SB0353: Risk management and catastrophic liability funds.

Legislative Summary

Risk management and catastrophic liability funds. Authorizes the insurance commissioner to cease operation of the political subdivision risk management fund upon a determination by the insurance commissioner that: (1) all political subdivisions that were members of the fund have withdrawn from the fund; and (2) all payment of the liabilities of former members of the fund have been determined and finalized. Authorizes the insurance commissioner to cease operation of the political subdivision catastrophic liability fund upon a determination by the insurance commissioner that: (1) all political subdivisions that were members of the fund have withdrawn from the fund; and (2) all payment of the liabilities of former members of the fund have been determined and finalized. Requires the insurance commissioner, when ceasing operation of one of the funds, to distribute the balance in the fund to former members of the fund, distributing to each former member an amount proportional to the total of assessments and (in the case of the political subdivision risk management fund) surcharges paid by the former member. Provides that the laws establishing the political subdivision risk management fund and the political subdivision catastrophic liability fund expire when the insurance commissioner certifies to the executive director of the legislative services agency that: (1) the funds have no remaining members; (2) all payments of liabilities of former members of the funds have been determined and finalized; and (3) the balances in the funds have been distributed to former members of the funds. Amends a provision of the law concerning tort claims against governmental entities to provide that giving notice of a tort claim against a political subdivision to the political subdivision risk management commission is not required if the law establishing the political subdivision risk management commission has expired.