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Committee backs substitute for bill allowing public agencies to form captive insurers
Summary
The Business, Labor and Commerce Standing Committee unanimously adopted and recommended a first substitute for House Bill 68, which would let public agency mutuals and reserve funds create captive insurance companies and require state treasurer oversight of those funds.
Representative Dungan, sponsor of the proposal, told the Business, Labor and Commerce Standing Committee that the first substitute to House Bill 68 would authorize local-government-created public agency insurance mutuals and reserve funds to form captive insurance companies to better tailor premiums and coverage for public entities.
The bill would require that such captive reserve funds be managed through the state treasurer’s office, a change made on the state treasurer’s advice to ensure appropriate oversight, Representative Dungan said.
Committee members asked no substantive questions and there were no public commenters. Representative Ivory moved to adopt the first substitute; the panel approved the motion by voice vote and then voted unanimously to pass the substitute out of committee with a favorable recommendation. Representative Dungan asked that the bill be placed on the consent calendar and the motion to do so was approved.
