FISCAL NOTE
FUND(S):
2180
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.
The purpose of this bill is to increase the minimum proof of financial responsibility in motor vehicle insurance coverage.
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 $200,000 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.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2013
Increase/Decrease
(use"-") |
2014
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
Person submitting Fiscal Note: Chip Myers
Email Address: clifford.m.myers@wv.gov