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BILL: CS/CS/SB’s 2086 & 2498

Page 25

Game Promotion in Connection with Sale of Consumer Products or Services The bill exempts pari-mutuel permitholders licensed to conduct slot machine gaming from game promotion regulation by the Department of Agriculture and Consumer Services.

Effective Date The bill provides an effective date of July 1, 2008.

  • IV.

    Constitutional Issues:

    • A.

      Municipality/County Mandates Restrictions: None.

    • B.

      Public Records/Open Meetings Issues: None.

    • C.

      Trust Funds Restrictions: None.

  • V.

    Fiscal Impact Statement:

    • A.

      Tax/Fee Issues: None.

    • B.

      Private Sector Impact:

The clarification and revision of the insurance provisions in the bill will aid condominium associations, unit owners and insurers. Unit owners will benefit by obtaining complete and accurate disclosures of condominium insurance policies prior to the execution of the agreement by the condominium association. Surplus lines insurers selling coverage to three or more condominiums with limits equal to the 250-year PML (rather than total replacement value) would be subject to the costs of obtaining approval from the OIR for rates and policy forms.

C.

Government Sector Impact:

The OIR will have the responsibility to review and approve rates and policy forms, and determine that the loss model is accurately and appropriately applied and that complete disclosure is provided to unit owners of condominium associations that pool their resources to obtain and maintain hazard insurance coverage.

VI.

Technical Deficiencies:

None.

VII.

Related Issues:

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