FISCAL NOTE
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.
To provide a report of the scope proposed in HB 3087 it is estimated to cost the state $500,000.
The scope requires that group health insurance data is made available by all employers to the Insurance Commission in order to accomplish the study. An outside contractor would be needed to meet the required deadline. Appropriate data collection methodologies would need developed and actuarial analysis performed to propose a viable product with affordable rates and reasonable coverage. Actual costs are unknown, but based upon the scope of the proposal and the expertise necessary to achieve, it is believed that the $500,000 figure is reasonable.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2005
Increase/Decrease
(use"-") |
2006
Increase/Decrease
(use"-") |
Fiscal Year
(Upon Full
Implementation) |
| 1. Estmated Total Cost |
0 |
500,000 |
0 |
| Personal Services |
0 |
0 |
0 |
| Current Expenses |
0 |
500,000 |
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):
The $500,000 current expense number above is reflective of anticipated contracted services to perform the proposed report.
Memorandum
Person submitting Fiscal Note: Michael D. Riley
Email Address: Michael.Riley@wvinsurance.gov