Fiscal Note

HB0245S01 - Insurance Law Revisions

State Impact:
Impacts to the Insurance Department can be handled within existing budgets. The Department of Workforce services is authorized by this bill to obligate up to $2,000,000 from the Workforce Services Special Administrative Expense Fund as to comply with the Federal Health Care Tax Credit Program.

Individual and Business Impact:
Companies applying to merge or acquire control of domestic insurance companies can be required to pay the costs of technical experts hired by the commissioner to analyze their application. Out-of-pocket maximums for HIPUtah enrollees will be increased, saving the pool money but costing enrollees more.

Office of the Legislative Fiscal Analyst
2/24/2004, 9:59:11 AM