Date Requested:March 07, 2013
Time Requested:02:45 PM
Agency: Insurance Commission
CBD Number: Version: Bill Number: Resolution Number:
2013R2585 Introduced SB483
CBD Subject: SURCHARGE ON INSURANCE
FUND(S)
7158
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.

    Senate Bill 483 has no fiscal impact on the revenues or expenses of the Offices of the Insurance Commissioner.

Fiscal Note Detail
Over-all effect
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
3. Explanation of above estimates (including long-range effect):
    


Memorandum
Person submitting Fiscal Note:
Melinda Kiss
Email Address:
Melinda.Kiss@wvinsurance.gov
    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, SB 483 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 SB 483, the STO should be contacted.