H.B. 410
2023/02/12 21:50, Lead Analyst: Timothy G. Dinehart Attorney: AS2
Fiscal Note
H.B. 410
2023 General Session
Insurance Amendments
by Dunnigan, J.
General, Income Tax, and Uniform School Funds JR4-4-101
Ongoing One-time Total
Net GF/ITF/USF (rev.-exp.) $(200,000) $0 $(200,000)
State Government UCA 36-12-13(2)(c)
Revenues FY 2023 FY 2024 FY 2025
General Fund $0 $(200,000) $(200,000)
Captive Insurance (GFR) $0 $200,000 $200,000
New Account Created By Bill (FN
Only)
$3,916,200 $4,778,000 $4,778,000
Total Revenues $3,916,200 $4,778,000 $4,778,000
Enactment of this legislation could increase revenue to the Department of Insurance''s newly created
State Mandated Insurer Payments Restricted Accoun by $3,916,200 one-time in FY 2023 and
$4,778,000 ongoing beginning in FY 2024. Enactment of this legislation could decrease the year end
transfer from the Captive Insurance Restricted Account to the General Fund by $200,000 ongoing
beginning in FY 2024 due to an increase in the statutory cap on the restricted account.
Expenditures FY 2023 FY 2024 FY 2025
General Fund $0 $0 $0
General Fund, One-time $0 $0 $0
Captive Insurance (GFR) $0 $200,000 $200,000
New Account Created By Bill (FN
Only)
$3,916,200 $4,778,000 $4,778,000
Total Expenditures $3,916,200 $4,978,000 $4,978,000
Enactment of this legislation could reduce expenditures for the Department of Government Operations
by $3,916,200 one-time in FY 2023 and $4,778,000 ongoing beginning in FY 2024 from the General
Fund due to a shift of mandated insurer payments for autism coverage. Enactment of this legislation
could increase expenditures by the Department of Insurance by $3,916,200 one-time in FY 2023 and
$4,778,000 ongoing beginning in FY 2024 from the new State Mandated Insurer Payments Restricted
Account due to a shift in payments for autism coverage. Enactment of this legislation could increase
expenditures by the Department of Insurance by $200,000 ongoing from the Captive Insurance
Restricted Account beginning in FY 2024 due to a raised statutory cap for the account and increased
usage by the Captive Insurers Division. Expenditures from the Captive Insurance Restricted Account
impact year end transfers to the General Fund. H.B. 410
2023/02/12 21:50, Lead Analyst: Timothy G. Dinehart Attorney: AS2
FY 2023 FY 2024 FY 2025
Net All Funds $0 $(200,000) $(200,000)
Local Government UCA 36-12-13(2)(c)
Enactment of this legislation likely will not result in direct, measurable costs for local governments.
Individuals & Businesses UCA 36-12-13(2)(c)
Enactment of this legislation likely will not result in direct expenditures from tax or fee changes for Utah
residents and businesses.
Regulatory Impact UCA 36-12-13(2)(d)
Enactment of this legislation could result in a small reduction in the regulatory burden for Utah
residents or businesses.
Performance Evaluation JR1-4-601
This bill does not create a new program or significantly expand an existing program.
Notes on Notes
Fiscal notes estimate the direct costs or revenues of enacting a bill. The Legislature uses them to balance the budget. They do not measure a bill's
benefits or non-fiscal impacts like opportunity costs, wait times, or inconvenience. A fiscal note is not an appropriation. The Legislature decides
appropriations separately.