Legislature(2025 - 2026)BELTZ 105 (TSBldg)
03/26/2025 01:30 PM Senate LABOR & COMMERCE
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| Audio | Topic |
|---|---|
| Start | |
| SB132 | |
| SB133 | |
| Adjourn |
* first hearing in first committee of referral
+ teleconferenced
= bill was previously heard/scheduled
+ teleconferenced
= bill was previously heard/scheduled
| += | SB 132 | TELECONFERENCED | |
| += | SB 133 | TELECONFERENCED | |
SB 132-OMNIBUS INSURANCE BILL
1:37:17 PM
CHAIR BJORKMAN announced the consideration of SENATE BILL NO.
132 "An Act relating to insurance; and providing for an
effective date."
1:37:57 PM
KONRAD JACKSON, Staff, Senator Jesse Bjorkman, Alaska State
Legislature, Juneau, Alaska, presented a brief recap of [SB 132]
on behalf of the Senate Labor and Commerce Standing Committee,
Senator Bjorkman, Chair. He stated that SB 132 is the omnibus
insurance bill that updates Alaska's insurance laws, in AS 21.
He said SB 132 aligns state statutes with Alaska National
Insurance Company (NAIC) standards, updates terminology, and
refreshes references to federal laws to keep pace with changes
in the insurance industry.
1:39:05 PM
CHAIR BJORKMAN opened public testimony on SB 132.
1:39:41 PM
CHRISTIAN RATAJ, Senior Regional Vice President, National
Association of Mutual Insurance Companies (NAMIC), Indianapolis,
Indiana, testified with concerns on SB 132. He stated that SB
132 provisions on labor depreciation are unnecessary and is not
what's best for the consumer. Currently, Alaskans can choose
between two types of insurance: actual cash value policies
(which consider depreciation and cost less) and replacement cost
policies (which cover full repairs). He said critics argue SB
132 would remove consumer choice by limiting access to the
lower-cost option, even though most states allow both. He
questioned why the law should be changed when the current system
already gives consumers flexibility based on their financial
needs.
1:42:45 PM
LYNNE SEVILLE, Vice President, IMA Insurance Brokerage,
Anchorage, Alaska, testified in support of SB 132, Section 40,
AS 21.36.475(b). She explained that a small language fix is
needed to restore the use of Controlled Insurance Programs
(CIPs) in Alaska. CIPs are widely used in the lower 48 to manage
risk and reduce costs on large or hard-to-insure construction
projects. Alaska had successfully used them in the past, but
unclear legal language recently blocked their use. She suggested
the committee adds an amendment to SB 132 to lower the current
$50 million project threshold so CIPs may be used for smaller
but still costly projects, like condominiums, which are becoming
harder and more expensive to insure.
1:46:13 PM
At ease.
1:47:41 PM
CHAIR BJORKMAN reconvened the meeting.
1:47:58 PM
CHAIR BJORKMAN held SB 133 in committee.