FISCAL NOTE
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.
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.
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
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.
Person submitting Fiscal Note: Melinda A. Kiss
Email Address: Melinda.Kiss@wvinsurance.gov