|Date Requested:March 07, 2013
Time Requested:02:45 PM
| FUND(S) |
Sources of Revenue
Legislation creates:Neither Program nor Fund
Effect this measure will have on costs and revenues of state government.
|Senate Bill 483 has no fiscal impact on the revenues or expenses of the Offices of the Insurance Commissioner.|
|Effect of Proposal||Fiscal Year|
|1. Estmated Total Cost||0||0||0|
|Repairs and Alterations||0||0||0|
|2. Estimated Total Revenues||0||0||0|
3. Explanation of above estimates (including long-range effect):
| The revenue generated by the §33-3-33 surcharge on fire and casualty insurance policies is not retained by the OIC, but is passed through to the State Treasury for distribution to other governmental entities.
If enacted, SB 483 would increase the surcharge from .55% to 1%.
During fiscal year 2012, the OIC collected $12.5 million from the .55% surcharge. The proposed surcharge increase would result in collections of an estimated additional $10.3 million, for total estimated surcharge revenues of $22.8 million.
The proposed legislation would also change how the revenues are currently being distributed by the State Treasurer's Office (STO).
For information regarding the fiscal impact of SB 483, the STO should be contacted.