Legislature(2015 - 2016)
2015-04-18 House Journal
Full Journal pdf2015-04-18 House Journal Page 1046 SB 107 The Labor & 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 2015-04-18 House Journal Page 1047 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 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." The report was signed by Representative Olson, Chair, with the following individual recommendations: Do pass (1): Olson No recommendation (5): LeDoux, Tilton, Hughes, Kito, Josephson The following fiscal note(s) apply: 1. Zero, Dept. of Commerce, Community, & Economic Development SB 107 was referred to the Rules Committee for placement on the calendar.