FISCAL NOTE
Date Requested: February 09, 2018 Time Requested: 08:12 AM |
Agency: |
Insurance Commission |
CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
2403 |
Introduced |
SB493 |
|
CBD Subject: |
Insurance |
---|
|
FUND(S):
7152
Sources of Revenue:
Special Fund
Legislation creates:
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
If enacted, Senate Bill 493 will have no fiscal impact on the operations, revenues or expenses of the Offices of the Insurance Commissioner.
Fiscal Note Detail
Effect of Proposal |
Fiscal Year |
2018 Increase/Decrease (use"-") |
2019 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 493, if enacted, would ensure that the West Virginia Life and Health Insurance Guaranty Association assesses member insurers in a fair and reasonable manner and has sufficient assessment capacity for all insolvencies.
SB493 would update Article 26A in order to maintain consistency with the National Association of Insurance Commissioners (NAIC) Life and Health Insurance Guaranty Association Model Act.
SB493 would have no fiscal impact on the Offices of the Insurance Commissioner.
Person submitting Fiscal Note: Melinda Kiss
Email Address: Melinda.A.Kiss@wv.gov