Relates to establishing a captive insurance program for commuter vans

2025 Regular Session Introduced by Leroy Comrie and 6 co-sponsors

Establish a captive insurance program for commuter van operators to obtain tailored coverage, improve risk management, and shape premiums and oversight.

REFERRED TO INSURANCE

Overview

Bill Number: S 6084

Title: Relates to establishing a captive insurance program for commuter vans

Status: REFERRED TO INSURANCE

Introduced: March 5, 2025

Legislative Actions: 2025-03-05 — Referred to INSURANCE

Related Bills: S 8255 (prior-session); S 7950 (prior-session)

Note: The information provided here reflects the bill’s title, status, and related context. The full text would be needed to detail the specific provisions.

Purpose and Intent

The bill seeks to establish a captive insurance program specifically for commuter vans.

In substance, this suggests creating a mechanism by which commuter-van operators could participate in a captive insurer or in a state-sponsored captive arrangement to obtain insurance coverage tailored to their operating needs.

Key Provisions (indicative, pending full text)

While the exact provisions are not available in the provided summary, typical elements of a captive-insurance program bill may include:

Authorization and governance of a captive insurer or captive program dedicated to commuter-van operations.
Capitalization and solvency requirements for the captive entity.
Eligibility criteria for commuter-van operators to participate.
Scope of coverage (e.g., liability, auto, property, uninsured/underinsured motorist, etc.).
Regulatory oversight, reporting, and compliance standards.
Premiums, funding mechanism, risk retention, and distribution of any gains or losses.
Procedures for enrollment, terminations, and transitions for participants.

The actual provisions could differ; the exact text would specify structure, authority, and obligations.

Affected Parties

Primary: Operators and owners of commuter vans who would participate in or be served by the captive insurance program.

Secondary: Passengers and customers of commuter-van services (indirectly affected via insurance availability and costs).

Regulator: State insurance department or equivalent regulatory authority responsible for overseeing captive programs and insurer solvency.

Insurance Market: Other insurers and brokers serving transportation and commuter-van operators may be affected by market dynamics, competition, and pricing.

Procedural and Timeline Considerations

Current stage: Referred to the Insurance committee, indicating the bill will undergo committee review, potential hearings, and amendments.

Next steps: If advanced, it could move to floor action within the chamber; if not acted upon, it could stall or die in committee.

Related legislation (S 8255, S 7950) from prior sessions may provide context on prior efforts to establish similar programs and could inform amendments or iterative changes.

Notes

No specific fiscal details (dollar amounts, funding sources, or cost impacts) are provided in the summary.

For a complete understanding, the committee analysis and full bill text will be essential to identify the exact structure, responsibilities, costs, and timeline for implementation. If you can share the text or any committee memo, I can update this with precise provisions and impacts.

Bill