FISCAL NOTE
Date Requested: February 02, 2016
Time Requested: 01:47 PM |
| Agency: |
Workers' Compenation |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 1067 |
Introduced |
SB62 |
|
|---|
| 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 62 may 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 be significant.
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 SB62 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.
Person submitting Fiscal Note: Melinda Kiss
Email Address: Melinda.Kiss@wvinsurance.gov