Insurance Premium Holiday
During FY 2022, the Risk Management & Tort Defense Division won a court judgement and received settlement proceeds totaling $141 million for the recovery of expenses associated with Libby Asbestos litigation. This unexpected source of revenue resulted in actuarial reserve estimates that exceed funding targets; therefore, we are pleased to announce an insurance premium holiday for the 2025 biennium and there will be no insurance premium assessments from the Risk Management & Tort Defense Division’s internal service fund.