FISCAL NOTE

Date Requested: January 21, 2020
Time Requested: 01:06 PM
Agency: Insurance Commission
CBD Number: Version: Bill Number: Resolution Number:
2249 Introduced HB4448
CBD Subject: Insurance


FUND(S):

7152, 7162

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 4448 would authorize the Insurance Commissioner to transfer money from its operating account (the Insurance Commission Fund) to the Worker's Compensation Old Fund for the purpose of reducing the deficit balance in the Old Fund. House Bill 4448 is designed to be revenue neutral and its passage will not increase or decrease the revenues of the Offices of the Insurance Commissioner.



Fiscal Note Detail


Effect of Proposal Fiscal Year
2020
Increase/Decrease
(use"-")
2021
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 4448 would authorize the Insurance Commissioner to transfer money from its operating account (the Insurance Commission Fund) to the Worker's Compensation Old Fund for the purpose of reducing the deficit balance in the Old Fund. House Bill 4448 is designed to be revenue neutral and its passage will not increase or decrease the revenues of the Offices of the Insurance Commissioner. If enacted, HB 4448 will help to reduce the Old Fund deficit by permitting the re-alignment of non-spent cash in the agency's operating fund to the Worker's Compensation Old Fund. The transfers permitted under HB 4448 are between two agency special revenue funds and are permitted only when an audited financial statement indicates that a deficit exists in the Old Fund. The passage of House Bill 4448 will help to reduce the potential and the amount of additional external funding sources necessary that would need to be dedicated to the Old Fund for the purpose of deficit reduction.



    Person submitting Fiscal Note: Melinda Kiss
    Email Address: Melinda.A.Kiss@wv.gov