Individual State Agency Fiscal Note — 5026 SB, Insurance producer education, Office of Insurance Commissioner
Summary
Individual State Agency Fiscal Note for 5026 SB, titled Insurance producer education, from the Office of Insurance Commissioner (agency 160). Part I lists operating expenditures of $24,613 from the Insurance Commissioners Regulatory Account-State, with estimated cash receipts of NONE; the boxes for fiscal impact less than $50,000 per fiscal year and for new rule making are marked X. The narrative says Section 1(2)(c) removes the requirement for individuals applying for a resident insurance producer license to complete a prelicensing course of study. It states that the Office of Insurance Commissioner (OIC) will be required to make changes to its Information Technology (IT) systems and that 'simple' rulemaking is required in FY2024.
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“Individual State Agency Fiscal Note — 5026 SB, Insurance producer education, Office of Insurance Commissioner.”
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Individual State Agency Fiscal Note
Bill Number: 5026 SB Title: Insurance producer education Agency: 160-Office of Insurance
Commissioner
Part I: Estimates
No Fiscal Impact
Estimated Cash Receipts to:
NONE
Estimated Operating Expenditures from:
FY 2024 FY 2025 2023-25 2025-27 2027-29
FTE Staff Years 0.2 0.0 0.1 0.0 0.0
Account
Insurance Commissioners Regulatory 24,613 0 24,613 0 0
Account-State 138-1
Total $ 24,613 0 24,613 0 0
Estimated Capital Budget Impact:
NONE
The cash receipts and expenditure estimates on this page represent the most likely fiscal impact. Factors impacting the precision of these estimates,
and alternate ranges (if appropriate), are explained in Part II.
Check applicable boxes and follow corresponding instructions:
If fiscal impact is greater than $50,000 per fiscal year in the current biennium or in subsequent biennia, complete entire fiscal note
form Parts I-V.
X If fiscal impact is less than $50,000 per fiscal year in the current biennium or in subsequent biennia, complete this page only (Part I).
Capital budget impact, complete Part IV.
X Requires new rule making, complete Part V.
Legislative Contact: Kellee Gunn Phone: 786-7429 Date: 01/04/2023
Agency Preparation: Andrew Davis Phone: 360-725-7170 Date: 01/09/2023
Agency Approval: Michael Wood Phone: 360-725-7007 Date: 01/09/2023
OFM Review: Jason Brown Phone: (360) 742-7277 Date: 01/09/2023
Form FN (Rev 1/00) 177,375.00 Request # 23-01-1
FNS063 Individual State Agency Fiscal Note 1 Bill # 5026 SB
Part II: Narrative Explanation
II. A - Brief Description Of What The Measure Does That Has Fiscal Impact
Significant provisions of the bill and any related workload or policy assumptions that have revenue or expenditure impact on the responding agency by
section number.
Section 1(2)(c) removes the requirement for individuals applying for a resident insurance producer license to complete a
prelicensing course of study for the lines of authority for which the person applied.
II. B - Cash receipts Impact
Cash receipts impact of the legislation on the responding agency with the cash receipts provisions identified by section number and when appropriate, the
detail of the revenue sources. Description of the factual basis of the assumptions and the method by which the cash receipts impact is derived. Explanation
of how workload assumptions translate into estimates. Distinguished between one time and ongoing functions.
II. C - Expenditures
Agency expenditures necessary to implement this legislation (or savings resulting from this legislation), with the provisions of the legislation that result in
the expenditures (or savings) identified by section number. Description of the factual basis of the assumptions and the method by which the expenditure
impact is derived. Explanation of how workload assumptions translate into cost estimates. Distinguished between one time and ongoing functions.
Section 1(2)(c) removes the requirement for individuals applying for a resident insurance producer license to complete a
prelicensing course of study for the lines of authority for which the person applied. The Office of Insurance Commissioner
(OIC) will be required to make changes to its Information Technology (IT) systems to turn off and remove the prelicensing
exam functionality. The IT changes will be minor in nature and can be absorbed through the normal course of OIC
business.
Section 1 will require ‘simple’ rulemaking, in FY2024, to revise several existing rules under Chapter 284-17 WAC that
pertain to prelicensing education requirements.
Part III: Expenditure Detail
III. A - Operating Budget Expenditures
Account Account Title Type FY 2024 FY 2025 2023-25 2025-27 2027-29
138-1 Insurance State 24,613 0 24,613 0 0
Commissioners
Regulatory Account
Total $ 24,613 0 24,613 0 0
III. B - Expenditures by Object Or Purpose
FY 2024 FY 2025 2023-25 2025-27 2027-29
FTE Staff Years 0.2 0.1
A-Salaries and Wages 14,891 14,891
B-Employee Benefits 4,799 4,799
C-Professional Service Contracts
E-Goods and Other Services 4,923 4,923
G-Travel
J-Capital Outlays
M-Inter Agency/Fund Transfers
N-Grants, Benefits & Client Services
P-Debt Service
S-Interagency Reimbursements
T-Intra-Agency Reimbursements
9-
Total $ 24,613 0 24,613 0 0
Insurance producer education 160-Office of Insurance Commissioner
Form FN (Rev 1/00) 177,375.00 Request # 23-01-1
FNS063 Individual State Agency Fiscal Note 2 Bill # 5026 SB
III. C - Operating FTE Detail: List FTEs by classification and corresponding annual compensation. Totals need to agree with total FTEs in
Part I and Part IIIA
Job Classification Salary FY 2024 FY 2025 2023-25 2025-27 2027-29
Functional Program Analyst 4 80,952 0.1 0.0
Senior Policy Analyst 108,432 0.1 0.1
Total FTEs 0.2 0.1 0.0
III. D - Expenditures By Program (optional)
NONE
Part IV: Capital Budget Impact
IV. A - Capital Budget Expenditures
NONE
IV. B - Expenditures by Object Or Purpose
NONE
IV. C - Capital Budget Breakout
Acquisition and construction costs not reflected elsewhere on the fiscal note and description of potential financing methods.
NONE
IV. D - Capital FTE Detail: FTEs listed by classification and corresponding annual compensation. Totals agree with total FTEs in Part IVB.
NONE
Part V: New Rule Making Required
Provisions of the bill that require the agency to adopt new administrative rules or repeal/revise existing rules.
Section 1 will require ‘simple’ rulemaking, in FY2024, to revise several existing rules under Chapter 284-17 WAC that pertain
to prelicensing education requirements.
Insurance producer education 160-Office of Insurance Commissioner
Form FN (Rev 1/00) 177,375.00 Request # 23-01-1
FNS063 Individual State Agency Fiscal Note 3 Bill # 5026 SB
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