Legislature(2021 - 2022)BELTZ 105 (TSBldg)
03/19/2021 01:30 PM Senate LABOR & COMMERCE
Note: the audio and video recordings are distinct records and are obtained from different sources. As such there may be key differences between the two. The audio recordings are captured by our records offices as the official record of the meeting and will have more accurate timestamps. Use the icons to switch between them.
Audio | Topic |
---|---|
Start | |
Confirmation Hearings | |
SB87 | |
SB45 | |
SB11 | |
Adjourn |
* first hearing in first committee of referral
+ teleconferenced
= bill was previously heard/scheduled
+ teleconferenced
= bill was previously heard/scheduled
+ | TELECONFERENCED | ||
+= | SB 87 | TELECONFERENCED | |
+= | SB 45 | TELECONFERENCED | |
+ | TELECONFERENCED | ||
+= | SB 11 | TELECONFERENCED | |
SB 87-REINSURANCE; CREDITS 1:50:53 PM CHAIR COSTELLO announced the consideration of SENATE BILL NO. 87, "An Act relating to credit for reinsurance; and providing for an effective date." She advised that the purpose of the second hearing of SB 87 is to have Lori Wing-Heier, Director of the Division of Insurance, go over the questions members asked when she visited their offices after the first hearing and the answers she provided in writing. 1:51:52 PM LORI WING-HEIER, Director, Division of Insurance, Department of Commerce, Community, and Economic Development, Anchorage, Alaska, stated that the two questions that arose from meeting with committee members were: 1) Q. Does the Division of Insurance monitor both the original company that insures a home and the company that covers the reinsurance to be sure there are sufficient funds to cover the insured property? A. Yes, the division monitors both. 2. Q. Are there any organizations opposed to SB 87? A. No, the division is not aware of any opposition to SB 87. CHAIR COSTELLO asked her to give a brief recap of what the bill does and what other states are doing in this area. MS. WING-HEIER stated that all states eventually will adopt a bill similar to SB 87. She said the Federal Insurance Office, which came out of the Dodd-Frank Act, entered into an agreement with the European Union and the United Kingdom about solvency standards for insurance companies. Because the federal government is not the regulator of insurance, each state is required to adopt legislation similar to this bill. The timeframe for adopting the legislation is five years and will expire in September 2022. MS. WING-HEIER related that insurance companies typically buy reinsurance behind policies they sell consumers. This limits the primary insurer's loss in the event of a large claim. For example, for a $1 million home, the primary insurer may reinsure half that amount. As the regulator, the Division of Insurance will look to see that the insurance company is carrying the $1 million on their balance sheet and has adequate capital to cover the full $1 million. The insurance company is asking to reduce the credit by $500,000 if they buy reinsurance. The agreement authorizes that provided the US, the European Union, and the UK all have agreed to the same solvency metrics. 1:54:52 PM CHAIR COSTELLO opened public testimony on SB 87; finding none, she closed public testimony on SB 87 and solicited the will of the committee. 1:55:19 PM SENATOR HOLLAND moved to report SB 87, work order 32-GS1584\A, from committee with individual recommendations and attached fiscal note(s). 1:55:37 PM CHAIR COSTELLO found no objection and SB 87 passed from the Senate Labor and Commerce Standing Committee.
Document Name | Date/Time | Subjects |
---|---|---|
SLAC GOV Appointee Richard Clampitt Board Application Redacted.pdf |
SL&C 3/19/2021 1:30:00 PM |
SLAC GOV APPOINTEE MFT RICHARD CLAMPITT |
SLAC GOV Appointee Richard Clampitt Resume Redacted.pdf |
SL&C 3/19/2021 1:30:00 PM |
SLAC GOV APPOINTEE MFT RICHARD CLAMPITT |
SLAC GOV Appointee Catherine Fritz Resume Redacted.pdf |
SL&C 3/19/2021 1:30:00 PM |
SLAC GOV APPOINTEE AELS CATHERINE FRITZ |
SLAC GOV Appointee Catherine Fritz Personal Statement.pdf |
SL&C 3/19/2021 1:30:00 PM |
SLAC GOV APPOINTEE AELS CATHERINE FRITZ |
SLAC GOV Appointee Randall Rozier Board Application Redacted.pdf |
SL&C 3/19/2021 1:30:00 PM |
SLAC GOV APPOINTEE AELS RANDALL ROZIER |
SLAC GOV Appointee Christopher Jaime Resume Redacted.pdf |
SL&C 3/19/2021 1:30:00 PM |
SLAC GOV APPOINTEE MCB CHRISTOPHER JAIME |
SLAC GOV Appointee David Koch Board Application Redacted.pdf |
SL&C 3/19/2021 1:30:00 PM |
SLAC GOV APPOINTEE ABCB DAVID KOCH |
SLAC Gov Appointee David Koch Personal Statement.pdf |
SL&C 3/19/2021 1:30:00 PM |
SLAC GOV APPOINTEE ABCB DAVID KOCH |
SLAC GOV Appointee Michael Mavencamp Board Application Redacted.pdf |
SL&C 3/19/2021 1:30:00 PM |
SLAC GOV APPOINTEE BEO MICHAEL MAVENCAMP |
SB 87 SLAC Answers to Members' Questions.pdf |
HL&C 4/12/2021 3:15:00 PM SL&C 3/19/2021 1:30:00 PM |
SB 87 |
CSSB 45 Version W.pdf |
SL&C 3/19/2021 1:30:00 PM |
SB 45 |
CSSB 45 Explanation of Changes 3.19.21.pdf |
SL&C 3/19/2021 1:30:00 PM |
SB 45 |
SB 45 Support Aaron Kusano.pdf |
SL&C 3/19/2021 1:30:00 PM |
SB 45 |
SB 45 Support Andrea Thomas.pdf |
SL&C 3/19/2021 1:30:00 PM |
SB 45 |
SB 45 Support Johna Beech.pdf |
SL&C 3/19/2021 1:30:00 PM |
SB 45 |
SB 45 Support Kristen McDonald.pdf |
SL&C 3/19/2021 1:30:00 PM |
SB 45 |
SB 45 Support Robin Minard.pdf |
SL&C 3/19/2021 1:30:00 PM |
SB 45 |