COMMITTEE ON LEGISLATIVE RESEARCH
OVERSIGHT DIVISION
FISCAL NOTE
L.R. NO.: 2690-01
BILL NO.: SB 553
SUBJECT: Insurance - Medical, Insurance - Life, Licenses - Professional, Economic Development Department
TYPE: Original
DATE: January 24, 2000
FISCAL SUMMARY
| FUND AFFECTED | FY 2001 | FY 2002 | FY 2003 |
| Athletic | ($13,230) | ($15,877) | ($15,877) |
| Total Estimated
Net Effect on All State Funds |
($13,230) | ($15,877) | ($15,877) |
| FUND AFFECTED | FY 2001 | FY 2002 | FY 2003 |
| None | |||
| Total Estimated
Net Effect on All Federal Funds |
$0 | $0 | $0 |
| FUND AFFECTED | FY 2001 | FY 2002 | FY 2003 |
| Local Government | $0 | $0 | $0 |
Numbers within parentheses: ( ) indicate costs or losses.
This fiscal note contains 3 pages.
ASSUMPTION
Officials from the Department of Health assume this proposal would not fiscally impact their agency.
Department of Economic Development (DED) officials assume a reduction in revenue, based on FY 1999 fees collected, of $15,877 from events promoted by small business boxing promoters from the Athletic Fund. This reflects an assumption that the number of licenses would reduce due to the requirements of the proposal.
| FISCAL IMPACT - State Government | FY 2001
(10 Mo.) |
FY 2002 | FY 2003 |
| ATHLETIC FUND | |||
| Loss - Department of Economic Development | |||
| Events fees | ($13,230) | ($15,877) | ($15,877) |
| ESTIMATED NET EFFECT ON ATHLETIC FUND |
($13,230) |
($15,877) |
($15,877) |
| FISCAL IMPACT - Local Government | FY 2001
(10 Mo.) |
FY 2002 | FY 2003 |
| $0 | $0 | $0 |
FISCAL IMPACT - Small Business
Boxing promoters could have administrative duties and costs for premiums on insurance policies.
DESCRIPTION
This proposal would require professional boxing promoters to file proof of insurance of not less than $100,000 for each boxer with the Department of Economic Development. If the promoter does not file proof of insurance, the promoter would not be issued a permit or license to promote professional boxing matches. The insurance policy would cover any medical expense associated with a boxing injury. The insurance policy would also pay the boxer's estate if the boxing injury results in death.
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 Health
Department of Economic Development
Jeanne Jarrett, CPA
Director
January 24, 2000