FISCAL NOTE

Date Requested: February 24, 2021
Time Requested: 01:45 PM
Agency: Motor Vehicles, WV Division of
CBD Number: Version: Bill Number: Resolution Number:
2007 Introduced HB2718
CBD Subject: Insurance


FUND(S):

Road Fund

Sources of Revenue:

Special Fund

Legislation creates:





Fiscal Note Summary


Effect this measure will have on costs and revenues of state government.


The purpose of this bill is to require the commissioner of Motor Vehicles to develop and implement an electronic insurance verification program; and to require the Insurance Commissioner to propose rules necessary to implement requirements of the electronic insurance verification program. The Division does not anticipate any fiscal impact from this legislation because the agency has already implemented this program.



Fiscal Note Detail


Effect of Proposal Fiscal Year
2021
Increase/Decrease
(use"-")
2022
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):


The purpose of this bill is to require the commissioner of Motor Vehicles to develop and implement an electronic insurance verification program; and to require the Insurance Commissioner to propose rules necessary to implement requirements of the electronic insurance verification program. The Division does not anticipate any fiscal impact from this legislation because the agency has already implemented this program.



Memorandum






    Person submitting Fiscal Note: Raeann Kriner
    Email Address: raeann.k.kriner@wv.gov