relative to pooled risk management programs.

Summary

The legislation creates state oversight for two kinds of pooled risk programs that local governments can use to manage insurance‑related losses. It requires the insurance department to license advance‑premium programs, to mandate minimum excess or stop‑loss coverage, and gives the insurance commissioner authority to examine their finances. It also updates definitions and limits certain existing statutes from applying to these programs.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

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