Explain why tort reform is considered a nonfiscal policy
What will be an ideal response?
Answer:
A. Tort reform is a nonfiscal policy
1. does not impact the state's fiscal plan
2. it has an economic interest but has no bearing on state finances
3. it is aimed at reducing the cost of litigation by limiting the amount of damages a court may award a litigant
B. Tort reform was a concern of business community
1. Texas was one of the easiest states to win a lawsuit and collect damages
2. reform in 1995 and 2003 to make it harder to win a lawsuit
3. saved businesses millions of dollars annually
4. consumers have been protected from some of the more outrageous increases in insurance premiums
5. impacts on state's budget is limited
6. impact on Texas businesses and on persons who believe they have been wronged by corporate negligence has been significant
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