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WV SB148
WV SB148Relating to distributions from funds collected from premium tax on certain insurance policies
summary
Introduced
01/14/2026
01/14/2026
In Committee
01/14/2026
01/14/2026
Crossed Over
Passed
Dead
Introduced Session
2026 Regular Session
Bill Summary
The purpose of this bill is to reallocate ten 10 basis points of the one percent premium tax on fire insurance and casualty policies from the Teachers Retirement System to the Municipal Pensions Security Fund, and to decrease the amount of time in which a municipal policeman's or firefighter's pension and relief fund may be in noncompliance with the Municipal Pensions Oversight Board's investment requirements before it may be forced to invest with the state Investment Management Board.
AI Summary
This bill reallocates a portion of the one percent premium tax collected on fire and casualty insurance policies, specifically shifting ten basis points (which is one-tenth of one percent) from the Teachers Retirement System to the Municipal Pensions Security Fund. Additionally, it shortens the timeframe during which a municipal police or firefighter pension fund can be non-compliant with investment requirements set by the Municipal Pensions Oversight Board before being mandated to invest through the state Investment Management Board. The Municipal Pensions Security Fund is a fund established to help secure municipal pension benefits, and the Investment Management Board manages state investments. This change aims to bolster municipal pension funds while also increasing oversight on their investment practices.
Committee Categories
Business and Industry
Sponsors (1)
Last Action
To Banking and Insurance (on 01/14/2026)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | http://www.wvlegislature.gov/Bill_Status/Bills_history.cfm?input=148&year=2026&sessiontype=RS&btype=bill |
| Fiscal Note - Investment Management Board, WV | http://www.wvlegislature.gov/Fiscalnotes/FN(2)/fnsubmit_recordview1.cfm?RecordID=938615133 |
| Fiscal Note - Insurance Commission | http://www.wvlegislature.gov/Fiscalnotes/FN(2)/fnsubmit_recordview1.cfm?RecordID=938615132 |
| BillText | http://www.wvlegislature.gov/Bill_Status/bills_text.cfm?billdoc=sb148%20intr.htm&yr=2026&sesstype=RS&i=148 |
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