FISCAL NOTE
Date Requested: March 25, 2025
Time Requested: 03:01 PM |
| Agency: |
Insurance Commission |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 1421 |
Introduced |
SB878 |
|
|---|
| CBD Subject: |
Insurance |
|---|
|
FUND(S):
7155
Sources of Revenue:
Special Fund
Legislation creates:
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
Senate Bill 878, if enacted, will reallocate ten basis points of the additional one percent premium tax on fire insurance and casualty polices from the Teachers Retirement System to the Municipal Pension Security Fund and decrease the amount of time in which a municipal policeman's or firefighter's pension and relief fund may be in noncompliance with the Municipal Pensions Oversight Board's investment requirements before it may be forced to invest with the state Investment Management Board.
Please see the memorandum section for additional information.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2025
Increase/Decrease
(use"-") |
2026
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
Senate Bill 878, if enacted, will reallocate ten basis points of the additional one percent premium tax collected per WV Code 33-3-14d on fire insurance and casualty polices from the Teachers Retirement System to the Municipal Pension Security Fund and decrease the amount of time in which a municipal policeman's or firefighter's pension and relief fund may be in noncompliance with the Municipal Pensions Oversight Board's investment requirements before it may be forced to invest with the state Investment Management Board.
The OIC estimates an increase in revenue transferred to the Municipal Pension Security Fund of approximately $3.9 million and a reduction in funds transferred to the Teachers Retirement System of the same approximate amount. The Teachers Retirement System contribution reduction may be made up through the unfunded liability provisions in ยง18-9A-6a(c).
This bill does not impact the OIC's expenses, operations or revenue.
Person submitting Fiscal Note: Rhonda C Hartwell
Email Address: rhonda.c.hartwell@wv.gov