FISCAL NOTE

Date Requested: January 23, 2020
Time Requested: 09:33 AM
Agency: Insurance Commission
CBD Number: Version: Bill Number: Resolution Number:
2267 Introduced HB4477
CBD Subject: Insurance


FUND(S):

7152 Insurance Commission Fund

Sources of Revenue:

Special Fund

Legislation creates:





Fiscal Note Summary


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


    House Bill 4477, if enacted, will have no fiscal impact on the Office of the Insurance Commissioner's revenues, expenses or operations.



Fiscal Note Detail


Effect of Proposal Fiscal Year
2020
Increase/Decrease
(use"-")
2021
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):


    Please explain increases and decreases in personal services, current expenses, repairs and alterations, assets, other costs and revenues, including assumptions and data sources and delineation between start-up and ongoing costs. Please also include a long-range schedule of costs and revenues if fiscal impact is expected to vary in future years.



Memorandum


    House Bill 4477, if enacted, will have no fiscal impact on the revenues, expenses or operations of the Offices of the Insurance Commissioner.
    
    HB4477, if enacted, would establish the criteria and manner by which a mutual insurance company may transition to a mutual insurance holding company. The regulatory responsibilities of the Insurance Commissioner set forth in HB4477 are within the scope of the current regulatory authority of the Commissioner and will not result in any fiscal impact to the agency.



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