COMMITTEE ON LEGISLATIVE RESEARCH
OVERSIGHT DIVISION
FISCAL NOTE
L.R. No.: 2551-05
Bill No.: Truly Agreed to and Finally Passed HCS for SS for SCS for SB 1009
Subject: Insurance - General; Insurance Department; Securities
Type: Original
Date: May 22, 2002
FISCAL SUMMARY
| FUND AFFECTED | FY 2003 | FY 2004 | FY 2005 |
| Total Estimated
Net Effect on All State Funds |
$0 | $0 | $0 |
| FUND AFFECTED | FY 2003 | FY 2004 | FY 2005 |
| Total Estimated
Net Effect on All Federal Funds |
$0 | $0 | $0 |
| FUND AFFECTED | FY 2003 | FY 2004 | FY 2005 |
| Local Government | $0 | $0 | $0 |
Numbers within parentheses: ( ) indicate costs or losses.
This fiscal note contains 3 pages.
ASSUMPTION
Officials from the Department of Insurance, the Department of Social Services, and the Department of Health and Senior Services assume this proposal would not fiscally impact their agencies.
| FISCAL IMPACT - State Government | FY 2003
(10 Mo.) |
FY 2004 | FY 2005 |
| $0 | $0 | $0 |
| FISCAL IMPACT - Local Government | FY 2003
(10 Mo.) |
FY 2004 | FY 2005 |
| $0 | $0 | $0 |
FISCAL IMPACT - Small Business
Small businesses which are insurance companies could be affected by this proposal.
DESCRIPTION
This proposal modifies the law on the types of investments in which insurance companies can participate in. Insurance companies may use derivative instruments to engage in hedging transactions and certain income generation transactions. This proposal also modifies requirements related to long-term care insurance.
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 Social Services
Department of Health and Senior Services
Mickey Wilson, CPA
Acting Director
May 22, 2002