FISCAL NOTE
Date Requested: February 08, 2018
Time Requested: 03:20 PM |
| Agency: |
Insurance Commission |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 2304 |
Introduced |
SB495 |
|
|---|
| CBD Subject: |
Insurance |
|---|
|
FUND(S):
7152
Sources of Revenue:
Special Fund
Legislation creates:
Decreases Existing Revenue
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
If enacted, Senate Bill 495 would exempt certain specialty commercial insurance lines from rate filing requirements under this article.
The Offices of the Insurance Commissioner (OIC) estimates that the enactment of SB495 would reduce the OIC’s operating revenues by an estimated $80,700 annually.
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 |
-60,525 |
-80,700 |
-80,700 |
Explanation of above estimates (including long-range effect):
The current fee is $50 per form filing and $75 per rate and rule filing. If Senate Bill 495 is enacted, the OIC would see a negative impact in the filing fees collected. It should be noted that the OIC receives very few filings for the specialty lines that are proposed to be exempt for rate filing purposes.
During fiscal year 2017, the OIC received $735,875 in total rate & form filing fees. We estimate that if both rate and form filings for the proposed lines are exempted we would see a reduction in filing fees of approximately $80,700.
The estimate of the amount of revenue reduction for the current fiscal year (FY2018) is reduced from $80,700 to $60,525 assuming that SB495 is effective for only a portion of the year of passage.
Memorandum
The Offices of the Insurance Commissioner estimates that the enactment of SB495 would reduce the OIC’s operating revenues by an estimated $80,700 annually.
Person submitting Fiscal Note: Melinda Kiss
Email Address: Melinda.A.Kiss@wv.gov