FUND(S):

7158,1315

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 2057 has no fiscal impact on the regulatory activities or the operations of the Offices of the Insurance Commissioner.



Fiscal Note Detail


Effect of Proposal Fiscal Year
2013
Increase/Decrease
(use"-")
2014
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


    The revenue generated by the ยง33-3-33 surcharge on fire and casualty insurance policies is not retained by the OIC, but is passed through to the State Treasury for distribution to other governmental entities.
    
    If enacted, HB 2057 would increase the surcharge from .55% to 1%.
    during fiscal year 2012, the OIC collected $12.5 million from the .55% surcharge. The proposed surcharge increase would result in collections of an estimated additional $10.3 million, for total estimated surcharge revenues of $22.8 million.
    
    The proposed legislation would also change how the revenues are currently being distributed by the State Treasurer's Office (STO).
    for information regarding the fiscal impact of HB 2057, the STO should be contacted. Person submitting Fiscal Note: Melinda Kiss
     Email Address: Melinda.Kiss@wvinsurance.gov