05/05/2025 09:00 AM Senate FINANCE

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.