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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