Legislature(2003 - 2004)
2004-02-18 Senate Journal
Full Journal pdf2004-02-18 Senate Journal Page 2210 SB 276 The Labor and Commerce Committee considered SENATE BILL NO. 276 "An Act relating to the Alaska Insurance Guaranty Association; relating to joint insurance arrangements and assessments to the association; relating to the powers of the Alaska Industrial Development and Export Authority concerning the association; and providing for an effective date" and recommended it be replaced with CS FOR SENATE BILL NO. 276(L&C) "An Act relating to the Alaska Insurance Guaranty Association; relating to the powers of the Alaska Industrial Development and Export Authority concerning the association; and providing for an effective date." and further recommends the adoption of the following Labor and Commerce Committee Letter of Intent. Letter of Intent for CS FOR SENATE BILL NO. 276(L&C) It is the intent of the legislature to use the earnings of the Permanent Fund to cover the deficit left in the Workers' Compensation program ensuing from the unexpected insolvency of the Fremont Indemnity Company in 2003. In order to minimize the impact upon the business community and employees, and by using sound insurance principles, it is our intent to spread the costs associated with this crisis over the greatest number of Alaskans who stand to benefit from workers comp…those that are currently employed and those that will be employed in the future. 2004-02-18 Senate Journal Page 2211 It is also the intent of the legislature to spread out these appropriations to the Workers' Compensation Program over the course of 5 years to cover the projected shortfalls: 2004~ $5,828,460 2005~ $8,890,657 2006~ $3,825,191 2007~ $1,406,865 2008~ $ 263,998 ____________________ Total: $20,215,171 Signing do pass: Senator Bunde, Chair; Senators Seekins, Gary Stevens. Signing do not pass: Senator French. The following fiscal information was published today: Fiscal Note No. 6, Senate Labor and Commerce Committee The bill was referred to the Finance Committee.