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Subcommittee authorizes captive insurance vendor engagements, seeks emergency sign-off by ALC co-chairs
Summary
The subcommittee authorized contracts for vendors needed to form a state captive insurance entity on July 1, including actuarial services and outside legal counsel; staff asked for authority for ALC co-chairs to approve remaining items by emergency action.
The ALC executive subcommittee authorized vendor engagements needed to support formation of a state captive insurance program, including outside actuarial services and legal counsel, and requested authority for co-chairs to approve final contracts by emergency action ahead of a July 1 formation date.
Jill Thayer, Bureau of Legislative Research, said she had been working with brokers and the captive manager to secure additional vendors needed to reach the July 1 formation date. She identified two contracts for consideration: actuarial services provided by The Actuarial Advantage (TAA) and outside legal counsel from Mitchell Williams law firm. Thayer said the Mitchell Williams engagement letter and fees were in the packet and that the TAA contract was still being finalized.
Thayer said she had worked with the Department of Transformation and Shared Services, which will be assigned the contracts on July 1, and that department had reviewed and approved the contracts’ contents. The staff recommendation was for the subcommittee to authorize the contracts or authorize ALC co-chairs to approve them by emergency action; members approved the request on a voice vote.
The transcript does not include a roll-call tally or detailed fee amounts for the actuarial contract; the Mitchell Williams engagement letter and proposed fees were noted as included in the materials.
