|Date Requested:February 19, 2013
Time Requested:12:53 PM
| FUND(S) |
Sources of Revenue
Legislation creates:Neither Program nor Fund
Effect this measure will have on costs and revenues of state government.
|HB 2543 has no fiscal impact on the regulatory responsibilities or operations 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):
| If enacted, HB 2543 will impact the amount of the subsidy provided to volunteer fire departments to offset their worker’s compensation premium increases. HB 2543 has no fiscal impact on the operations or regulatory activities of the Offices of the Insurance Commissioner (OIC), as the OIC is not administering the subsidy.
The State Auditor’s Office (SAO) administers the subsidy program. The SAO has provided a fiscal note that should be reviewed in conjunction with this fiscal note submission.
The OIC did request and obtain input from the National Council on Compensation Insurance (NCCI) regarding the impact of HB 2543. NCCI has reviewed the data and estimates that the subsidy afforded to volunteer firefighter departments under WV Code §12-4-14a is approximately $2,000,000 per year currently. By implementing HB 2543 as written, it is estimated that an additional $600,000 per year would be required. This projection of $600,000 is only the prospective impact based on the proposed bill and would be in addition to the current premium liabilities.