Relating to the selection and retention of an insurance broker by certain metropolitan rapid transit authorities.

HB 4575 requires smaller metropolitan rapid transit authorities (those serving municipalities with under 320,000 residents) to select a single licensed insurance broker to handle all their insurance needs, including liability, property, workers' compensation, and health coverage for self-funded employee plans. The bill mandates that the broker must be paid solely by the transit authority, with no additional payments from insurance carriers, and requires full written disclosure of any existing business relationships between the broker and insurance carriers. Violations could result in disciplinary action against the broker, including license revocation. This bill standardizes the broker selection process to ensure transparency and prevent conflicts of interest for these specific transit agencies.