FISCAL NOTE
Date Requested: January 20, 2023
Time Requested: 09:26 AM |
| Agency: |
Insurance Commission |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 1331 |
Introduced |
HB2165 |
|
|---|
| CBD Subject: |
|
|---|
|
FUND(S):
1331
Sources of Revenue:
Special Fund
Legislation creates:
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
House Bill 2165, if enacted, would dedicate 25% of the annual insurance premium tax to the PEIA Rainy Day Fund.
HB2165 would have no fiscal impact on the operations, expenses or revenues of the Offices of the Insurance Commissioner (OIC) because the OIC does not retain any of the premium tax revenue collected under §33-3-14 at the agency level. The OIC does collect and audit the premium tax revenues collected. Those tax revenues are deposited into Fund 1331.
HB 2165 would redirect 25% of the premium tax revenues collected to the PEIA Rainy Day Fund. The OIC estimates that the amount of the 25% allocation to PEIA would be approximately $32,170,791.
Please see the memorandum section of this fiscal note.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2023
Increase/Decrease
(use"-") |
2024
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 2165, if enacted, would dedicate 25% of the annual insurance premium tax to the PEIA Rainy Day Fund.
HB2165 would have no fiscal impact on the operations, expenses or revenues of the Offices of the Insurance Commissioner (OIC) because the OIC does not retain any of the premium tax revenue collected under §33-3-14 at the agency level. The OIC collects and audits the premium tax revenue collected. Those tax revenues are deposited into Fund 1331.
HB 2165 would redirect 25% of the premium tax revenues collected to the PEIA Rainy Day Fund. The OIC estimates that the amount of the 25% allocation to PEIA would be approximately $32,170,791.
The above estimate is based on calendar year 2021 total premium tax revenues, which is the most recent tax year that has been fully collected and audited. Total premium tax collections for CY21 were $128,683,167.
The State Budget Office should be contacted regarding the impact to the State's General Revenue Fund due to the passage of HB2165.
Person submitting Fiscal Note: Melinda Kiss
Email Address: Melinda.A.Kiss@wv.gov