Date Requested:January 09, 2014
Time Requested:02:30 PM
Agency: Insurance Commission
CBD Number: Version: Bill Number: Resolution Number:
2014R1195 Introduced SB255
CBD Subject: REINTRO2013-483FIRE AND CAUSUALTY POLICIES
FUND(S)
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 255 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
2014
Increase/Decrease
(use"-")
2015
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, SB255 would increase the surcharge from .55% to 1%. During fiscal year 2013, the OIC collected $12.5 million from the .55% surcharge. The proposed surcharge 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 about the impact of SB 255, the STO should be contacted.