FISCAL NOTE

Date Requested: February 02, 2016
Time Requested: 01:48 PM
Agency: Insurance Commission
CBD Number: Version: Bill Number: Resolution Number:
2102 Introduced SB429
CBD Subject: Insurance


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 429 has no fiscal impact on the revenues and expenses of the Offices of the Insurance Commissioner.



Fiscal Note Detail


Effect of Proposal Fiscal Year
2016
Increase/Decrease
(use"-")
2017
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, SB 429 would adopt a National Association of Insurance Commissioners' model to establish standards for minimum capital and surplus to be maintained by a health organization and provide for the early detection of a potentially hazardous or otherwise dangerous financial condition of a health organization. The provisions of SB 429 are based on model law developed by the National Association of Insurance Commissioners (NAIC) in order to provide for the efficient regulation and solvency monitoring of health organizations in order to protect its enrollees and the general public. Senate Bill 429 has no significant fiscal impact to the revenues or expenses of the Offices of the Insurance Commissioner.



    Person submitting Fiscal Note: Melinda Kiss
    Email Address: Melinda.Kiss@wvinsurance.gov