Date Requested: February 06, 2015
Time Requested: 03:28 PM
Agency: Insurance Commission
CBD Number: Version: Bill Number: Resolution Number:
2265 Introduced HB2461
CBD Subject: Insurance


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 2461 does not have fiscal impact on the operations, revenues or expenses to the Offices of the Insurance Commissioner (OIC).



Fiscal Note Detail


Effect of Proposal Fiscal Year
2015
Increase/Decrease
(use"-")
2016
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


    HB2461, if enacted, would not significantly impact the operations, revenues or expenses of the Offices of the Insurance Commissioner (OIC).
    
    The purpose of HB2461 is to clarify that the commencement of a delinquency proceeding of an insurer-member does not operate as a stay of the exercise by a federal home loan bank of its rights regarding collateral pledged by the insurer-member to secure advances, and to provide limitations on the voidance by the receiver of certain transfers made to a federal home loan bank.



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