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 for other purposes.

 

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

 

 

 

SPONSOR:

Leavell

 

DATE TYPED:

02/19/03

 

HB

 

 

SHORT TITLE:

Annual Insurance Filing Fee Exemptions

 

SB

645

 

 

ANALYST:

Valenzuela

 

 

REVENUE

 

Estimated Revenue

Subsequent

Years Impact

Recurring

or Non-Rec

Fund

Affected

FY03

FY04

 

 

 

 

($207.0)

 

Recurring

General Fund

 

 

 

 

 

(Parenthesis ( ) Indicate Revenue Decreases)

 

SOURCES OF INFORMATION

 

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