FISCAL NOTE
Date Requested: January 19, 2018 Time Requested: 11:55 AM |
Agency: |
Insurance Commission |
CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
1792 |
Introduced |
HB4230 |
|
CBD Subject: |
Insurance |
---|
|
FUND(S):
7152
Sources of Revenue:
Special Fund
Legislation creates:
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
If enacted, HB4230 will have no fiscal impact to the operations, revenues or expenses of the Offices of the Insurance Commissioner.
Fiscal Note Detail
Effect of Proposal |
Fiscal Year |
2018 Increase/Decrease (use"-") |
2019 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
HB4230 will not have fiscal impact on the Offices of the Insurance Commissioner. The bill is designed to ensure adequate regulation of insurers and reinsurers in order to provide protection to consumers. The legislation amends current requirements concerning credit for reinsurance as reflected on a ceding insurer's annual statement. HB4230 does not impact the OIC from a fiscal prospective.
Person submitting Fiscal Note: Melinda Ashworth Kiss
Email Address: Melinda.A.Kiss@wv.gov