Some state lawmakers in Wisconsin want to give local governments a one-year break from paying their property-insurance premiums.
Hundreds of cities, towns and school districts insure their property with a state fund managed by the insurance commissioner’s office. A recent audit found the fund had a $40 million surplus.
Kenosha Democratic Assemblyman Peter Barca says that’s enough money to keep the fund solvent for a year. He says it’s “one small step” toward helping during a time of financial crisis.
The insurance commissioner’s office says it understands the sentiment but worries the fund may dip too low. It says it also worries how the plan might affect future premiums.
Information from: Wisconsin Public Radio, www.wpr.org
Topics Legislation Property
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