FISCAL NOTE
Date Requested: January 27, 2020 Time Requested: 04:19 PM |
Agency: |
Insurance Commission |
CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
1681 |
Introduced |
HB4359 |
|
CBD Subject: |
Insurance |
---|
|
FUND(S):
7152 Insurance Commission Fund
Sources of Revenue:
Special Fund
Legislation creates:
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
House Bill 4539, if enacted, would provide a uniform definition and flat filing fee for insurance forms, rules and rates.
House Bill 4539 is designed to be revenue neutral and will not have a significant fiscal impact on the Offices of the Insurance Commissioner.
Fiscal Note Detail
Effect of Proposal |
Fiscal Year |
2020 Increase/Decrease (use"-") |
2021 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 4539, if enacted, would provide a uniform definition and flat filing fee for insurance forms, rules and rates.
House Bill 4539 is designed to be revenue neutral and will not have a significant fiscal impact on the Offices of the Insurance Commissioner.
The Offices of the Insurance Commissioner has analyzed the average number of filings during the last five fiscal years and the average filing fees collected during that time period. The average number of filings over the past five years is 6,644 and the average fees collected over the past five years was $698,030. This indicates and average fee per filing of $105.06 over the past five years. The OIC does not believe that the revision of the filing fee to a single rate of $100 will have a significant impact on the OIC or the insurance industry.
Person submitting Fiscal Note: Melinda Kiss
Email Address: Melinda.A.Kiss@wv.gov