Fiscal Note - State of Utah - 2013 General Session

HB0047S03 - Insurance Law Amendments

State Government (UCA 36-12-13(2)(b)):
Enactment of this bill would reduce annual transfers from the Captive Insurance Restricted Account to the General Fund by $300,000 annually beginning in FY 2016. There will be a corresponding increase in the balance of the Captive Insurance Restricted Account subject to appropriations by the Legislature which may be used to cover projected cost increases in the program. The provisions of the bill will also shift $322,300 from the Insurance Fraud Restricted Account to the Insurance Fraud Victim Restitution Account beginning in FY 2014. Finally, there will be an increase in costs of $1,000 to the Title Insurance Program to implement the provisions of the bill. Spending from the Department of Insurance Restricted Account affects annual transfers to the General Fund.

State Budget Detail TableFY 2013FY 2014FY 2015
General Fund$0($1,000)($301,000)
General Fund, One-Time$0$0$300,000
Restricted Funds$0$322,300$322,300
Restricted Funds$0($322,300)($322,300)
   Total Revenue$0($1,000)($1,000)
Restricted Funds$0$1,000$1,000
   Total Expenditure$0$1,000$1,000
Net Impact, All Funds (Rev.-Exp.)$0($2,000)($2,000)
   Net Impact, General/Education Funds (Rev.-Exp.)$0($1,000)($1,000)

Local Governments (UCA 36-12-13(2)(c)):
Enactment of this bill likely will not result in direct, measurable costs for local governments.

Direct Expenditures by Utah Residents and Businesses (UCA 36-12-13(2)(d)):
Enactment of this bill likely will not result in direct, measurable expenditures by Utah residents or businesses.

Performance Note Required? (Joint Rule 4-2-404): No

2/20/2013, 10:21:28 AM, Lead Analyst: Wilko, A./Attny: POOffice of the Legislative Fiscal Analyst