This fiscal note contains 4 pages.
Legislation caps any increase in bodily injury claims by the applicable policy limits.
INS estimates that half the amount of claims payments would be unaffected because they are already paid out at policy limits. INS states the other half would increase by the factor of 2.5. INS states the result of these two assumptions is an overall increase by a factor of 1.75 for the bodily injury claim assessment. Oversight also assumes that insurance companies would have sufficient premium tax to offset the yearly claim for assessments. No direct fiscal impact to small businesses would be expected as a result of this proposal.