FISCAL NOTE
Date Requested: February 19, 2015 Time Requested: 03:33 PM |
Agency: |
Risk and Insurance Management, Board of |
CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
3133 |
Introduced |
SB532 |
|
CBD Subject: |
Actions, Suits and Liens |
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|
FUND(S):
2360 State Special Insurance Fund; 2363 Public Entity Insurance Fund
Sources of Revenue:
Special Fund
Legislation creates:
Neither Program nor Fund
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
The proposed legislation requires that the WV State Board of Risk and Insurance Management (BRIM) shall provide medical professional liability insurance to all of the state's medical and dental schools, all of their clinical practice plans and all of their directors, officers, employees, agents and contractors in an amount to be determined by the State Board of Risk and Insurance Management, but in no event less than $1 million for each occurrence. Since BRIM already provides coverage of $1 million per occurrence, there should be no additional revenue, costs and expenses for the current fiscal year, or any subsequent fiscal year.
Fiscal Note Detail
Effect of Proposal |
Fiscal Year |
2015 Increase/Decrease (use"-") |
2016 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):
Memorandum
Since the State Board of Risk and Insurance Management currently provides medical professional liability insurance to all of the state's medical and dental schools, all of their clinical practice plans and all of their directors, officers, employees, agents and contractors in an amount equal to $1 million per occurrence, there is no impact on financial costs or revenues resulting from the proposed legislation for either Fund 2360 or 2363.
Person submitting Fiscal Note: Donna Lipscomb Spano
Email Address: donna.m.lipscombspano@wv.gov