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1995 SESSION

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LD3713320
HOUSE JOINT RESOLUTION NO. 601 AMENDMENT IN THE NATURE OF A SUBSTITUTE (Proposed by the House Committee on Rules) (Patron Prior to Substitute--Delegate Keating) House Amendments in [ ] -- February 4, 1995 Establishing a joint subcommittee to study the appropriate minimum level of uninsured and underinsured motorist coverage for property damage and personal injury.

WHEREAS, Virginia law requires policies of motor vehicle insurance to include coverage to pay an insured all sums he is legally entitled to recover as damages from the owner or operator of an uninsured motor vehicle; and

WHEREAS, the minimum amount of uninsured motorist coverage prescribed by law for damage or destruction of the property of the insured in any one accident is $20,000; and

WHEREAS, a portion of an insured's premium is used to cover such $20,000 minimum coverage; and

WHEREAS, the current level of required minimum coverage may exceed the amount of coverage many insureds can reasonably expect to need; and

WHEREAS, for fiscal year 1994 according to the Department of Motor Vehicles, 3.2 million cars registered in Virginia were manufactured prior to 1992, 2.4 million of which were manufactured prior to 1990; and

WHEREAS, DMV statistics indicate, for the same period, that the average price of a new vehicle sold was $17,401 and the average price of a used vehicle sold was $4,132; and

WHEREAS, many of Virginia's insured and underinsured drivers may not need or desire to have a minimum of $20,000 in property damage and personal injury coverage; now, therefore, be it

RESOLVED by the House of Delegates, the Senate concurring, That a joint subcommittee be established to study the appropriate amount of uninsured and underinsured motorist coverage and the minimum level of medical and comprehensive coverage which may be necessary to cover the costs of property damage and personal injury. The joint subcommittee shall consist of seven members as follows: four members of the House of Delegates to be appointed by the Speaker of the House; and three members of the Senate, to be appointed by the Senate Committee on Privileges and Elections.

The direct costs of this study shall not exceed $3,150.

The Division of Legislative Services shall provide staff support for the study. Technical assistance shall be provided by the Department of Motor Vehicles and the State Corporation Commission. All agencies of the Commonwealth shall provide assistance to the [ joint subcommittee ] , upon request.

The joint subcommittee shall complete its work in time to submit its findings and recommendations to the Governor and the 1996 Session of the General Assembly as provided in the procedures of the Division of Legislative Automated Systems for the processing of legislative documents.

Implementation of this resolution is subject to subsequent approval and certification by the Joint Rules Committee. The Committee may withhold expenditures or delay the period for the conduct of the study.