|Date Requested:February 03, 2012
Time Requested:02:37 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 purpose of this bill is to define subrogation rights and procedures for the West Virginia Public Employees Insurance Agency (PEIA).
The Public Employees Insurance Agency currently has the statutory ability to pursue subrogation recoveries, but the statute provides no procedures or delineation of rights. This bill would strengthen the PEIA subrogation rights and provide structure to the subrogation process.
The PEIA estimates that subrogation recoveries going forward could increase by up to approximately fifty percent as cases develop over time after the statutory change.
The PEIA has collected subrogation recoveries in the amount of $933,766 for the first half of FY-2012. For purposes of this projection PEIA will trend the increase 30% for FY-2013, 40% for FY-2014 and 50% for FY-2015. Subrogation recoveries are projected to be approximately $7,843,548.
FY-2013 $ 2,427,765
FY-2014 $ 2,614,516
FY-2015 $ 2,801.267
TOTAL $ 7,843,548
|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):