TO CREATE A MORE SUSTAINABLE SYSTEM OF PROPERTY INSURANCE FOR PUBLIC SCHOOLS, STATE-SUPPORTED INSTITUTIONS OF HIGHER EDUCATION, AND STATE-OWNED PROPERTY; AND TO DECLARE AN EMERGENCY.

This bill establishes a new system for property insurance for public schools, state-supported higher education institutions, and other state-owned properties. It creates the State Captive Insurance Program and the Office of Property Risk within the Department of Transformation and Shared Services to manage these combined insurance efforts. The act allows the state to create its own captive insurance company and prohibits the use of public adjusting for these property insurance claims. The goal is to create a more stable and sustainable property insurance system for these state entities by consolidating existing programs and ensuring proper property valuation. (SB 481, Act 779)