FISCAL NOTE
Date Requested: January 24, 2019 Time Requested: 01:27 PM |
Agency: |
Insurance Commission |
CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
2445 |
Introduced |
HB2647 |
|
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.
House Bill 2647, if enacted, seeks to establish a limited lines insurance license for self storage providers and to establish procedures for regulation of the insurance product.
HB2647 would not have any significant fiscal impact on the operations, revenues or expenses of the Offices of the Insurance Commissioner.
Fiscal Note Detail
Effect of Proposal |
Fiscal Year |
2019 Increase/Decrease (use"-") |
2020 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
House Bill 2647 seeks to establish a limited lines insurance license for self-storage providers. HB2647 also establishes the Insurance Commissioner as the regulatory authority for the newly created limited lines license.
The proposed legislation will not have any significant fiscal impact on the Offices of the Insurance Commissioner, as the regulatory duties required by HB2647 are consistent with the current scope of the Insurance Commissioner's regulatory authority.
Person submitting Fiscal Note: Melinda Kiss
Email Address: Melinda.A.Kiss@wv.gov