Insurance guaranty fund; creating the Political Subdivision Liability Insurance Guaranty Program; creating board. Effective date.

Summary

The bill establishes the Political Subdivision Liability Insurance Guaranty Program, a voluntary fund that insures participating cities, counties and other political subdivisions against excessive court judgments. A seven‑member board appointed by the governor, Senate president pro tem and House speaker will manage the program, set contribution rules, and provide training. The fund’s money, including earned interest, can only be used for program payouts, board costs and related expenses, and is not subject to the state’s annual appropriations process.

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