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.

HB 2466 will have a fiscal impact on the worker's compensation related Funds administered by the Offices of the Insurance Commissioner. These Funds include the Old Fund, the Uninsured Employers Fund, the State Agencies Work Comp Program Fund, Self-insured Guaranty Fund and the Self-insured Security Fund. HB 2466 is also likely to impact the insurance premium rates paid by employer's for worker's compensation insurance coverage. In order to provide the most accurate estimate of the potential increases in costs, expert actuarial analysis must be utilized. Accordingly, the OIC has requested that the National Council on Compensation Insurance (NCCI) provide an estimate on the potential impact on insurance premium rates. NCCI will provide the estimate by 2/28/2013. The OIC has also requested that our consulting actuarial firm assist us by providing us with an estimate on the increased costs to the State.

Fiscal Note Detail

Effect of Proposal	Fiscal Year
Effect of Proposal	2013 Increase/Decrease (use"-")	2014 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):

The OIC will re-submit this fiscal note when the cost estimates being provided by NCCI and the consulting actuarial firm have been received.

Memorandum

An accurate estimate of the fiscal impact of HB 2466 requires actuarial support and analysis. It is not possible to obtain that information within the 3 day time frame for fiscal note submission. Accordingly, the OIC will re-file this fiscal note when the actuarial analysis is received.

Person submitting Fiscal Note: Melinda Kiss
Email Address: Melinda.Kiss@wvinsurance.gov