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Senate committee backs plan to create state captive to reduce school property insurance costs
Summary
Senators approved a bill to establish a state‑administered captive insurance program for K‑12 public and charter schools, higher education and state‑owned property; sponsors said it could save millions and will be capitalized with a one‑time appropriation.
The Senate Insurance & Commerce Committee voted to advance legislation that would create a state captive insurance program intended to stabilize and reduce property insurance premiums for K‑12 public and charter schools, public institutions of higher education and state‑owned properties.
Senate Bill 481 (sponsor: Sen. Gilmore) would move the program into a shared services agency (rather than leaving it in the Insurance Department, which would continue regulatory oversight) and grant broad rule‑making authority to implement coverage options, including provisions for institutions to select levels of…
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