LRB-2494/2
PJK:jld:rs
2003 - 2004 LEGISLATURE
May 21, 2003 - Introduced by Senators Schultz, S. Fitzgerald, Cowles and
Roessler, cosponsored by Representatives Ladwig, Gard, Albers, Ainsworth,
Ott, Gronemus, Krawczyk, Taylor, Turner, Hines and Huber. Referred to
Committee on Agriculture, Financial Institutions and Insurance.
SB176,1,3
1An Act to amend 67.04 (5) (b) 3.; and
to create 611.11 (4) (b) 4. of the statutes;
2relating to: authorizing municipal insurance mutuals to provide property
3insurance.
Analysis by the Legislative Reference Bureau
Under current law, any number of municipalities or associations of
municipalities may organize a municipal insurance mutual to provide worker's
compensation insurance, liability insurance, or risk management services to the
members of the municipal insurance mutual. This bill authorizes a municipal
insurance mutual to provide property insurance to its members, also. The bill
further provides that notes or municipal bonds issued by a county for the purpose of
providing property insurance to the members of a municipal insurance mutual are
exempt from the requirement under current law that the proceeds of the notes or
municipal bonds may not be used to fund the operating expenses of the general fund
of the county. This same exemption applies under current law to notes or municipal
bonds issued by a county for the purpose of providing liability insurance or risk
management services to the members of a municipal insurance mutual.
The people of the state of Wisconsin, represented in senate and assembly, do
enact as follows:
SB176, s. 1
4Section
1. 67.04 (5) (b) 3. of the statutes is amended to read:
SB176,2,2
167.04
(5) (b) 3. To provide liability insurance
and, property insurance, or risk
2management services under s. 611.11 (4).
SB176, s. 2
3Section
2. 611.11 (4) (b) 4. of the statutes is created to read:
SB176,2,44
611.11
(4) (b) 4. Property insurance.
