Relating to a property and casualty self-insurance pool for certain religious institutions; authorizing fees; providing administrative penalties.
What changed between versions
Added detailed financial requirements including minimum net worth of $1 million for organizing parties and $750,000 in earned premiums for the first year of operation.
Expanded application contents to include 15 specific items such as feasibility studies, pro forma financial statements, and evidence of financial strength and liquidity.
Established security requirements including $100,000 in the first year and $250,000 annually thereafter to secure the pool's obligations.
Added comprehensive definitions for terms like 'Board', 'Church', 'Fund', 'Member', and 'Pool' to clarify the legal framework.
Created new sections for agent liability, record-keeping requirements, and confidentiality provisions to ensure proper oversight and protection of member information.
Established specific timelines for board selection, application approval, and rate review processes including 90-day and 30-day periods.
The bill text was reformatted from an introduced version to an engrossed version with improved structure, spacing, and professional formatting.
