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 0263 - Revises the mandatory limits for motor vehicle insurance
COMMITTEE ON LEGISLATIVE RESEARCH
OVERSIGHT DIVISION
FISCAL NOTE
L.R. NO. 0646-01
BILL NO. SB 263
SUBJECT: Insurance
TYPE: Original
DATE: February 2, 1999
FISCAL SUMMARY
ESTIMATED NET EFFECT ON STATE FUNDS Net Effect on All State Funds
FUND AFFECTED
FY 2000
FY 2001
FY 2002 None
Total Estimated
$0
$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 Revenue assumes this proposal would not fiscally impact their agency.
The Department of Insurance (INS) states that additional revenue is not anticipated, as these policy pages are filed but are typically "fill in the blank" so that an insurer can use them for all policyholders buying various limits of liability. INS 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.) | |||
| $0 | $0 | $0 | |
| FISCAL IMPACT - Local Government | FY 2000 | FY 2001 | FY 2002 |
| (10 Mo.) | |||
| $0 | $0 | $0 | |
| FISCAL IMPACT - Small Business | |||
| No direct fiscal impact to small businesses is expected as a result of this | |||
DESCRIPTION
This proposal revises the mandatory limits for motor vehicle insurance. The limits are changed from $25,000 to $50,000 for bodily injury or death of one person in any one accident; from $50,000 to $100,000 for bodily injury or death of two or more persons in any one accident; and from $10,000 to $25,000 for property damage in any one accident. The state and its political subdivisions are excluded from the insurance law requirement of Section 303.025, RSMo.
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 Revenue
Jeanne Jarrett, CPA
Director
February 2, 1999