Bill
S 7934
Overview: S 7934, "Provides exceptions to pure and group captive insurance companies who are public entities, political subdivisions, public authorities, public benefit corporation
Overview: S 7934, "Provides exceptions to pure and group captive insurance companies who are public entities, political subdivisions, public authorities, public benefit corporations, or a subsidiary thereof", was referred to the Insurance committee on May 14, 2025.
Purpose and Intent: The bill aims to create exceptions to certain regulatory requirements for captive insurance companies that are owned or affiliated with public entities, such as government agencies, public authorities, or public benefit corporations. The goal is to provide more flexibility and reduce administrative burdens for these types of captive insurers.
Key Provisions:
- Exempts pure and group captive insurance companies owned by public entities from certain capital, surplus, and other financial requirements
- Allows public entity-owned captives to be formed and operated with more streamlined regulatory oversight
- Provides parity in treatment between public and private sector captive insurance companies
Affected Parties and Impacts: This bill would primarily benefit public entities, such as state and local governments, public authorities, and public benefit corporations, that operate or are considering establishing captive insurance companies. It would reduce regulatory compliance costs and administrative burdens for these types of captive insurers.
Procedural and Timeline Considerations: The bill has been referred to the Insurance committee and is currently awaiting further legislative action.
Compiled from official sources — confirm details with the bill’s official record.
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