Bill > SB614

This bill establishes a new framework for multiple-caregiver self-insured risk coverage arrangements, allowing two or more nonprofit or for-profit providers and servicers of child care, day care, foster care placement, and behavioral health services to jointly manage their liability risks, which refers to the potential for financial loss due to claims arising from negligence or errors. These arrangements, referred to as "multiple-caregiver self-insured risk coverage arrangements," will be overseen by the commissioner of the insurance department, who will have the authority to approve their formation, verify their operations, and impose penalties or adopt rules as needed. The bill also outlines specific reporting requirements for these arrangements, including details on their management, financial status, and claims handling, and provides for the commissioner's ability to suspend or revoke approval if the arrangement fails to meet established standards or violates regulations.