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Bill > SB426


WV SB426

WV SB426
Dissolving PEIA and converting to employer-owned mutual insurance company


summary

Introduced
02/13/2025
In Committee
02/13/2025
Crossed Over
Passed
Dead
04/12/2025

Introduced Session

2025 Regular Session

Bill Summary

The purpose of this bill is to dissolve the Public Employees Insurance Agency and convert it to an employer-owned mutual insurance company.

AI Summary

This bill dissolves the Public Employees Insurance Agency (PEIA) and converts it to an employer-owned mutual insurance company by July 1, 2025. The key provisions include creating a new Public Employees Mutual Insurance Company that will take over PEIA's responsibilities for providing health, prescription drug, life, and other insurance plans for state employees. The new company will be governed by a board of seven directors with specific qualifications, including representatives from the insurance industry, finance, and consumer groups. A new Public Employees Insurance Council will be established within the Insurance Commission to provide oversight. The bill provides detailed provisions for transferring assets, employee protections, and transitioning existing insurance plans. Employees will be transferred to the new company, with some protections like potential retraining benefits and retirement credit. The company will maintain existing insurance coverage requirements, including mental health, preventive care, and clinical trial coverage. The bill aims to create a more financially stable and competitive insurance model for public employees by converting the current government agency to a mutual insurance company while maintaining comprehensive insurance benefits.

Committee Categories

Business and Industry

Sponsors (1)

Last Action

To Banking and Insurance (on 02/13/2025)

bill text


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