FISCAL NOTE

Date Requested: February 20, 2016
Time Requested: 01:36 PM
Agency: Insurance Commission
CBD Number: Version: Bill Number: Resolution Number:
2835 Introduced HB4637
CBD Subject: Insurance


FUND(S):



Sources of Revenue:

Special Fund

Legislation creates:

Neither Program nor Fund



Fiscal Note Summary


Effect this measure will have on costs and revenues of state government.


    If enacted, House Bill 4637 would have no significant fiscal impact on the revenues or expenses of the Offices of the Insurance Commissioner.



Fiscal Note Detail


Effect of Proposal Fiscal Year
2016
Increase/Decrease
(use"-")
2017
Increase/Decrease
(use"-")
Fiscal Year
(Upon Full
Implementation)
1. Estmated Total Cost 0 0 0
Personal Services 0 0 0
Current Expenses 0 0 0
Repairs and Alterations 0 0 0
Assets 0 0 0
Other 0 0 0
2. Estimated Total Revenues 0 0 0


Explanation of above estimates (including long-range effect):


    



Memorandum


    HB4637 seeks to require insurers of policies or contracts paying benefits on death of an insured to review data bases annually to see if the insured has died and to contact beneficiaries or others of availability of benefits.
    
    If enacted, HB4637 does not impact the current operations of the Offices of the Insurance Commissioner (OIC). Accordingly, it has no fiscal impact on the revenues of expenses of the OIC.



    Person submitting Fiscal Note: Melinda Kiss
    Email Address: Melinda.Kiss@wvinsurance.gov