|Date Requested:January 24, 2012
Time Requested:02:29 PM
| FUND(S) |
Sources of Revenue
Legislation creates:Neither Program nor Fund
Effect this measure will have on costs and revenues of state government.
| SB 397 is a bill to amend and reenact §33-6-34 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 SB 397 is to have a revenue neutral impact on state government. SB 397 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 SB 397. 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.
|Effect of Proposal||Fiscal Year|
|1. Estmated Total Cost||0||0||0|
|Repairs and Alterations||0||0||0|
|2. Estimated Total Revenues||0||0||0|
3. Explanation of above estimates (including long-range effect):
|SB 397 could potentially result in an increase 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.|