FISCAL NOTE
Date Requested: February 13, 2015
Time Requested: 12:58 PM |
| Agency: |
Insurance Commission |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 2006 |
Comm. Sub. |
SB314 |
|
|---|
| CBD Subject: |
Workers Comp. |
|---|
|
FUND(S):
7162, 7163, 7164, 7165
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.
Fiscal Note for Committee Substitute for SB314
If enacted, the Committee Substitute for SB314 could have a positive fiscal impact on the worker's compensation related Funds administered by the Offices of the Insurance Commissioner. The funds positively impacted include the Worker's Compensation Old Fund, the Uninsured Employer's Fund, the Self-insured Guaranty Fund and the Self-insured Security Fund.
Precise data necessary to estimate / quantify the fiscal impact to the Funds is not available. Please see the memorandum to the fiscal note for additional information.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2015
Increase/Decrease
(use"-") |
2016
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
If enacted, the Committee Substitute for SB314 would be expected to have a positive fiscal impact on the worker's compensation related Funds administered by the offices of the Insurance Commissioner (OIC). While the data necessary to quantify the estimated savings to the OIC is not available, prompt settlement of worker's compensation claims have a generally positive impact on both parties to the settlement.
Committee Substitute for SB314 would authorize the compromise and settlement of nonorthopedic occupational disease claims. These amendments could potentially shorten the duration of claims in the system, thereby reducing overall administrative costs to the OIC, insurance carriers and self-insured employers. From the claimant's perspective, properly executed settlements can provide them with autonomy and closure.
Person submitting Fiscal Note: Melinda Kiss
Email Address: Melinda.Kiss@wvinsurance.gov