FISCAL NOTE
Date Requested: February 28, 2024
Time Requested: 10:21 AM |
| Agency: |
Insurance Commission |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 1853 |
Introduced |
HB5082 |
|
|---|
| CBD Subject: |
Boards and Commissions; Insurance |
|---|
|
FUND(S):
7152 Insurance Commission Fund
Sources of Revenue:
Special Fund
Legislation creates:
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
HB5082 would have no fiscal impact on the operations, revenues or expenses of the West Virginia Offices of the Insurance Commissioner.
Please see the memorandum section of the fiscal note for additional information.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2024
Increase/Decrease
(use"-") |
2025
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
The introduced version of House Bill 5082 was to exempt persons who have held an insurance license for 20 years or more from attending the continuing education requirements. The Committee Substitute for HB5082 was amended to exempt persons who have held insurance license for 25 years or more. The effect of the amendment has no impact on our Fiscal Note response.
Currently the Offices of the Insurance Commissioner receives $25 for each approved continuing education course and course renewals, not per each candidate, pursuant to 33-12-8(k). Therefore, there would be no fiscal impact on revenue, expenses or operations of the Offices of the Insurance Commissioner.
Person submitting Fiscal Note: Rhonda C Hartwell
Email Address: rhonda.c.hartwell@wv.gov