Fiscal Note
HB0055S01 - Captive Insurance Company Amendments
State Impact:
This bill increases a threshold on the amount of revenue the Department of Insurance is authorized to retain before depositing proceeds into the General Fund. This will result in decreased General Fund revenue estimated at $500,000 ongoing beginning in FY 2011. The bill also authorizes a new class of captive insurer, which is expected to generate $5,000 in new ongoing revenue beginning in FY 2009. Anticipated increases in the number of captive insurers may require additional resources in future years.
| Funding Source | FY 2008 Approp. | FY 2009 Approp. | FY 2010 Approp. | FY 2008 Revenue | FY 2009 Revenue | FY 2010 Revenue |
| General Fund | $0 | $0 | $0 | $0 | $5,000 | $5,000 |
| Total | $0 | $0 | $0 | $0 | $5,000 | $5,000 |
Individual, Business and/or Local Impact:
Enactment of this bill likely will not result in direct, measurable costs and/or benefits for individuals, businesses, or local governments.
| 1/22/2008, 11:26:56 AM, Lead Analyst: Schoenfeld, J.D. | Office of the Legislative Fiscal Analyst |