Allows public utility districts to form, own, or use captive insurers.

The bill amends Washington law to allow public utility districts to form, own, or use captive insurers. A captive insurer is defined as an insurance company owned by a captive owner or under a contractual agreement. The bill also revises definitions and provisions related to self-insurance programs and captive insurers, ensuring they operate in a safe and sound manner. The changes aim to provide local government entities with flexibility in self-insuring while maintaining regulatory oversight.

Allows public utility districts to form, own, or use captive insurers.

The bill amends Washington law to allow public utility districts to form, own, or use captive insurers. A captive insurer is defined as an insurance company owned by a captive owner or under a contractual agreement. The bill also revises definitions and provisions related to self-insurance programs and captive insurers, ensuring they operate in a safe and sound manner. The changes aim to provide local government entities with flexibility in self-insuring while maintaining regulatory oversight.