Washington HB1714 enables small businesses to form joint self-insurance programs for property and liability risks.

HB1714 allows small businesses to create joint self-insurance programs for property and liability risks, subject to approval by the state risk manager. These programs can jointly purchase insurance or reinsurance and contract for risk management services. The bill outlines requirements for program formation, including submission of a management and operation plan, financial audits, and compliance with state rules. Programs are exempt from certain taxes and fees. The state risk manager can issue cease and desist orders and fines for violations.

Washington HB1714 enables small businesses to form joint self-insurance programs for property and liability risks.

HB1714 allows small businesses to create joint self-insurance programs for property and liability risks, subject to approval by the state risk manager. These programs can jointly purchase insurance or reinsurance and contract for risk management services. The bill outlines requirements for program formation, including submission of a management and operation plan, financial audits, and compliance with state rules. Programs are exempt from certain taxes and fees. The state risk manager can issue cease and desist orders and fines for violations.