Wisconsin Regulators Consider Property Insurance Break For Governments

Hundreds of cities, towns and school districts insure their property with a state fund administered by the insurance commissioner's office

Some of the Regulators in Wisconsin yearn to give local governments a one-year break from paying their property-insurance premiums – reported in Insurance Journal.

Hundreds of cities, towns and school districts insure their property with a state fund administered by the insurance commissioner’s office. A recent review found that the fund had a $40 million worth surplus.

Peter Barca, Kenosha Democratic Assembly-man, said: “That’s enough money to keep the fund solvent for a year. He says its one small step toward helping during a time of financial crisis.”

The insurance commissioner’s office expressed that it comprehends the sentiments but is apprehensive about the fund dipping too low. It also stated that it is concerned about how the plan might affect future premiums.