AB403: Bill Text

LRB-3053/1

TJD:bjk:ph

2009 - 2010 LEGISLATURE

2009 Assembly BILL 403

August 31, 2009 - Introduced by Representatives Barca, Hubler, Jorgensen, Hixson, Zigmunt, Hilgenberg, Clark, Garthwaite, Seidel, Mason, Staskunas, Kerkman, Berceau, Pope-Roberts, Zepnick, Smith, Dexter, Petrowski, Van Roy, A. Williams, Hraychuck, Fields, Bernard Schaber, Mursau, Turner, Pasch, Shilling, Nygren, Roys, Strachota and Hintz, cosponsored by Senators Vinehout, Lehman, Wirch, Holperin, Hansen, Erpenbach, Harsdorf, Taylor, Carpenter, Coggs, Robson and Grothman. Referred to Committee on Urban and Local Affairs.

AB403,1,1 An Act relating to: local government property insurance fund premiums.

Analysis by the Legislative Reference Bureau

Under current law, a local governmental unit, including a city, county, town, village, or school district, may insure its property through the local government property insurance fund (property fund). The local governmental unit pays premiums into the state treasury for the benefit of the property fund.

This bill requires the commissioner of insurance to reduce a local governmental unit's premium for insuring property through the property fund, for premiums due beginning on October 1, 2009, and ending on September 30, 2010, for property insured in 2008 through the property fund by the amount the local governmental unit paid in premiums in 2008 on that property. The local governmental unit pays no premium, and receives no refund, if the premium paid in 2008 is higher than the premium due beginning on October 1, 2009, and ending on September 30, 2010.

For further information see the state and local fiscal estimate, which will be printed as an appendix to this bill.

The people of the state of Wisconsin, represented in senate and assembly, do enact as follows:

AB403, s. 1 Section 1. Nonstatutory provision.

AB403,1,3 (1) Local government property insurance fund; premium reduction.

AB403,2,1 (a) In this subsection:

AB403,2,3 1. "Local governmental unit" has the meaning given in section 605.01 (1) of the statutes.

AB403,2,4 2. "Property fund" means the local government property insurance fund.

AB403,2,10 (b) For property insured by a local governmental unit in the property fund for which premiums are payable on or after October 1, 2009, but before October 1, 2010, and which was insured in the property fund during calendar year 2008, the commissioner of insurance shall reduce the premium payable by the local governmental unit on or after October 1, 2009, but before October 1, 2010, by an amount equal to one of the following, whichever is less:

AB403,2,12 1. The premium paid to the property fund on that property by that local governmental unit during calendar year 2008.

AB403,2,14 2. The premium payable by that local governmental unit for that property on or after October 1, 2009, but before October 1, 2010.

AB403,2,15 (End)