Bill > SB2019

This bill establishes the Political Subdivision Liability Insurance Guaranty Program and the Political Subdivision Insurance Fund Board to administer it, with the goal of protecting local governments from excessively large liability judgments. The Board will consist of seven members appointed by the Governor, the President Pro Tempore of the Senate, and the Speaker of the House of Representatives, with staggered three-year terms, and will be responsible for creating the program's rules, including contribution requirements and qualifying claims, as well as developing training programs for political subdivision members to help prevent large judgments. A separate fund, the Political Subdivision Liability Insurance Guaranty Fund, will be created to hold money for insuring participating political subdivisions, covering program operating costs, and other expenses incurred by the Board, with all interest earned on the fund remaining within it and not subject to appropriation, and the fund will be subject to audits. This act will become effective on November 1, 2026.

Budget and Finance, Government Affairs

http://www.oklegislature.gov/BillInfo.aspx?Bill=sb2019&Session=2600