2018 Session

Budget Amendments - HB30 (Member Request)

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Chief Patron: Poindexter
Modifications to VARISK Program (language only)

Item 73 #5h

Item 73 #5h

Compensation Board


Page 62, after line 8, insert:

"T.1. The Compensation Board shall review the following matters relating to the VARISK liability coverage program for constitutional officers and regional jail authorities:

A. Through an analysis conducted by an independent actuarial firm, determine the full amount of unfunded liabilities that exist under the current pay-as-you-go VARISK constitutional officer and regional jail authority liability coverage program to verify that the $35 million amount estimated by the Division of Risk Management is accurate.

B. Evaluate whether it would be reasonable to merge VARISK and VARISK 2 into a single plan.

C. Investigate what types and amounts of liability coverage are provided for similar officials in other states, how that coverage is paid for and provided, and by what entities.

2. The Compensation Board shall report their findings on these matters by December 1, 2018, to the Chairmen of the House Appropriations Committee and the Senate Finance Committee.

3. The Compensation Board, in order to facilitate competition in the provision of liability policies covering constitutional officers and regional jail authorities in Virginia, shall by July 1, 2020 specify how prospective providers of such policies other than VARISK shall also be authorized to provide liability coverage and services equivalent to those currently provided under VARISK. The Compensation Board shall also specifically set out the participation and exit rules for VARISK and how any unfunded liabilities under the current VARISK program are to be addressed by a prospective provider."


(This amendment is self-explanatory.)