This Fiscal Note is not an official copy and should not be quoted or cited.
This Fiscal Note is not an official copy and should not be quoted or cited.
Fiscal Note - SB 0145 - Mandates insurance coverage for innocent coinsured for losses arising from domestic violence
COMMITTEE ON LEGISLATIVE RESEARCH
OVERSIGHT DIVISION
FISCAL NOTE
L.R. NO. 0241-01
BILL NO. SB 145
SUBJECT: Domestic Relations
TYPE: Original
DATE: December 29, 1998
FISCAL SUMMARY
|
ESTIMATED NET EFFECT ON STATE FUNDS | |||
| FUND AFFECTED | FY 2000 | FY 2001 | FY 2002 |
| Insurance Dedicated Fund | $0 to $60,000 | $0 | $0 |
| Total Estimated
Net Effect on All State Funds |
$0 to $60,000 | $0 | $0 |
|
ESTIMATED NET EFFECT ON FEDERAL FUNDS | |||
| FUND AFFECTED | FY 2000 | FY 2001 | FY 2002 |
| None | |||
| Total Estimated
Net Effect on All Federal Funds |
$0 | $0 | $0 |
|
ESTIMATED NET EFFECT ON LOCAL FUNDS | |||
| FUND AFFECTED | FY 2000 | FY 2001 | FY 2002 |
| Local Government | $0 | $0 | $0 |
Numbers within parentheses: ( ) indicate costs or losses
This fiscal note contains 3 pages.
FISCAL ANALYSIS
ASSUMPTION
The Department of Conservation, Department of Corrections, Missouri Consolidated Health Care Plan, Department of Transportation, and Department of Public Safety, Missouri State Highway Patrol assume this proposal would not fiscally impact their agencies.
The Department of Insurance (INS) states that there are currently approximately 1,200 insurance companies writing property insurance in Missouri. This proposal would result in the revision of insurance policies/contracts, which are accompanied with a $50 filing fee. Therefore, this proposal would result in revenue of $0 to $60,000 to the Insurance Dedicated Fund. INS further assumes that current appropriations and staff will absorb the work responsibilities for this proposal. However, if additional proposals are approved, the Department may need to request an increase in appropriations due to the combined effect of multiple proposals.
| FISCAL IMPACT - State Government | FY 2000 | FY 2001 | FY 2002 |
| (10 Mo.) | |||
| INSURANCE DEDICATED FUND | |||
| Revenue - 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 2000 | FY 2001 | FY 2002 |
| (10 Mo.) | |||
| $0 | $0 | $0 | |
| FISCAL IMPACT - Small Business | |||
This proposal would fiscally impact small insurance companies which write property insurance policies, as these companies would be required to refile their policy forms for review and compliance with this proposal.
DESCRIPTION
This proposal would require insurers to provide coverage for certain acts of intentional property damage if the damage occurred as a result of domestic violence and the perpetrator is criminally prosecuted for the act of violence.
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
Missouri Consolidated Health Care Plan
Department of Transportation
Department of Corrections
Department of Conservation
Department of Public Safety
Missouri State Highway Patrol
Jeanne Jarrett, CPA
Director
December 29, 1998