SB1226: Oklahoma Colleges Left Without Insurance Support

Effort to secure campus property insurance fund fails to pass

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What did SB1226 want to accomplish?

SB1226 wanted to create the Higher Education Property Insurance Revolving Fund. It’s a special fund that will help pay for property insurance at colleges and universities in Oklahoma.

The money for this fund would have come from the government, and the Oklahoma State Regents for Higher Education were going to manage it. They would have used the money to cover insurance costs that protect the buildings and property of these schools.

Who would have benefited from this law?

✔️Colleges and universities in the Oklahoma State System of Higher Education by helping them pay for property insurance.

The insurance will protect school buildings and property from damage, which can save these institutions a lot of money in case something happens, like a fire or natural disaster.

✔️Students, faculty, and staff will also benefit because their campuses will be protected and repairs or rebuilding can happen faster if something goes wrong.

✔️Additionally, the state could save money by having insurance in place to cover big expenses instead of paying out of pocket.

What are some concerns people might have about this law?

Some of these might have been reasons why the bill failed to pass:

⚠️Cost to taxpayers: The money for the insurance fund comes from government appropriations, meaning it could increase taxes or take money away from other areas like healthcare or public schools.

⚠️Limited coverage: The fund might not provide enough to cover all insurance needs for every college and university, especially if there are major disasters.

⚠️Less focus on other priorities: Some may argue that the money could be better spent on improving academic programs, student services, or new facilities rather than just paying for insurance.

⚠️Potential for misuse: If not carefully managed, the fund could be misused, and money might not go to the institutions that need it most.

⚠️Complex management: Managing property insurance for multiple schools could lead to delays or confusion, especially if different schools have different needs or if claims take a long time to process.

This bill was introduced on 2/19/24 by Senator Adam Pugh [R] and Representative Mark McBride [R]. Due to a lack of support, missed deadlines, committee action, leadership decisions or veto, this bill failed to pass and will not be signed into law.

➡️Is this something that you think Oklahomans need? How would it have benefited the county you live in?

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Hi, I'm Judy! I love talking about the area I live in and what affects us. Follow me if you'd like more stories like this.