This bill amends the Code of West Virginia to modify the allocation of funds generated from the additional fire and casualty insurance premium tax. It imposes a one percent tax on taxable premiums for fire and casualty insurance policies, with the proceeds now being allocated equally among fire companies and departments, rather than primarily to municipal pension funds. The previous provisions that directed funds to the Municipal Pensions and Protection Fund and the Teachers Retirement System Reserve Fund have been deleted, and the new language emphasizes the equal distribution of funds to volunteer and part-volunteer fire companies and departments.

Additionally, the bill includes provisions for the Municipal Pensions Oversight Board to oversee the allocation of funds and ensures that all volunteer fire companies receive an equal share of the revenues. It also addresses the miscalculations in past allocations from the Municipal Pensions and Protection Fund, stating that no entity may seek to recover overpayments made to relief or pension funds. The bill authorizes the transfer of a specified amount from the Unclaimed Property Trust Fund to the Municipal Pensions and Protection Fund to settle outstanding debts to specific relief and pension funds.

Statutes affected:
Introduced Version: 33-3-14d