Relating to distributions from funds collected from premium tax on certain insurance policies

SB 148 imposes a 1% tax on fire and casualty insurance premiums in West Virginia. The funds collected are allocated as follows: 10% now goes to the Municipal Pensions Security Fund (previously directed to the Teachers Retirement System), 25% supports volunteer fire companies, and 65% funds municipal police/firefighter pension systems. The bill requires municipalities to report pension fund compliance annually and allows the Municipal Pensions Oversight Board to redirect funds to pension systems with actuarial deficiencies. It also shortens the timeframe for pension funds to comply with investment rules before losing tax-funded support. This affects municipal pension funds, volunteer fire departments, and the Teachers Retirement System.