Date Requested: March 03, 2022
Time Requested: 10:25 AM
Agency: Insurance Commission
CBD Number: Version: Bill Number: Resolution Number:
1865 Introduced SB1
CBD Subject: Natural Resources


7152 Insurance Commission Fund

Sources of Revenue:

Special Fund

Legislation creates:

Creates New Program, Creates New Fund: DEP Mining Mutual Insurance Company Fund

Fiscal Note Summary

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

Senate Bill 1, if enacted, would create a Mining Mutual Insurance Company. SB 1 would have no fiscal impact on the Offices of the Insurance Commissioner.

Fiscal Note Detail

Effect of Proposal Fiscal Year
Fiscal Year
(Upon Full
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.


Senate Bill 1, if enacted, would create a mutual insurance company for the purpose of providing an alternative means of complying with the reclamation requirements and the financial assurance provisions of Chapter 22, Article 3. If enacted, SB 1 will create a domestic mutual insurance company subject to regulation by the WV Insurance Commissioner. The regulatory duties imposed on the WV Offices of the Insurance Commissioner (OIC) are already within the scope and authority of the Insurance Commissioner. Accordingly, we do not anticipate any significant fiscal impact due to the regulation of one additional domestic insurance company. The Department of Environmental Protection should be contacted for their input on the impact of SB 1.

    Person submitting Fiscal Note: Melinda Kiss
    Email Address: