Wisconsin insurance officials plan to hand $12 million in property insurance credits back to local governments next year.
Wisconsin municipalities can pay into a state account in exchange for insurance on public property. State auditors reported in June the account had a $36 million surplus.
The state Assembly passed a bill last week that ordered state officials to reduce the locals’ premiums by $12 million next year. The measure is currently in the Senate insurance committee.
State Insurance Commissioner Sean Dilweg has the authority to return the money immediately without legislation. On Wednesday he announced his office would divide $12 million of the surplus as credit among the locals beginning in January.
Topics Property
Was this article valuable?
Here are more articles you may enjoy.
PG&E Weighs Gas Business Separation Over California Fire Rules 
Miami Beach Buildings Sinking at Different Rates, Due to Construction, Study Finds 
Update: Spanish Train Crash Kills at Least 64 People South of Madrid 
Binance’s $6.3 Billion Hack: How Crypto Insurance Works 
