05/05/2025 09:00 AM Senate FINANCE

                 SENATE FINANCE COMMITTEE                                                                                       
                        May 5, 2025                                                                                             
                         9:06 a.m.                                                                                              
                                                                                                                                
9:06:20 AM                                                                                                                    
                                                                                                                                
CALL TO ORDER                                                                                                                 
                                                                                                                                
Co-Chair Hoffman called the Senate Finance Committee                                                                            
meeting to order at 9:06 a.m.                                                                                                   
                                                                                                                                
MEMBERS PRESENT                                                                                                               
                                                                                                                                
Senator Lyman Hoffman, Co-Chair                                                                                                 
Senator Donny Olson, Co-Chair                                                                                                   
Senator Bert Stedman, Co-Chair                                                                                                  
Senator Mike Cronk                                                                                                              
Senator James Kaufman                                                                                                           
Senator Jesse Kiehl                                                                                                             
Senator Kelly Merrick                                                                                                           
                                                                                                                                
MEMBERS ABSENT                                                                                                                
                                                                                                                                
None                                                                                                                            
                                                                                                                                
ALSO PRESENT                                                                                                                  
                                                                                                                                
Margeaux  Ljungberg, Staff,  Senator  Bert Stedman;  Senator                                                                    
Jesse   Bjorkman,   Sponsor;  Lori   Wing-Heier,   Director,                                                                    
Division  of Insurance,  Department  of Commerce,  Community                                                                    
and Economic Development.                                                                                                       
                                                                                                                                
SUMMARY                                                                                                                       
                                                                                                                                
SJR 17    HONORING THE ENERGY COUNCIL                                                                                           
                                                                                                                                
          SJR 17 was REPORTED out of committee with seven                                                                       
          "do pass" recommendations and with one new zero                                                                       
          fiscal note from the Legislature.                                                                                     
                                                                                                                                
SB 132    OMNIBUS INSURANCE BILL                                                                                                
                                                                                                                                
          SB 132 was HEARD and HELD in committee for                                                                            
          further consideration.                                                                                                
                                                                                                                                
SENATE JOINT RESOLUTION NO. 17                                                                                                
                                                                                                                                
     Recognizing and honoring the 50th anniversary of The                                                                       
     Energy Council.                                                                                                            
                                                                                                                                
9:07:42 AM                                                                                                                    
                                                                                                                                
MARGEAUX  LJUNGBERG,  STAFF,  SENATOR BERT  STEDMAN,  stated                                                                    
that Co-Chair Stedman would speak to the resolution.                                                                            
                                                                                                                                
9:07:58 AM                                                                                                                    
                                                                                                                                
SENATOR  BERT STEDMAN,  SPONSOR, introduced  the resolution.                                                                    
He spoke on  the importance of the resolution  as it related                                                                    
to the 50th anniversary of the Energy Council.                                                                                  
                                                                                                                                
9:19:32 AM                                                                                                                    
                                                                                                                                
Co-Chair Hoffman OPENED public testimony.                                                                                       
                                                                                                                                
Co-Chair Hoffman CLOSED public testimony.                                                                                       
                                                                                                                                
Senator Kiehl discussed the forthcoming zero fiscal note.                                                                       
                                                                                                                                
Co-Chair  Olson  queried  the date  of  the  Energy  Council                                                                    
anniversary.                                                                                                                    
                                                                                                                                
Co-Chair Stedman replied that he  believed it was the middle                                                                    
of September, and there was no entry fee.                                                                                       
                                                                                                                                
Senator Kiehl MOVED  to REPORT SJR 17 out  of committee with                                                                    
individual recommendations and attached fiscal note.                                                                            
                                                                                                                                
SJR 17  was REPORTED out  of committee with seven  "do pass"                                                                    
recommendations and with  one new zero fiscal  note from the                                                                    
Legislature.                                                                                                                    
                                                                                                                                
9:20:58 AM                                                                                                                    
AT EASE                                                                                                                         
                                                                                                                                
9:24:01 AM                                                                                                                    
RECONVENED                                                                                                                      
                                                                                                                                
SENATE BILL NO. 132                                                                                                           
                                                                                                                                
     "An Act relating to insurance; and providing for an                                                                        
     effective date."                                                                                                           
                                                                                                                                
9:24:35 AM                                                                                                                    
                                                                                                                                
SENATOR    JESSE   BJORKMAN,    SPONSOR,   introduced    the                                                                    
legislation. He  stated that was  an omnibus  insurance bill                                                                    
that had been  introduced at the request of  the Division of                                                                    
Insurance.                                                                                                                      
                                                                                                                                
9:26:23 AM                                                                                                                    
                                                                                                                                
LORI   WING-HEIER,   DIRECTOR,    DIVISION   OF   INSURANCE,                                                                    
DEPARTMENT OF COMMERCE,  COMMUNITY AND ECONOMIC DEVELOPMENT,                                                                    
introduced herself.                                                                                                             
                                                                                                                                
Co-Chair   Hoffman  stated   that  he   preferred  to   hear                                                                    
highlights of the bill.                                                                                                         
                                                                                                                                
Ms.  Wing-Heier  explained  that  the  bill  made  technical                                                                    
corrections  and  updated  terminology conforming  with  the                                                                    
National Association of Insurance Commissioners.                                                                                
                                                                                                                                
Ms. Wing-Heier discussed the fiscal impacts of the bill.                                                                        
                                                                                                                                
9:31:23 AM                                                                                                                    
                                                                                                                                
Senator Kiehl  wondered why  there were  different penalties                                                                    
for filing late and for filing wrong.                                                                                           
                                                                                                                                
Ms. Wing-Heier  replied that was  possible to make  them the                                                                    
same  penalty,  but  stressed  that  there  was  a  specific                                                                    
structure for incorrect filing.                                                                                                 
                                                                                                                                
Senator  Kiehl  recalled  an   email  about  some  technical                                                                    
discussion  of how  depreciation of  labor should  count and                                                                    
the impact  of the  bill on homeowners'  insurance policies.                                                                    
He   wondered  how   the   bill   would  impact   first-time                                                                    
homebuyers' insurance.                                                                                                          
                                                                                                                                
Ms. Wing-Heier  replied that the  bill would not  impact the                                                                    
first-time homebuyer's  policy. She explained that  the bill                                                                    
would affect the depreciation of labor.                                                                                         
                                                                                                                                
Co-Chair Hoffman OPENED and CLOSED public testimony.                                                                            
                                                                                                                                
Senator Kiehl discussed the fiscal note.                                                                                        
                                                                                                                                
SB 132 was HEARD and HELD in committee for further                                                                              
consideration.                                                                                                                  
                                                                                                                                
ADJOURNMENT                                                                                                                   
9:35:35 AM                                                                                                                    
                                                                                                                                
The meeting was adjourned at 9:35 a.m.