FISCAL NOTE
FUND(S):
7152
Sources of Revenue:
Special Fund
Legislation creates:
Neither Program nor Fund
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
A fiscal impact statement for the proposal has been requested from both the Crime Victims Compensation Fund and the Offices of the Insurance Commissioner (OIC).
This specific fiscal impact statement is limited to the cost associated with the OIC. The direct fiscal impact would be primarily borne by the Crime Victims Compensation fund and reflected in the fiscal note filed by that agency.
The proposal lowers the allowable uninsured motorist property deductible from $300 to $50. This change will result in additional insurer filings to incorporate the law change, however, is not projected to have a material impact on the costs and revenues of state government.
The provision providing for reimbursement of the deductible amounts from the Crime Victims Compensation Fund would have a direct impact for state government and reflected in that agency's fiscal note filing.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2010
Increase/Decrease
(use"-") |
2011
Increase/Decrease
(use"-") |
Fiscal Year
(Upon Full
Implementation) |
| 1. Estmated Total Cost |
0 |
0 |
0 |
| Personal Services |
0 |
0 |
0 |
| Current Expenses |
0 |
0 |
0 |
| Repairs and Alterations |
0 |
0 |
0 |
| Assets |
0 |
0 |
0 |
| Other |
0 |
0 |
0 |
| 2. Estimated Total Revenues |
0 |
0 |
0 |
Explanation of above estimates (including long-range effect):
Memorandum
It is estimated that 4,000 uninsured motorist property damage claims are filed in West Virginia per year.
Person submitting Fiscal Note: Michael D Riley
Email Address: Michael.Riley@wvinsurance.gov