LD 467
pg. 2
An Act Authorizing Municipalities to Create Nonprofit Corporations for the Sole...
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LR 1200
Item 1
C.__The joint standing committee of the Legislature having
jurisdiction over banking and insurance matters.
The annual reports must describe the financial and operational
conditions of the nonprofit municipal corporation as of December
31st of each year of operation.__The annual reports must be
submitted by the subsequent July 1st of each year of operation.
SUMMARY
This bill authorizes the creation of nonprofit municipal
corporations, which are wholly owned and administered by a
municipality or group of municipalities, for the sole purpose of
providing homeowners liability insurance to the citizens of the
municipality or group of municipalities.
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