FISCAL NOTE

Date Requested: January 17, 2019
Time Requested: 01:59 PM
Agency: Insurance Commission
CBD Number: Version: Bill Number: Resolution Number:
2285 Introduced HB2480
CBD Subject: Insurance


FUND(S):

7152

Sources of Revenue:

Special Fund

Legislation creates:





Fiscal Note Summary


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


House Bill 2480, if enacted, would have no fiscal impact on the Offices of the Insurance Commissioner. HB 2480 would provide authority to a designated state insurance commissioner to act as a group-wide supervisor for an internationally active insurance group. The provisions of House Bill 2480 are recommended model law developed by the National Association of Insurance Commissioners (NAIC) and the legislation is necessary in order for the State of West Virginia to remain accredited by the National Association of Insurance Commissioners.



Fiscal Note Detail


Effect of Proposal Fiscal Year
2019
Increase/Decrease
(use"-")
2020
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


House Bill 2480, if enacted, would have no fiscal impact on the operations, revenues or expenses of the Offices of the Insurance Commissioner. HB 2480 would provide authority to a designated state insurance commissioner to act as a group-wide supervisor for an internationally active insurance group. In order for a holding company to be considered an internationally active insurance group, it must meet various criteria, including premiums written in at least three countries, at least 10% of premiums written outside the United States, and total assets greater than $50 billion or total premiums greater than $10 billion. The provisions of House Bill 2480 are recommended model law developed by the National Association of Insurance Commissioners (NAIC) and the legislation is necessary in order for the State of West Virginia to remain accredited by the National Association of Insurance Commissioners.



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