HB635: AN ACT relating to fiscal impact statements.

Legislative Summary

Amends KRS 6.350 to require that an actuary performing an actuarial analysis clearly describe a new assumption or method and the basis for selecting the assumption or method, including any documentation, studies, written opinions, calculations, or citations, and to require that the actuary certify that the information provided in the analysis is accurate; amends KRS 6.948 to require that the commissioner of the Department of Insurance include in a fiscal impact statement documentation, studies, written opinions, calculations, and citations in support of his or her findings and conclusions and include in the statement an estimate of any potential future cost savings, including an explanation why the bill would or would not provide future cost savings, and to require the commissioner to certify that the information provided in the fiscal impact statement is accurate; and amends KRS 6.949 to require that the commissioner of the Department of Corrections include in a corrections impact statement documentation, studies, written opinions, calculations, and citations in support of the department’s findings and conclusions, an estimate of any potential future cost savings, if not already included in a statement, and a certification by the commissioner that the information provided in the statement is accurate.