FISCAL NOTE
Date Requested: March 12, 2025
Time Requested: 12:46 PM |
| Agency: |
Insurance Commission |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 1596 |
Introduced |
HB3088 |
|
|---|
| CBD Subject: |
Insurance |
|---|
|
FUND(S):
7152 Insurance Commission Fund
Sources of Revenue:
Special Fund
Legislation creates:
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
House Bill 3088, if enacted, would require all insurers providing fire insurance on real property in West Virginia to be liable to a fire department that responds to an event on the real property requiring its services in a minimum coverage amount of $2,000 for each occurrence.
HB3088 would have no fiscal impact on the WVOIC.
Please see the Memorandum Section for additional information.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2025
Increase/Decrease
(use"-") |
2026
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):
Please explain increases and decreases in personal services, current expenses, repairs and alterations, assets, other costs and revenues, including assumptions and data sources and delineation between start-up and ongoing costs. Please also include a long-range schedule of costs and revenues if fiscal impact is expected to vary in future years.
Memorandum
House Bill 3088, if enacted, would require all insurers providing fire insurance on real property in West Virginia to be liable to a fire department that responds to an event on the real property requiring its services with a minimum coverage amount of $2,000 for each occurrence.
HB3088 would have no fiscal impact on the WVOIC.
It is expected that HB3088 would have an impact on insurance premium rates in the private market as the provisions in HB3088 will increase insurer costs. The bill, as introduced, does not provide a definition of qualifying events or whether the responding fire departments include paid fire departments, volunteer fire departments or a hybrid of both. For example, are lift assists, animal rescues, medical transports or other non-fire related responses considered events that would be payable to a fire department? The WVOIC is unable to estimate potential homeowners premium increases without further information.
Person submitting Fiscal Note: Rhonda C Hartwell
Email Address: rhonda.c.hartwell@wv.gov