AR HB1821

Creates the State Captive Insurance Program within the Department of Transformation and Shared Services to consolidate property insurance for public schools, state-supported higher education institutions, and state-owned properties under a single state-owned captive insurance company

Establishes the Office of Property Risk and State Captive Insurance Program Trust Fund with a required reserve balance of $50-75 million, with mandatory participation for entities receiving state appropriations for facilities

Prohibits public schools and higher education institutions from using public insurance adjusters for claims under the program, and requires claims to be filed within one year of loss

Transfers property insurance administration from the State Insurance Department to the Department of Transformation and Shared Services by December 1, 2025, while retaining cybersecurity and motor vehicle insurance under existing programs

Creates legislative oversight through the renamed State Insurance Programs Oversight Subcommittee, requiring annual reports and approval for premium changes, reserve balance adjustments, and plan modifications