FISCAL NOTE

Date Requested: January 17, 2019
Time Requested: 01:58 PM
Agency: Insurance Commission
CBD Number: Version: Bill Number: Resolution Number:
2284 Introduced HB2474
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 2474 would have no fiscal impact on the Offices of the Insurance Commissioner.
    
    HB2474, if enacted, would prescribe the minimum standard of valuation for health insurance and annuity contracts. The enactment of HB2474 will enable the State of West Virginia to remain accredited with 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 2474 would have no fiscal impact on the Offices of the Insurance Commissioner.
    
    HB 2474 provisions are consistent with recommended model law required by the National Association of Insurance Commissioners (NAIC).
    
    HB2474, if enacted, would prescribe the minimum standard of valuation for health insurance and annuity contracts. The provisions of HB2474 will enable the State of West Virginia to remain accredited with the National Association of Insurance Commissioners.



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