|Date Requested:March 19, 2013
Time Requested:12:34 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 increase the minimum proof of financial responsibility in motor vehicle insurance coverage while minimizing administrative burdens on insurers.
The Public Employees Insurance Agency (PEIA) believes that the bill may present a potential for additional annual subrogation recoveries.
Under the bill, raising the financial responsible limits for bodily injury to or death in any one accident, the maximum potential annual subrogation recoveries are estimated at $16,750 as per the PEIA subrogation vendor.
This estimate is the maximum estimated potential for additional subrogations. Estimation of actual additional recoveries is highly speculative and depends on many unknown variables. Therefore, actual additional recoveries would likely be lower than the maximum estimates.
|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):