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Bills Would Discontinue Group Self-Insurance, Dissolve Guaranty Fund

  • State: Texas
  • Topic: SOUTH
  • - Popular with: Insurance
  • -  0 shares

Texas lawmakers proposed a bill that would discontinue group self-insurance and dissolve the Texas Self-Insurance Group Guaranty Fund and Trust Fund.

Identical companion measures HB 4859 and SB 2269 would prohibit the commissioner from issuing a certification of approval to a proposed self-insurance group on or after Sept. 1.

The bills would also direct the board of directors for the guaranty fund to submit a plan for ending operations that includes an estimated timeline for completion and procedures for distributing any remaining money. The board’s plan would be due Dec. 1.

Once approved, the board would be required to implement the wind-down plan and notify the commissioner within 30 days of completion. The commissioner will determine whether the guaranty fund met its obligations and, if so, order it to return all money to members. The fund would be dissolved within 30 days of such an order.

Both measures are awaiting committee assignments.

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