ALC co-chairs authorized to approve captive insurance contracts by emergency action

The ALC authorized its co-chairs to approve contracts for a proposed captive insurance program and directed the Bureau of Legislative Research to assign the agreements to the Department of Shared Administrative Services on July 1, 2025, a motion that passed by voice vote.

Jill Thayer, Bureau of Legislative Research, described three vendor relationships the bureau is finalizing for the captive. "The estimated fee right now would be a max of $700,000 a year, but will most likely be lower than that," Thayer said about the investment-advisor contract with Stevens Capital Management.

Thayer said the second contract is with Origami Risk to provide software and support "for keeping track of all their data, running claims through that, and providing invoice." She identified a one-time implementation fee of $66,300 and annual licensing fees of 64,935 in her remarks; pricing for the claims-administration contract with Sedgwick remained under negotiation.

Senator Hester moved to authorize the ALC co-chairs to approve the contracts by emergency action and to permit the Bureau of Legislative Research to assign the contracts to the Department of Shared Administrative Services on July 1, 2025. The motion was seconded and adopted by voice vote. The meeting record does not show a recorded roll-call tally in the transcript provided.

Thayer said a final Sedgwick pricing sheet will be brought to the committee when terms are complete. No amendments or conditions to the motion were recorded during the discussion.

Members concluded other business and adjourned the meeting.