This bill amends existing laws to allow public utility districts in Washington State to form, own, or use captive insurers. Specifically, it modifies RCW 48.62.011 and RCW 48.62.031 to include provisions that enable public utility districts to become captive owners as defined in RCW 48.201.020. The bill emphasizes that local government entities, including public utility districts, can self-insure risks, jointly purchase insurance, and contract for risk management services, while also requiring prior approval for establishing self-insured programs.

Additionally, the bill introduces a new section to chapter 54.04 RCW, explicitly stating that public utility districts may act as captive owners. It also clarifies the definition of a "captive owner" to include municipal corporations organized under Title 54 RCW. The changes aim to provide public utility districts with greater flexibility and options for managing their insurance needs, thereby enhancing their financial stability and risk management capabilities.

Statutes affected:
Original Bill: 48.62.011, 48.62.031, 48.201.020
Bill as Passed Legislature: 48.62.011, 48.62.031, 48.201.020
Session Law: 48.62.011, 48.62.031, 48.201.020