FISCAL NOTE

Senate Bill 37 as introduced would 1) reduce the State General Fund (SGF) allocation of certain insurance license fees from 50%, under current law, to 45%, as provided by this bill; and 2) reallocate this 5% of license fee receipts to the Center for Risk and Insurance Research Fund (Fund), which is created by this bill within the State Treasury and administered by the Department of Insurance. The provisions of this bill would decrease receipts to the SGF by an estimated $2.3 million per year, beginning in fiscal year 2022, and correspondingly increase receipts to the Fund by the same estimated amount.

Further this bill would 1) require the Commissioner of Insurance to establish and support the Center for Risk and Insurance Research, and 2) allow the Commissioner to transfer amounts from the Fund to a state university for the operation the Center.

As amended and reported by the Committee on Finance and Taxation General Fund, would reduce the State General Fund's (SGF) allocation of certain insurance license fees by $1.5 million annually, and reallocate this $1.5 million annually to the Center for Risk and Insurance Research Fund (Fund), created by this bill within the State Treasury and administered by the Department of Insurance.

Further, this bill would 1) require the Commission of Insurance to establish and support the Center for Risk and Insurance Research (Center), and 2) allow the Commission to transfer amounts from the Fund to a state university for the operation of the Center.