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Committee reviews plan to create state captive to stabilize school and higher‑education property insurance costs
Summary
A bill would move a property insurance program out of the Insurance Department, create a captive insurance program at the Shared Services Department, and use one‑time funding to capitalize the program; sponsors said it could save millions on premiums and consolidate multiple programs.
Senators spent substantial time on a bill to create a state‑sponsored captive insurance program to cover property for K‑12 districts and public higher education institutions.
Sponsor Sen. Gilmore said the proposal would consolidate three existing programs and move program administration out of the Insurance Department to avoid a perceived conflict between regulator and program manager. The bill would create a captive under the shared services department, give broad rulemaking authority to the administering agency, and—by sponsor estimate—could generate significant first‑year savings for participating entities.
Gilmore told the…
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