FISCAL NOTE

Date Requested: February 12, 2018
Time Requested: 01:50 PM
Agency: Insurance Commission
CBD Number: Version: Bill Number: Resolution Number:
2513 Introduced HB4499
CBD Subject: Insurance


FUND(S):

7152, 7150

Sources of Revenue:

Special Fund

Legislation creates:

Increases Existing Expenses



Fiscal Note Summary


Effect this measure will have on costs and revenues of state government.


If enacted, House Bill 4499 may increase operating expenses for the Offices of the Insurance Commissioner. While it is not possible at this time to quantify the amount of increased expenses to the OIC, we are likely to see increased legal and regulatory activities as a result of the passage of HB 4499. See the memorandum to this fiscal note for additional information.



Fiscal Note Detail


Effect of Proposal Fiscal Year
2018
Increase/Decrease
(use"-")
2019
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, HB4499 would permit insurance carriers to file and use insurance forms and insurance rates for personal lines of insurance without the prior approval of the Insurance Commissioner. The OIC may see an increase in regulatory/legal activities required should the forms and rates used in the market cause adverse results. This could lead to a need for an increase in OIC staffing and other additional costs.



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