Legislature(2021 - 2022)BELTZ 105 (TSBldg)
04/18/2022 01:30 PM Senate LABOR & COMMERCE
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| Audio | Topic |
|---|---|
| Start | |
| SB160 | |
| SB225 | |
| Adjourn |
* first hearing in first committee of referral
+ teleconferenced
= bill was previously heard/scheduled
+ teleconferenced
= bill was previously heard/scheduled
| + | TELECONFERENCED | ||
| += | SB 160 | TELECONFERENCED | |
| += | SB 225 | TELECONFERENCED | |
SB 160-FLOOD INSURANCE
1:33:33 PM
CHAIR COSTELLO announced the consideration of SENATE BILL NO.
160 "An Act providing a premium tax credit for flood insurance;
relating to flood insurance; relating to property insurance;
establishing the Alaska Flood Authority and the Alaska flood
insurance fund; and providing for an effective date."
[This is the second hearing and public testimony was closed
3/23/2022.]
She noted that there was a committee substitute (CS) for the
committee to consider.
1:33:45 PM
SENATOR MICCICHE moved to adopt the work draft committee
substitute (CS) for SB 160, work order 32-LS 0618\I, as the
working document.
CHAIR COSTELLO objected an explanation of the changes.
1:34:19 PM
KATIE MCCALL, Staff, Senator Mia Costello, Alaska State
Legislature, Juneau, Alaska, presented the changes between
version A and I for SB 160.
Page 1, Line 1
Removes "providing a premium tax credit for flood
insurance" from the bill title.
Page 1, Line 5
Removes the previous new subsection that allowed a
qualified insurer to obtain a premium tax credit under
AS 21.60.200(e)
Page 7, Line 14
Removes "premium tax credit" from the title of Sec.
21.60.200
Page 7, Line 22
Reduces the percentage of a member's liability in this
section from six percent to 2.7 percent of the total
direct premium.
Page 8, Line 19
Removes the subsection that allowed a member to offset
50 percent of the amount of the assessment as a
premium tax credit.
Page 8, Line 21
Reduces the amount that the legislature may
appropriate from cash reserves of the Alaska Housing
Finance Corporation to the Department of Commerce,
Community, and Economic Development to satisfy an
unpaid claim from $10,000,000 to $5,000,000.
Page 9, Line 10
Removes language allowing the insurance plan to take
effect retroactively to the date of the application.
Page 9, Line 11
Removes additional retroactive language related to
when the insurance plan goes into effect.
Page 11, Line 13
Updates the deadline to submit a suitable plan of
operation under the Transition: Plan of Operation
section from January 1, 2023, to January 1, 2024.
Page 11, Line 18
Updates the effective date of the bill from July 1,
2022, to July 1, 2023.
1:36:22 PM
CHAIR COSTELLO removed her objection. Finding no further
objection, version I was adopted.
CHAIR COSTELLO asked if there were questions.
SENATOR MICCICHE said he had not had time to read the CS, but he
didn't have any questions.
1:37:00 PM
At ease
1:40:00 PM
CHAIR COSTELLO reconvened the meeting.
1:40:05 PM
SENATOR MICCICHE said he didn't object to moving the bill from
committee because the sponsor guaranteed to work on it over the
interim. He related that he struggles with the bill
fundamentally because he is not aware of any other state that
covers flood insurance. Typically, when there is a flood the
cost can run into the billions which is why flood insurance is
cost prohibitive. He added that he wasn't ruling out supporting
a better bill sometime in the future.
1:41:05 PM
SENATOR MICCICHE moved to report the CS for SB 160, work order
32-LS 0618\I, from committee with individual recommendations and
attached fiscal note(s).
CHAIR COSTELLO found no objection and CSSB 160(L&C) was reported
from the Senate Labor and Commerce Standing Committee.
| Document Name | Date/Time | Subjects |
|---|---|---|
| SB 160 CS Work Draft ver. I.pdf |
SL&C 4/18/2022 1:30:00 PM |
SB 160 |
| SB 160 Explanation of Changes ver. I.pdf |
SL&C 4/18/2022 1:30:00 PM |
SB 160 |
| SB 160 Fiscal Note 970 - DOL.pdf |
SL&C 4/18/2022 1:30:00 PM |
SB 160 |
| SB 160 Fiscal Note 344 - DOL.pdf |
SL&C 4/18/2022 1:30:00 PM |
SB 160 |
| SB 160 Letter of Opposition - APCI.pdf |
SL&C 4/18/2022 1:30:00 PM |
SB 160 |
| SB 225 Work Draft version O.pdf |
SL&C 4/18/2022 1:30:00 PM |
SB 225 |
| SB 225 Explanation of Changes version O.pdf |
SL&C 4/18/2022 1:30:00 PM |
SB 225 |