Indiana 2025 Regular Session

Indiana Senate Bill SB0512

Introduced
1/16/25  

Caption

Insurance pooling for political subdivisions.

Impact

The bill is expected to have a transformative impact on how political subdivisions manage their insurance needs. By allowing these entities to pool their resources, it promotes collective bargaining and may lead to reduced insurance premiums, thereby alleviating financial burdens. Additionally, it emphasizes the importance of financial regulation and oversight by mandating the creation of a trust for pooled assets, ensuring that these funds are managed properly and transparently under the supervision of the Department of Insurance.

Summary

Senate Bill 512 establishes a framework for political subdivisions in Indiana to pool their resources for the purpose of purchasing various types of insurance coverage. Specifically, the bill allows counties, townships, cities, and other governmental entities to collaborate in order to reduce expenditures on liability, property and casualty, and worker's compensation insurance. This collaborative approach is designed to enhance cost efficiency and extend insurance access among smaller subdivisions that might struggle to procure such coverage independently.

Contention

While the bill is aimed at promoting financial prudence and collaboration among local governments, it may not be without contention. Stakeholders may express concerns regarding the potential complexities or administrative burdens associated with establishing and managing these trusts. Additionally, some may worry about the implications for local decision-making autonomy, as policies that are best tailored to individual community needs could become less flexible in a pooling arrangement. Overall, the bill's effectiveness will depend on its implementation and the level of engagement from the participating political subdivisions.

Companion Bills

No companion bills found.

Previously Filed As

IN SB0133

Supplier diversity for political subdivisions.

IN HB1034

Insurance and transfer on death deeds.

IN HB1329

Insurance matters.

IN HB1332

Insurance matters.

IN HB1327

Health and insurance matters.

IN SB0215

Medicare supplement insurance.

IN HB1346

Medicare supplement insurance.

IN SB0113

Political contributions by a gambling organization.

IN SB0312

Medicare supplement insurance.

IN SB0150

Artificial intelligence and cybersecurity.

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