Bill No.: Truly Agreed To And Finally Passed HCS for SB 227
Subject: Life insurance and employee benefit plans exemption for beneficiary designations after divorce.
Type: Original
Date: May 9, 2001
FISCAL SUMMARY
| FUND AFFECTED | FY 2002 | FY 2003 | FY 2004 |
| Total Estimated
Net Effect on All State Funds |
$0 | $0 | $0 |
| FUND AFFECTED | FY 2002 | FY 2003 | FY 2004 |
| Total Estimated
Net Effect on All Federal Funds |
$0 | $0 | $0 |
| FUND AFFECTED | FY 2002 | FY 2003 | FY 2004 |
| Local Government | $0 | $0 | $0 |
Numbers within parentheses: ( ) indicate costs or losses.
This fiscal note contains 2 pages.
ASSUMPTION
Officials from the Department of Insurance, Department of Economic Development - Division of Finance, and Office of State Courts Administrator assume the proposed legislation would not fiscally impact their organizations.
| FISCAL IMPACT - State Government | FY 2002
(10 Mo.) |
FY 2003 | FY 2004 |
| $0 | $0 | $0 |
| FISCAL IMPACT - Local Government | FY 2002
(10 Mo.) |
FY 2003 | FY 2004 |
| $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 legislation exempts life insurance policies and employee pension plans from the provision of law that automatically changes the beneficiary listed in a nonprobate transfer document when the owner of the policy or plan divorces the named beneficiary.
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
Office of State Courts Administrator
Department of Economic Development - Division of Finance
Jeanne Jarrett, CPA
Director
May 9, 2001