[1] NOTE: As provided in LFC policy, this report is intended only for use by the standing finance committees of the legislature. The Legislative Finance Committee does not assume responsibility for the accuracy of the information in this report when used in any other situation.

Only the most recent FIR version (in HTML & Adobe PDF formats) is available on the Legislative Website. The Adobe PDF version includes all attachments, whereas the HTML version does not. Previously issued FIRs and attachments may be obtained from the LFC’s office in Suite 101 of the State Capitol Building North.

F I S C A L I M P A C T R E P O R T

SPONSOR:	Leavell		DATE TYPED:	02/08/02		HB
SHORT TITLE:		Insurance Forms Exemption				SB	256/aSPAC
					ANALYST:		Valenzuela

REVENUE

Estimated Revenue

Subsequent

Years Impact

Recurring

or Non-Rec

Fund

Affected

FY02

FY03

NFI

(Parenthesis ( ) Indicate Revenue Decreases)

SOURCES OF INFORMATION

LFC files

Public Regulation Commission (PRC)

SUMMARY

Synopsis of SPAC Amendment

The Senate Public Affairs Committee Amendment to SB256 clarifies that the Superintendent would have to exempt insurers through the rulemaking process.

Synopsis of Bill

Senate Bill 256 amends Article 18, the Insurance Contract, of the New Mexico Insurance Code by authorizing the Superintendent of Insurance to have the discretion to exempt insurers, who are exempt from rate filing requirements, pursuant to subsection (C) of 59A-17-2.

Significant Issues

Enactment of SB 256 would complement the statutory discretion provided to the Superintendent of Insurance on rate filing requirements with form filing requirements. The Public Regulation Commission states that it expects increased efficiency in its processing of information submitted to it by the insurance industry.

FISCAL IMPLICATIONS

SB 256 does not carry an appropriation. The PRC states that enactment will not impact its fees, and thus, revenue collections.

MFV/ar/njw