|SB 0028||Allows political subdivisions to purchase insurance for elderly or low-income housing|
|LR Number:||L0088.01T||Fiscal Note:||0088-01|
|Committee:||Insurance and Housing|
|Last Action:||07/01/99 - Signed by Governor||Journal page:|
|Effective Date:||August 28, 1999|
SB 28 - This act expands the right of cooperating political subdivisions to purchase various types of insurance. Current law allows the purchase of liability and all other insurance. This act specifies that elderly or low-income housing in which the political subdivision has an interest is also insurable.
This act also permits associations formed to insure political subdivisions to issue dividends so long as the association has a positive surplus both before and after the dividend is declared.
This act is similar to HB 34. STEPHEN WITTE.