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Senate committee advances bill enabling political‑subdivision risk pools after regulators outline solvency checks
Summary
The committee approved a modified committee amendment that creates a framework for political‑subdivision risk pools; insurance department officials and financial‑regulation staff told senators they would require significant capitalization and rigorous review to manage solvency risk, while lawmakers pressed about protections for claimants and potential municipal cost impacts.
The Senate Finance Committee approved a modified committee amendment governing political‑subdivision risk pools and advanced the bill after extended questioning of insurance‑department officials about solvency, confidentiality and municipal cost risk.
An official identified in the record as the insurance commissioner (S11) introduced the department’s approach and said the department would closely monitor solvency. Ned Cataldo (S10), who the commissioner introduced as leading the financial‑regulation division, told the committee, "We would never approve a program that didn't have,…
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