|Date Requested:February 01, 2012
Time Requested:01:11 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 330 would have no fiscal impact on the revenues and expenditures of state government as they directly relate to the regulatory responsibilities of the Offices of the Insurance Commissioner.
|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 330 defines “automated claims adjudication system,” which relates to the adjusting of portable electronics insurance claims, and exempts from licensure individuals who collect and input data into such a system. It is the Offices of the Insurance Commissioner’s position that this amendment is unnecessary given that the collection and insertion of data does not equate to adjusting claims and therefore no license is required of these individuals under current law.
The bill also permits a Canadian resident to obtain a West Virginia resident adjuster license if the subject person successfully passes the adjuster examination and complies with other applicable requirements except for West Virginia residency. Additionally, the proposed legislation allows a Canadian resident to obtain a West Virginia nonresident adjuster license if the subject person has obtained a resident or home state adjuster license in another state.
The statutory amendments in the proposed legislation appear to have no fiscal impact on state government.