FISCAL NOTE
Date Requested: February 03, 2016
Time Requested: 02:14 PM |
| Agency: |
Insurance Commission |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 2540 |
Introduced |
HB 2199 |
|
|---|
| CBD Subject: |
|
|---|
|
FUND(S):
Sources of Revenue:
Special Fund
Legislation creates:
Neither Program nor Fund
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
House Bill 2199 has no fiscal impact on the revenues or expenses of the Office of the Insurance Commissioner.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2016
Increase/Decrease
(use"-") |
2017
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):
Memorandum
The revenue generated by the ยง33-3-33 surcharge on fire and casualty insurance policies is not retained by the OIC, but is passed through to the State Treasury for distribution to Volunteer Fire Departments.
If enacted, HB 2199 would increase the surcharge from .55% to 1%. During fiscal year 2015, the OIC collected $13.3 million from the .55% surcharge. The proposed surcharge would result in collections of an estimated additional $10.9 million, for total estimated surcharge revenues of $24.2 million.
Person submitting Fiscal Note: Melinda Kiss
Email Address: Melinda.Kiss@wvinsurance.gov