To ascertain the total expenses incurred in administering the Motor Vehicle Financial Security Act and the Motor Vehicle Safety Responsibility Act (collectively, Acts) for the three State Fiscal Years ended March 31, 2021.
About the Program
The Acts help ensure that the operators of motor vehicles driven in New York State possess adequate insurance coverage, or are financially secure, to compensate those persons they might injure or whose property they might damage as a result of an accident. According to Vehicle and Traffic Law, the Department is responsible for tracking the expenses of administering the Acts and assessing these expenses on insurance carriers that issue policies or contracts of automotive bodily injury insurance.
We performed certain procedures, which were agreed to by the Department, to ascertain the expenses incurred in administering the Acts for the three State Fiscal Years ended March 31, 2021. On average, $23.7 million in expenses were incurred to administer the Acts for each of the three State Fiscal Years.
State Government Accountability Contact Information:
Audit Director: Brian Reilly
Phone: (518) 474-3271; Email: [email protected]
Address: Office of the State Comptroller; Division of State Government Accountability; 110 State Street, 11th Floor; Albany, NY 12236