|Date Requested:February 02, 2012
Time Requested:02:33 PM
| FUND(S) |
Sources of Revenue
Legislation creates:Neither Program nor Fund
Effect this measure will have on costs and revenues of state government.
| The current balance in the Patient Injury Compensation Fund (PICF) is $3,771,051.23. Currently, there are no provisions for further funding of the PICF program and the Fund’s obligation ends when the current funding is depleted.
Since the Fund’s inception, there have been five claims presented; three paid claims, one denied claim and one open claim.
The current legislation limits claims to economic damages. The proposed legislation allows claims for any damages--economic and non-economic. Non-economic damages include pain and suffering, loss of companionship of a loved one, shortened life span, mental anguish, etc. Non-economic damages have no exact dollar figure to quantify them. In other words, how does one place a dollar figure on non-economic damages? Therefore, it seems safe to assume that the Fund’s exposure will be much greater than it currently is should SB503 become law.
Due to the limited number of claims that have been presented, as well as the increased exposure to include non-economic damages, our actuaries believe there is no accurate or reliable method to project the additional costs to the Fund which would result from passage of SB503.
|Effect of Proposal||Fiscal Year|
|1. Estmated Total Cost||0||0||0|
|Repairs and Alterations||0||0||0|
|2. Estimated Total Revenues||0||0||0|
3. Explanation of above estimates (including long-range effect):