FISCAL NOTE
FUND(S):
2180
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.
The purpose of this bill is to permit the Public Employees Insurance Agency to charge interest to employers upon amounts not paid on time.
At the current time there is no procedure in place preventing employers from delaying payment to the Public Employees Insurance Agency. This bill would allow aggressive collection of premiums that are thirty days past due. Passage of this bill would significantly increase the cash flow to the Public Employees Insurance Agency by having employers remit monthly insurance premiums in a timely fashion. This would allow funds to be invested in an expeditious manner and over a longer period of time. Potential late fees and interest penalties are calculated to be approximately $500,000.00 annually.
Fiscal Note Detail
Effect of Proposal |
Fiscal Year |
2008 Increase/Decrease (use"-") |
2009 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
Person submitting Fiscal Note: Chip Myers
Email Address: CLIFFORD.M.MYERS@WV.GOV