Legislature(2015 - 2016)
2015-04-17 Senate Journal
Full Journal pdf2015-04-17 Senate Journal Page 1063 SB 107 The Labor and Commerce Committee considered SENATE BILL NO. 107 "An Act relating to insurance; relating to risk based capital for domestic insurers and fraternal benefit societies, including provisions related to insurers subject to risk based capital and action level event requirements; relating to review by the director of insurance of an insurer's risk based capital plan; relating to confidentiality and sharing of certain information submitted to the director of insurance; relating to evaluating an insurance holding company and the acquisition of control of or merger with a domestic insurer; relating to risk based capital, risk management, and own risk and solvency assessments of insurers; clarifying provisions related to risk based capital plans; relating to exemptions by the director of insurance for certain domestic and casualty insurers from risk based capital requirements; relating to insurance holding companies, including filing requirements, divestiture, content of statements, notifications, and hearings; relating to registration requirements of insurers; relating to transactions within an insurance holding company system or transactions involving a domestic insurer; relating to management and examination of domestic insurers that are part of an insurance holding company system; adding provisions relating to participation by the director of insurance in a supervisory college; relating to civil and criminal penalties for violations by insurers and individuals; relating to provisions for risk management and own risk 2015-04-17 Senate Journal Page 1064 and solvency assessments by insurers; relating to operating requirements for controlling insurance producers; relating to producer- controlled insurers; adding and amending definitions related to insurers; and providing for an effective date." Signing do pass: Senator Costello, Chair; Senators Giessel, Meyer. Signing no recommendation: Senator Stevens. The following fiscal information was published today: Fiscal Note No. 1, zero, Department of Commerce, Community and Economic Development The bill was referred to the Rules Committee.