Motor vehicle insurance requirements.

05LSO-0111.C1

                                                         

FISCAL NOTE

 

The fiscal impact is indeterminable.

 

	FY 2006	FY 2007	FY 2008
NON-ADMINISTRATIVE IMPACT
Anticipated Revenue Increase:
GENERAL FUND	Unknown	Unknown	Unknown

 

Source of potential revenue increase:

 

Insurance premium tax assessment pursuant to W.S. 26-4-103.  Specifically, W.S. 26-4-103(b)(i)(D) imposes a 0.75 percent tax rate on premium income received after 1994.  The imposition of a higher minimum for financial responsibility will increase total premiums on which the tax assessment is based.

 

 

Assumptions:

 

There are a large number of variables needed to calculate the dollar amount of premium tax increase, some of which reside only with private insurance companies.  For example, the number of Wyoming drivers who carry minimum liability and into what actuarial categories they fall is unknown.  The average minimum liability only policy will increase in cost approximately $30 per six months of coverage.

 

 

 

 

 

 

 

 

 

 

 

 

 

Prepared by:   Don Richards, LSO           Phone:   777-7881 

(Information provided by James Mitchell, Department of Insurance, phone:  777-6889.)