FISCAL NOTE
Date Requested: January 14, 2023
Time Requested: 03:41 PM |
| Agency: |
Insurance Commission |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 1379 |
Introduced |
HB2207 |
|
|---|
| CBD Subject: |
|
|---|
|
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.
If enacted, House Bill 2207 would require the Commissioner of the Department of Motor Vehicles to develop and implement an electronic insurance verification program and would require the Insurance Commissioner to propose rules necessary to implement requirements of the electronic insurance verification program.
HB2207 would not have a fiscal impact on the Offices of the Insurance Commissioner. 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
If enacted, House Bill 2207 would require the Commissioner of the Department of Motor Vehicles to develop and implement an electronic insurance verification program and would require the Insurance Commissioner to propose rules necessary to implement requirements of the electronic insurance verification program.
HB2207 would not have a fiscal impact on the Offices of the Insurance Commissioner, as the OIC would use it's existing legal staff & other internal staff to develop the proposed rules for the electronic insurance verification program.
Person submitting Fiscal Note: Melinda Kiss
Email Address: Melinda.A.Kiss@wv.gov