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House approves plan to create state captive insurer for school property; emergency clause attached
Summary
Legislation to form a state captive insurance program for K–12 and higher-education property coverage advanced, aiming to stabilize premiums and require participation for recipients of facility funding; the bill passed with an emergency clause.
Representative Wardlaw presented House Bill 1821, a proposal to create a state captive insurance program intended to provide property insurance for public K–12 schools, charter schools and state higher-education institutions. Wardlaw said the measure grew out of a multi-year study and consultant work and is intended to stabilize premiums and make coverage more efficient by pooling risk.
Wardlaw told members the proposal would move approximately $135 million…
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