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| SPONSOR: | Picraux | DATE TYPED: | 02/11/00 | HB | HJM 66a/HJC | ||
| SHORT TITLE: | Indigent Auto Insurance Fund | SB | |||||
| ANALYST: | Valenzuela | ||||||
| Recurring
or Non-Rec |
Fund
Affected | ||||
| FY00 | FY01 | FY00 | FY01 | ||
| NFI | |||||
Duplicates/Conflicts with/Companion to/Relates to
SOURCES OF INFORMATION
LFC files
Public Regulation Commission (PRC)
SUMMARY
Synopsis of HJC Amendment
The amendment adopted by the House Judiciary Committee adds the phrase "but not limited to" to the bill. The memorial now reads the "financing for the Indigent Auto Insurance Fund is to be financed by but not limited to tax-deductible contributions from auto insurance companies."
The intent of the memorial is otherwise unchanged.
Synopsis of Bill
House Joint Memorial 66 requests that the PRC study the potential for an indigent auto insurance fund to be financed by tax-deductible contributions from auto insurance companies.
Significant Issues
The memorial requests a study of a potential alternative to obtaining coverage for some of the currently uninsured motorists in New Mexico, i.e., the poor who cannot afford to purchase auto insurance. However, PRC staff express concern that no limits are place on the study and that little direction is given to the amount of detail requested.
ADMINISTRATIVE IMPLICATIONS
The study would be conducted by existing PRC staff - in addition to other assigned duties.
MV/sb