FUND(S):

7152

Sources of Revenue:

Special Fund

Legislation creates:

Neither Program nor Fund



Fiscal Note Summary


Effect this measure will have on costs and revenues of state government.


    HB 4254 is a bill to amend and reenact ยง33-6-34 of the Code of West Virginia relating to increasing the filing fees for insurers and permitting multiple insurers to make a single filing with a fee collected from each one.
    
    The intent of HB 4254 is to have a revenue neutral impact on state government. HB 4254 seeks to accomplish that by simplifying the fee structure for rate, form and rule filings of insurance carriers with the Insurance Commissioner. Given the many variables that can occur in the current fee filing structure it is not possible to calculate the precise impact of the change to the single $125 filing fee as set forth in HB 4254. Based on the available data, it appears that the net effect could potentially be an increase to the revenues of the State, specifically to the OIC Fund 7152. The Offices of the Insurance Commissioner is currently performing additional analysis in order to derrive the level of single filing fee that is most likely to yield a revenue neutral impact.



Fiscal Note Detail


Effect of Proposal Fiscal Year
2012
Increase/Decrease
(use"-")
2013
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


    HB 4254 could potentially result in an increase in revenues to OIC Fund 7152. Additional analysis is necessary to more precisely quantify the amount of any increase from current revenue levels. The OIC is currently performing data analysis to determine the level of single filing fee that is most likely to yield a revenue neutral impact. Person submitting Fiscal Note: Melinda A. Kiss
     Email Address: Melinda.Kiss@wvinsurance.gov