FISCAL NOTE
Date Requested: March 03, 2021
Time Requested: 01:02 PM |
| Agency: |
Insurance Commission |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 2710 |
Introduced |
HB2681 |
|
|---|
| CBD Subject: |
Insurance |
|---|
|
FUND(S):
7152, 7162
Sources of Revenue:
Special Fund
Legislation creates:
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
House Bill 2681, if enacted, would extend the deadline that authorizes the Insurance Commissioner to transfer unspent money from its operating account (the Insurance Commission Fund) to the Worker's Compensation Old Fund for the purpose of reducing the deficit balance in the Old Fund.
House Bill 2681 is revenue neutral and its passage will not increase or decrease the revenues of the Offices of the Insurance Commissioner (OIC). However, the passage of HB2681 will enable the OIC to reduce the existing deficit in the Worker's Compensation Old Fund.
Currently, the authority to transfer funds between the two agency accounts expires on July 1, 2021. The enactment of HB 2681 would extend the time frame for the Commissioner to make the needed transfers through the fiscal year beginning 2023, provided that a deficit balance still exists in the Old Fund.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2021
Increase/Decrease
(use"-") |
2022
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 2681 would continue the authorization of the Insurance Commissioner to transfer unspent money in the OIC's operating account to the Worker's Compensation Old Fund for the purpose of reducing the deficit balance in the Old Fund.
HB2681 is designed to be revenue neutral and it will not increase or decrease the revenues of the Offices of the Insurance Commissioner (OIC). The passage of HB2681 will have a positive impact on the existing deficit of the Old Fund. HB2681 will continue to provide the source of funding for the Old Fund that was created during the 2020 legislative session.
If enacted, HB2681 will permit the Insurance Commissioner to transfer unspent operating funds to the Old Fund in fiscal years beginning July 1st 2021, 2022 and 2023, provided that the Old Fund deficit has not been eradicated.
Person submitting Fiscal Note: Melinda Kiss
Email Address: Melinda.A.Kiss@wv.gov