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Committee hears proposal to move state bonding fund administration to OMB; fiscal and continuity concerns raised
Summary
The Senate Industry and Business Committee heard testimony on House Bill 10‑26, which would transfer administration of the state bonding fund from the Insurance Commissioner to the Office of Management and Budget (OMB).
The Senate Industry and Business Committee heard testimony on House Bill 10‑26, which would move administration of the state bonding fund from the Insurance Commissioner to the Office of Management and Budget (OMB). Representative Emily O'Brien presented the bill and described it as the companion to HB 10‑27, which addresses the state fire and tornado fund.
O'Brien said the interim Government Finance Committee recommended study of whether the Office of Management and Budget should administer the funds after the Insurance Commissioner began contracting for administration in 2019. "The legislative assembly had removed 3 FTE positions from the insurance department during the 2019…
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