FISCAL NOTE
Date Requested: January 17, 2019 Time Requested: 01:59 PM |
Agency: |
Insurance Commission |
CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
2285 |
Introduced |
HB2480 |
|
CBD Subject: |
Insurance |
---|
|
FUND(S):
7152
Sources of Revenue:
Special Fund
Legislation creates:
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
House Bill 2480, if enacted, would have no fiscal impact on the Offices of the Insurance Commissioner.
HB 2480 would provide authority to a designated state insurance commissioner to act as a group-wide supervisor for an internationally active insurance group.
The provisions of House Bill 2480 are recommended model law developed by the National Association of Insurance Commissioners (NAIC) and the legislation is necessary in order for the State of West Virginia to remain accredited by the National Association of Insurance Commissioners.
Fiscal Note Detail
Effect of Proposal |
Fiscal Year |
2019 Increase/Decrease (use"-") |
2020 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
House Bill 2480, if enacted, would have no fiscal impact on the operations, revenues or expenses of the Offices of the Insurance Commissioner.
HB 2480 would provide authority to a designated state insurance commissioner to act as a group-wide supervisor for an internationally active insurance group. In order for a holding company to be considered an internationally active insurance group, it must meet various criteria, including premiums written in at least three countries, at least 10% of premiums written outside the United States, and total assets greater than $50 billion or total premiums greater than $10 billion.
The provisions of House Bill 2480 are recommended model law developed by the National Association of Insurance Commissioners (NAIC) and the legislation is necessary in order for the State of West Virginia to remain accredited by the National Association of Insurance Commissioners.
Person submitting Fiscal Note: Melinda Kiss
Email Address: Melinda.A.Kiss@wv.gov