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SPONSOR: |
Leavell |
DATE TYPED: |
|
HB |
|
||
SHORT TITLE: |
Annual Insurance Filing Fee Exemptions |
SB |
645 |
||||
|
ANALYST: |
Valenzuela |
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REVENUE
Estimated Revenue |
Subsequent Years Impact |
Recurring or
Non-Rec |
Fund Affected |
|
FY03 |
FY04 |
|
|
|
|
($207.0) |
|
Recurring |
General
Fund |
|
|
|
|
|
(Parenthesis ( ) Indicate Revenue Decreases)
Public
Regulation Commission
SUMMARY
Synopsis
of Bill
Senate Bill 645
proposes an amendment to the New Mexico Insurance Code by adding an exemption
from annual rate and form filing fees for property/casualty insurers, who had
no direct written premium in the previous calendar year.
Significant
Issues
The 2001 Legislature was successful in its
efforts to simplify the fee schedule for annual rate and forms filing fees. The
simplified fee schedule is 3 percent on premium volume. SB 645 would exempt those insurers wrote no
premiums.
FISCAL IMPLICATIONS
Senate Bill 645 does
not contain an appropriation. The PRC reports that it collected revenue of
$207.0 from those insurers who would be exempt under this bill.
MFV/yr