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House approves measure letting state form captive insurer to manage disaster risk
Utah House of Representatives · January 25, 2021
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Summary
House Bill 50 allows the state risk manager to create a captive insurance company and gives direction to the state treasurer on investing the funds, pitched as a response to rising deductibles and limited reinsurance markets after a year of natural disasters; passed 73–0.
House Bill 50, presented by Representative Dunnegan, passed the Utah House on Monday. The sponsor described recent natural disasters (wind, fire, earthquakes) that have placed pressure on the state's property…
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