On Mar. 25, 2025, UTA LEG reported bill approval by governor, effective May 7, 2025.
On Mar. 3, UTA LEG enrolled bill to amend insurance and reserve fund.
UTA LEG enrolled Bill HB 68 to amend provisions re public agency insurance funds in order to provide requirements for state treasurer to handle insurance/reserve funds.
Bill defines public agency insurance mutual fund and reserve fund to mean the same as those in UTA INS 31A-1-1-103, and provides investment standard for mutual funds.
Public agency insurance mutual or reserve fund may form captive insurance companies
The State treasurer will invest the public agency insurance mutual's assets with the primary goal of providing for the stability, income, and growth of the principal.
Treasurer may employ professional asset managers to assist in the investment of the public agency insurance mutual's assets; and does not specify investment outcomes.
State treasurer will also invest and manage the mutual's assets as a prudent investor.
Legislative History
On Jan. 21, 2025, bill introduced in House; on Feb. 13, 2025, bill was passed in House.
On Feb. 13, 2025, bill delivered to Senate; on Feb. 28, 2025, bill passed in Senate.
On Feb. 28, 2025, bill sent to House; on Mar. 3, 2025, house concurred amendments.
Effectiveness
If enacted, bill takes effect on May 7, 2025.
Mar. 2025 UTA LEG Bill Approval
On Mar. 25, 2025, UTA LEG reported bill approval by governor, effective May 7, 2025.
Regulators
UTA LEG
Entity Types
IA; Ins; Inv Co
Reference
Bill HB68, 3/25/2025; Bill, HB0068S03, 3/3/2025; Citation: *UTA LEG* 11-13-1-103, 11-13-5-502, 11-13-5, 51-7-2, 51-7-11; UTA INS 31A-1-1-103;
