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.
HB 2543 has no fiscal impact on the regulatory responsibilities or operations of the Offices of the Insurance Commissioner.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
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):
Memorandum
HB 2543 has no fiscal impact on the operations or regulatory activities of the Offices of the Insurance Commissioner.
If enacted, HB 2543 will impact the amount of the subsidy provided to volunteer fire departments to offset their premium increases. HB 2543 clarifies that the subsidy applies to increases attributable to rapid response emergency medical service, ambulance service and diving service components of services provided by the Volunteer Fire Departments (VFDs).
In order to provide an accurate estimate of the impact of HB 2543, the OIC must obtain actuarial input from the National Council of Compensation Insurance (NCCI). The OIC has requested this information from NCCI and will re-submit this fiscal note as soon as the information is available.
Person submitting Fiscal Note: Melinda Kiss
Email Address: Melinda.Kiss@wvinsurance.gov