This bill amends the Code of West Virginia to adjust the allocation of 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 collected funds being distributed to various pension and relief funds. Specifically, the bill stipulates that 10% of the collected amount will go to the Teachers Retirement System Reserve Fund, 25% to the Fire Protection Fund for volunteer and part-volunteer fire companies, and 65% to the Municipal Pensions and Protection Fund. The bill also establishes that each volunteer fire company or department will receive an equal share of the funds allocated for volunteer and part-volunteer fire companies, while municipal fire departments will receive a share based on their composition of full-time paid members and volunteers.

Additionally, the bill addresses past miscalculations in fund allocations from the Municipal Pensions and Protection Fund, declaring that no entity may seek to recover overpayments made to relief and pension funds. It authorizes the transfer of $3,631,846.55 from the Unclaimed Property Trust Fund to the Municipal Pensions and Protection Fund to settle outstanding amounts owed to specific relief and pension funds. The bill emphasizes that this payment will be considered complete satisfaction of any amounts due, preventing any further claims for recovery.

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