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.
House Bill 4432 has no fiscal impact to the budget, operations, expenditures or revenues of the Offices of the Insurance Commissioner.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2014
Increase/Decrease
(use"-") |
2015
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
House Bill 4432 has no fiscal impact to the Offices of the Insurance Commissioner's revenues or expenditures. HB 4432, if enacted, amends §33-7-9 and §33-13-30 of the Code of West Virginia by adopting Principle Based Reserving as the method by which life insurance company reserves are calculated.
Person submitting Fiscal Note: Melinda Kiss
Email Address: Melinda.Kiss@wvinsurance.gov