FISCAL NOTE
Date Requested: January 11, 2023
Time Requested: 10:40 PM |
| Agency: |
Insurance Commission |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 1728 |
Introduced |
SB91 |
|
|---|
| CBD Subject: |
Insurance |
|---|
|
FUND(S):
7158 Fire Protection Fund
Sources of Revenue:
Special Fund
Legislation creates:
Increases Revenue From Existing Sources, Creates New Expense, Creates New Program, Creates New Fund: Fire Service Recruitment and Retention Fund
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
If enacted as currently drafted, Senate Bill 91 creates inconsistencies in W.Va. Code. Therefore, the WV OIC is not able to accurately estimate the fiscal impact of SB91.
SB91 does not appear to amend WC Code §33-12-c-7 as necessary to be consistent with the amendments to §33-3-33.
Please see the memorandum section of this fiscal note for details.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2023
Increase/Decrease
(use"-") |
2024
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
If enacted, Senate Bill 91 would create inconsistencies between §33-12c-7 and §33-3-33.
SB91 seeks to increase the Fire & Casualty surcharge from.55% to 1%. SB91 does increase the surcharge on Companies in §33-3-33, but does not adjust the surcharge on surplus Lines in §33-12c-7. Due to the inconsistencies thereby created, the OIC is uncertain of how we would enforce the provisions of the code.
If both sections of the Code that establish Fire & Casualty surcharges were amended, then the OIC estimates that there would be an increase in surcharge revenues of approximately $12,346,950.
Person submitting Fiscal Note: Melinda Kiss
Email Address: Melinda.A.Kiss@wv.gov