FISCAL NOTE

Date Requested: February 02, 2016
Time Requested: 01:47 PM
Agency: Workers' Compenation
CBD Number: Version: Bill Number: Resolution Number:
1068 Introduced SB63
CBD Subject: Workers Compensation


FUND(S):

7162, 7163, 7164, 7165, 7173

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.


If enacted, the provisions of Senate Bill 63 will have an adverse impact on the workers' compensation related funds that are administered by the Offices of the Insurance Commissioner. The Funds impacted include the Old Fund, the Uninsured Fund, the Self-insured Guaranty Fund, the Self-insured Security Fund and the State Entities Workers' Compensation Fund. Actuarially determined estimates of the magnitude of the adverse impacts are not currently available and would take a considerable amount of time to obtain. The severity of the increased costs may significant. The deficit position of the Workers' Compensation Old Fund will be increased and the revenues dedicated to reducing the debt will need to remain in place or be increased to cover the costs of the increased claims liabilities.



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


If enacted, the provisions of SB63 will have an adverse fiscal impact on the workers' compensation related funds administered by the Offices of the Insurance Commissioner. Actuarially determined estimates of the magnitude of the adverse impacts are not currently available and would require a considerable amount of time to produce. However, the severity of the increased costs to the state could be significant. Senate Bill 63, if enacted, would restore a 20 week (5%) presumptive award for occupational disease to employees without measurable pulmonary impairment.



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