SB148 modifies the distribution of funds from a premium tax on fire insurance and casualty insurance policies in West Virginia.
SB148 amends the distribution of funds collected from a premium tax on fire insurance and casualty insurance policies. It mandates that 10% of these funds be deposited into the Teachers Retirement System Reserve Fund, while 75% goes to the Municipal Pensions Security Fund. The bill also specifies that 25% of the collected funds should be allocated to the Fire Protection Fund for volunteer and part-volunteer fire companies and departments.
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