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State Impact:
The additional effort required by the provisions of this bill can be absorbed within existing budgets.
Individual and Business Impact:
For most affected businesses, there will be no significant fiscal impact. There may be some additional expense for reporting requirements. Some insurance companies
from outside of Utah may find it easier to become licensed and do business in the State.
Some insurance businesses and financial institutions may be impacted by implementing the provisions outlined in the legislation. These provisions would be required by
federal statute and regulation even without this State legislation.
Approximately five health maintenance organizations (HMOs) or limited health plans could have a significant fiscal impact. These organizations may need to increase
financial capital reserves.
In the short term, there may be no immediate impact on the consumer, but any additional costs could be passed onto the consumer through increased fees and premiums over
the next few years.
Office of the Legislative Fiscal Analyst
1/19/2001 11:09:08 AM
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