LEGISLATIVE FISCAL ESTIMATE
SENATE, No. 2930
STATE OF NEW JERSEY
218th LEGISLATURE
DATED: DECEMBER 10, 2019
SUMMARY
Synopsis: |
Exempts honorably discharged United States military veterans from initial insurance producer licensing fee. |
Type of Impact: |
Biennial State Revenue Loss |
Agencies Affected: |
Department of Banking and Insurance |
Office of Legislative Services Estimate |
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Fiscal Impact |
Biennial |
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State Revenue Loss |
Indeterminate |
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· The Office of Legislative Services (OLS) estimates that the bill may result in an indeterminate biennial decrease in State revenue due to the bill’s waiver of the initial insurance producer licensing fee for any applicant who is an honorably discharged veteran of any state. The OLS does not know the number of honorably discharged veterans who may apply for this particular license in a given year and so cannot provide an estimate of the State revenue loss.
BILL DESCRIPTION
This bill exempts applicants who have been honorably discharged from the United States military from the initial insurance producer licensing fee. The bill requires the Commissioner of Banking and Insurance to waive the initial insurance producer licensing fee for any applicant who is a veteran who has received an honorable discharge from a branch of the active or reserve component of the Armed Forces of the United States or the National Guard of any state, provided that the applicant has passed the licensing examination and fulfilled any other requirements for licensure. Following the waiver of the initial licensing fee, the licensee must comply with any other licensing fees imposed by law or regulation.
FISCAL ANALYSIS
EXECUTIVE BRANCH
None received.
OFFICE OF LEGISLATIVE SERVICES
The OLS estimates that the bill may result in an indeterminate biennial decrease in State revenue, due to the bill’s waiver of the initial insurance producer licensing fee for any applicant who is an honorably discharged veteran of any state. The OLS does not know the number of honorably discharged veterans who may apply for this particular license in a given year. However, the OLS notes that an initial insurance producer licensing fee is $190 total, which includes a license fee of $150 and a $40 processing fee. The fees are collected on a biennial basis.
Section: |
Commerce, Labor and Industry |
Analyst: |
Associate Fiscal Analyst |
Approved: |
Frank W. Haines III Legislative Budget and Finance Officer |
This legislative fiscal estimate has been produced by the Office of Legislative Services due to the failure of the Executive Branch to respond to our request for a fiscal note.
This fiscal estimate has been prepared pursuant to P.L.1980, c.67 (C.52:13B-6 et seq.).