Legislature(2005 - 2006)

2005-02-14 Senate Journal

Full Journal pdf

2005-02-14                     Senate Journal                      Page 0299
SB 108                                                                                            
SENATE BILL NO. 108 BY THE SENATE RULES COMMITTEE                                                   
BY REQUEST OF THE GOVERNOR, entitled:                                                               
          "An Act relating to the regulation of insurance,                                          
          insurance licensing, surplus lines, insurer deposits,                                     
          motor vehicle service contracts, guaranteed                                               
          automobile protection products, health discount                                           
          plans, third-party administrators, self-funded multiple                                   
          employer welfare arrangements, and self-funded                                            
          governmental plans; and providing for an effective                                        
was read the first time and referred to the Labor and Commerce and                                  
Finance Committees.                                                                                 
The following fiscal information was published today:                                               
 Fiscal Note No. 1, Department of Commerce, Community and                                           
       Economic Development                                                                         
Governor's transmittal letter dated February 11:                                                    
Dear President Stevens:                                                                             

2005-02-14                     Senate Journal                      Page 0300
Under the authority of art. III, sec. 18, of the Alaska Constitution, I am                          
transmitting an omnibus insurance bill.                                                             
The bill would make changes to certain insurance licensing provisions                               
to provide more efficient licensing processes and to bring Alaska's law                             
into greater conformity with other states' laws.  It would make minor                               
changes to the surplus lines statutes to clean up language and to make                              
reporting easier for alien insurers.                                                                
The bill also would make changes to the requirements for the                                        
administration of insurer deposits and would provide authorization for                              
insurer deposits to be paid to the state insurance guaranty funds rather                            
than becoming an asset of an insolvent insurer.  Finally, the bill would                            
give the Division of Insurance in the Department of Commerce,                                       
Community, and Economic Development the authority to regulate                                       
health discount plans, would clarify the state's regulation of guaranteed                           
auto protection products and motor vehicle service contracts, and                                   
would provide for oversight of certain self-funded governmental plans.                              
A sectional analysis, describing the bill in more detail, is available                              
from the division of insurance.                                                                     
In sum, this omnibus insurance bill will make the regulation of                                     
insurance more efficient for the state, easier for industry, and at the                             
same time give heightened protection to Alaska insurance consumers.                                 
I urge your prompt and favorable action on this measure.                                            
Sincerely yours,                                                                                    
Frank H. Murkowski