Legislature(2025 - 2026)GRUENBERG 120
03/11/2025 10:00 AM House FISHERIES
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| Audio | Topic |
|---|---|
| Start | |
| HB117 | |
| HB116 | |
| Adjourn |
* first hearing in first committee of referral
+ teleconferenced
= bill was previously heard/scheduled
+ teleconferenced
= bill was previously heard/scheduled
| += | HB 116 | TELECONFERENCED | |
| += | HB 117 | TELECONFERENCED | |
| + | TELECONFERENCED |
HB 116-COMMERCIAL FISHING INSURANCE CO-OP
10:37:51 AM
CHAIR STUTES announced that the final order of business would be
HOUSE BILL NO. 116, "An Act exempting from insurance regulation
cooperative agreements entered into by two or more persons
engaged in commercial fishing for the purpose of paying claims
or losses."
10:38:18 AM
CHAIR STUTES opened public testimony on HB 116. After
ascertaining that nobody wished to testify, closed public
testimony.
10:41:41 AM
REPRESENTATIVE KOPP asked whether anyone was available online
who could speak about how insurance pools work.
10:42:09 AM
BOB KEHOE, Executive Director, Purse Seine Owners Association,
said that insurance pools involve a group of vessel owners
getting together and agreeing to pool money to insure all
vessels in that group. This group coverage can involve hull
insurance, liability, and pollution insurance. He said the
group would work with a licensed insurance broker who would
assist by placing and purchasing stop-loss insurance. He said
the coop or group would pay claims up to a certain level and
have insurance above that level if claims are higher than the
amount in the coop reserve. Once established, hopefully after
years of minimal claims, the reserve can be built and, at some
point, return money back to individual vessel owners.
10:44:50 AM
REPRESENTATIVE EDGMON moved to report HB 116 out of committee
with individual recommendations and the accompanying fiscal
notes.