FISCAL NOTE

Date Requested: January 24, 2019
Time Requested: 01:27 PM
Agency: Insurance Commission
CBD Number: Version: Bill Number: Resolution Number:
2445 Introduced HB2647
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 2647, if enacted, seeks to establish a limited lines insurance license for self storage providers and to establish procedures for regulation of the insurance product. HB2647 would not have any significant fiscal impact on the operations, revenues or expenses of the Offices of the Insurance Commissioner.



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 2647 seeks to establish a limited lines insurance license for self-storage providers. HB2647 also establishes the Insurance Commissioner as the regulatory authority for the newly created limited lines license. The proposed legislation will not have any significant fiscal impact on the Offices of the Insurance Commissioner, as the regulatory duties required by HB2647 are consistent with the current scope of the Insurance Commissioner's regulatory authority.



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