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Nygren Calls For End To Local Government Property Insurance Fund
By Wisconsin School Administrators Alliance staff | December 15, 2016
From WisPolitics:
JFC Co-chair John Nygren is calling for the end of a program that makes property insurance available for local governments to cover their buildings, schools, libraries and motor vehicles.
Nygren, R-Marinette, also wants changes to the State Life Insurance Fund, which was created in 1911 to provide low-cost individual life insurance to Wisconsin residents. The number of policies the program offered dropped to 25,132 as of Dec. 31, compared to 31,361 at the end of 1996, according to a Legislative Audit Bureau report released this month.
“Just like with the (Local Government Property Insurance Fund), the state should not be in the life insurance business,” said Nygren, an insurance and financial services agent. “With so many viable options in the market, a state-run life insurance fund is simply duplicative and outdated.”
As part of its budget request, the Office of Commissioner of Insurance has asked for statutory changes to allow it to stop issuing new property insurance policies and renewing existing ones through the Local Government Property Insurance Fund. It is part of an effort to cease operation of the program.
More than a year ago, the LAB found the fund’s net position on June 30, 2014, was a deficit of $703,000.
Nygren said the state auditor has now reported the number of insured entities has dropped from 983 to 174, while premiums went from $23.1 million to $3.2 million.
“While I support the Office of the Commissioner of Insurance’s budget request to stop renewing and issuing new policies, we must go further,” Nygren said.
See Nygren’s statement here.
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