Legislature(2021 - 2022)BELTZ 105 (TSBldg)

04/18/2022 01:30 PM Senate LABOR & COMMERCE

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* first hearing in first committee of referral
+ teleconferenced
= bill was previously heard/scheduled
+ Bills Previously Heard/Scheduled TELECONFERENCED
Moved CSSB 160(L&C) Out of Committee
Moved CSSB 225(L&C) Out of Committee
**Streamed live on AKL.tv**
                     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                                                               
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.                                                                    
     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