Fiscal Note - SB 0211 - Requires Disclosure of Auto Insurance policies Lacking Minimum Liability Coverage
L.R. NO. 0775-01
BILL NO. SB 211
SUBJECT: Motor Vehicles: Insurance - Automobile
TYPE: Original
DATE: January 28, 1997
FISCAL SUMMARY
ESTIMATED NET EFFECT ON STATE FUNDS
FUND AFFECTED FY 1998 FY 1999 FY 2000
Insurance
Dedicated Fund $4,500 $0 $0
Total Estimated
Net Effect on All
State Funds $4,500 $0 $0
ESTIMATED NET EFFECT ON FEDERAL FUNDS
FUND AFFECTED FY 1998 FY 1999 FY 2000
Total Estimated
Net Effect on All
Federal Funds $0 $0 $0
ESTIMATED NET EFFECT ON LOCAL FUNDS
FUND AFFECTED FY 1998 FY 1999 FY 2000
Local Government $0 $0 $0
FISCAL ANALYSIS
ASSUMPTION
No fiscal impact would be expected on the budget of the Department of Revenue
(DOR) as a result of this legislation.
The Department of Insurance (INS) estimates that approximately 90 insurers
would refile policies to conform with the proposal. Policy filings are to be
submitted along with a $50 filing fee. Ninety filings at $50 each would
total $4,500 to be deposited into the Insurance Dedicated Fund.
INS assumes that existing staff would be required to process the one-time
submission of policy amendments filed by insurers revising their policies as
a result of this proposal.
FISCAL IMPACT - State Government FY 1998 FY 1999 FY 2000
(10 Mo.)
INSURANCE DEDICATED FUND
Income: Department of Insurance (INS)
Filing Fees for Policy Amendments $4,500 $0 $0
ESTIMATED NET EFFECT ON THE
INSURANCE DEDICATED FUND $4,500 $0 $0
FISCAL IMPACT - Local Government FY 1998 FY 1999 FY 2000
(10 Mo.)
$0 $0 $0
FISCAL IMPACT - Small Business
No direct fiscal impact to small businesses would be expected as a result of
this proposal.
DESCRIPTION
The proposed legislation would require insurers who issue or renew motor
vehicle policies which do not include minimum liability coverage as required
pursuant to section 303.025 RSMo, to conspicuously disclose that said policy
does not include the minimum liability coverage which is required by law.
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 Revenue
Department of Insurance
This Fiscal Note is not an official copy and should not be quoted or cited.