FISCAL NOTE
Date Requested: February 09, 2017 Time Requested: 03:56 PM |
Agency: |
Insurance Commission |
CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
1192 |
Introduced |
SB168 |
|
CBD Subject: |
Insurance |
---|
|
FUND(S):
7152
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 168 has no fiscal impact on the operations, revenues or expenses of the Offices of the Insurance Commissioner.
Fiscal Note Detail
Effect of Proposal |
Fiscal Year |
2017 Increase/Decrease (use"-") |
2018 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
Senate Bill 168 has no fiscal impact on the Offices of the Insurance Commissioner (OIC).
The revenues generated by the ยง33-3-33 surcharge on fire and casualty policies is collected, but not retained by the OIC. It is passed through to the State Treasury for distribution to Volunteer Fire Departments.
If enacted, SB168 would increase the surcharge from .55% to 1%. During fiscal year 2016, the OIC collected $13.3 million from the .55% surcharge. The proposed surcharge increase would result in collections of an estimated additional $10.9 million, for total estimated surcharge revenues of $24.2 million annually.
Person submitting Fiscal Note: Melinda Ashworth Kiss
Email Address: Melinda.A.Kiss@wv.gov