FISCAL NOTE
Date Requested: February 05, 2020
Time Requested: 11:39 AM |
| Agency: |
Insurance Commission |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 2915 |
Introduced |
SB701 |
|
|---|
| 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.
Senate Bill 701, if enacted, would require pharmacy services administrative organizations to be licensed and regulated by the Insurance Commissioner.
The passage of SB 701 will have no significant fiscal impact on the Offices of the Insurance Commissioner.
Please see the memorandum of this fiscal note for additional information.
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
Senate Bill 701, if enacted, would require pharmacy services administrative organizations to be licensed and regulated by the Insurance Commissioner.
The passage of SB 701 is not expected to have any significant fiscal impact on the Offices of the Insurance Commissioner, because the duties and responsibilities required of the Insurance Commissioner by Senate Bill 701, are very closely aligned with the duties set forth in the 2019 legislative session with the passage of SB 489.
OIC does not believe that any additional FTEs will be required to manage the licensure and regulation of pharmacy services administrative organizations above and beyond the resources required to license and regulate pharmacy benefit managers.
Person submitting Fiscal Note: Melinda Kiss
Email Address: Melinda.A.Kiss@wv.gov