FISCAL NOTE
Date Requested: January 16, 2015 Time Requested: 11:24 AM |
Agency: |
Insurance Commission |
CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
2039 |
Introduced |
SB251 |
|
CBD Subject: |
Workers Comp. |
---|
|
FUND(S):
7152, 7162, 7163, 7164, 7165, 7173
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 251, if enacted, will have no significant fiscal impact on the revenues or expenses of the Offices of the Insurance Commissioner.
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
Senate Bill 251 would have no fiscal impact on the revenues or expenses of the Offices of the Insurance Commissioner (OIC), as no coverage for, or liability related to deliberate intent actions is present in any of the Funds administered by the OIC.
The Board of Risk and Insurance Management (BRIM) does provide certain coverage for private causes of action brought against participants in the State Entities Worker's Compensation Program Fund (SEWC)in excess of the standard statutory worker's compensation coverage.
The fiscal impact of SB 251 on BRIM as related to the SEWC should be considered.
Person submitting Fiscal Note: Melinda Kiss
Email Address: Melinda.Kiss@wvinsurance.gov