FISCAL NOTE
Date Requested: January 22, 2019
Time Requested: 01:38 PM |
| Agency: |
Risk and Insurance Management, Board of (BRIM) |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 2485 |
Introduced |
SB368 |
|
|---|
| CBD Subject: |
Boards and Commissions |
|---|
|
FUND(S):
2363 – Public Entity Insurance Trust Fund
Sources of Revenue:
Special Fund
Legislation creates:
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
The proposed legislation indicates that the Board of Risk and Insurance Management (BRIM) require any charitable of public service organization insured by BRIM submit a certifying statement regarding the organization's status as a charitable or public service organization in a form and manner prescribed by BRIM at least annually to ensure compliance with the definition of a "charitable" or "public service organization" as defined in §29-12-5 (b) (1) (B). BRIM currently maintains various information and exposure data related to the charitable and public service organizations that it insures. The submission of an annual certification statement by these two sub-groups of insureds to BRIM would require very little time and effort by BRIM personnel to review and maintain. As a result, an estimate of the projected additional costs and expenses for the current fiscal year, or any subsequent fiscal year, are negligible.
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):
There would be no change to revenue and little or no change to expenses by requiring this annual certification submission.
Memorandum
Additional costs related to the program by adding this additional certification requirement for those insureds affected are negligible.
Person submitting Fiscal Note: Stephen W. Schumacher
Email Address: stephen.w.schumacher@wv.gov