COMMITTEE ON LEGISLATIVE RESEARCH
OVERSIGHT DIVISION
FISCAL NOTE
L.R. NO.: 3946-01
BILL NO.: SB 861
SUBJECT: Insurance - General; Banks and Financial Institutions
TYPE: Original
DATE: February 14, 2000
FISCAL SUMMARY
FUND AFFECTED | FY 2001 | FY 2002 | FY 2003 |
None | |||
Total Estimated
Net Effect on All State Funds |
$0 | $0 | $0 |
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 Economic Development - Division of Finance assumes this proposal would not fiscally impact their agency.
Department of Insurance (INS) officials state that the department may need to develop an annual statement supplementary interrogatory to monitor compliance with this proposal. INS assumes that the one-time development costs, the annual mailing costs, and the annual monitoring of responses could be covered with existing appropriation. INS states that if additional proposals as passed it may be necessary to request additional appropriation due to the combined affect of multiple proposals.
FISCAL IMPACT - State Government | FY 2001
(10 Mo.) |
FY 2002 | FY 2003 |
$0 | $0 | $0 |
FISCAL IMPACT - Local Government | FY 2001
(10 Mo.) |
FY 2002 | FY 2003 |
$0 | $0 | $0 |
FISCAL IMPACT - Small Business
Some small financials institutions could be fiscally impacted due to the requirements of this proposal.
DESCRIPTION
This proposal would require assets not exclusively controlled by an insurance company to be held by banks or other approved financial institutions.
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 Economic Development
Division of Finance
Jeanne Jarrett, CPA
Director
February 14, 2000