Legislature(2015 - 2016)BELTZ 105 (TSBldg)
04/16/2015 01:30 PM Senate LABOR & COMMERCE
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| Audio | Topic |
|---|---|
| Start | |
| HB131 | |
| HCR10 | |
| SB107 | |
| HB41 | |
| HB123 | |
| Adjourn |
* first hearing in first committee of referral
+ teleconferenced
= bill was previously heard/scheduled
+ teleconferenced
= bill was previously heard/scheduled
| + | HB 131 | TELECONFERENCED | |
| + | HCR 10 | TELECONFERENCED | |
| += | HB 41 | TELECONFERENCED | |
| += | SB 107 | TELECONFERENCED | |
| + | HB 123 | TELECONFERENCED | |
| + | HB 12 | TELECONFERENCED | |
| + | TELECONFERENCED |
SB 107-INSURANCE; RISK MG'T; HOLDING COMPANIES
5:35:52 PM
CHAIR COSTELLO announced the consideration of SB 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 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." She
noted that this is the second hearing and public testimony is
closed.
LORI WING-HEIER, Director, Division of Insurance, Department of
Commerce, Community and Economic Development (DCCED), introduced
herself.
MARTY HESTER, Deputy Director, Division of Insurance, Department
of Commerce, Community and Economic Development (DCCED),
introduced himself.
MS. WING-HEIER noted that she sent the members a copy of the
bill with color coding to indicate what has been adopted, what
has been changed to comply with drafting standards, what is
amended, and what is new in statute. She asked how the chair
would like to proceed.
CHAIR COSTELLO asked the will of the committee.
MR. HESTER clarified that there are four categories of color
coding: new, revised statutes, corrections to modernize the
model to Alaska, and corrections related to drafting
conventions.
5:37:47 PM
At ease
5:37:51 PM
CHAIR COSTELLO reconvened the meeting.
5:38:44 PM
SENATOR MEYER joined the committee.
5:38:48 PM
SENATOR GIESSEL motioned to report SB 107, labeled 20-LS0791\E,
from committee with individual recommendations and attached
fiscal note(s).
CHAIR COSTELLO announced that without objection SB 107 is
reported from the Senate Labor and Commerce Standing Committee.