Dissolving PEIA and converting to employer-owned mutual insurance company

West Virginia Senate Bill 426 would replace the state-run Public Employees Insurance Agency (PEIA) with an employer-owned mutual insurance company. It directly affects all state and public school employees currently covered by PEIA, as well as the state government as the primary employer. Key mechanisms include dissolving PEIA, transferring its assets and functions to the Insurance Commissioner and a new Public Employees Insurance Council, establishing governance for the mutual company, and setting capital requirements. The bill also includes provisions for laid-off PEIA employees, including retraining benefits and preferential placement for those affected during the transition.