Monday, February 28, 2005

Governor Manchin Proposes Insurance Reform with Promise of Saving West Virginia's $100 Per Vehicle

On Friday Governor Manchin proposed legislation insurance reform, including eliminating "bad faith" litigation and joint and several liability, in return for the insurance industry agreeing to reduce insurance costs for all West Virginians.

The Governor's press release urged West Virginians to support his efforts on civil justice and insurance reform legislative proposal.

The press release stated:

CHARLESTON, W.Va. - Gov. Joe Manchin today urged West Virginians to support
civil justice and insurance reform legislative proposals that could immediately save drivers throughout West Virginia up to $100 per vehicle in premium savings.

“This proposal is not directed at any one specific segment of society – it is for the benefit of each and every West Virginian,” the governor said. “Whether rich or poor, young or old, working or unemployed, a student or a teacher, all West Virginians have at least one thing in common: under the reforms we are proposing, their insurance and the insurance of their family and friends will be reduced by up to $100 per car.”

The reforms, which the Governor presented to members of the legislature during a joint briefing Thursday, could provide an immediate cost savings to West Virginians of more than $50 million. “West Virginians are having to make so many difficult choices every day. We have the power to ease their burdens, and we will,” the governor said. “We are determined to give all of the citizens of West Virginia some relief. The people of West Virginia deserve some relief and I am confident our proposal will provide that relief.”

“The bottom line is these reforms will immediately put money in the pockets of our state’s hard working families,” the governor added.

To obtain more detailed information on the type of reform proposed check out Governor Manchin's 2005 legislative agenda detailing the proposed insurance reform for third party bad faith and joint and several liability reform. The West Virginia Chamber of Commerce published two interesting maps regarding states with/without third party bad faith and joint and several liability reform.

No comments: