SB  15-LIFE INSURANCE POLICY PREMIUM TAX                                                                        
                                                                                                                                
1:50:18 PM                                                                                                                    
VICE  CHAIR  GIESSEL reconvened  the  hearing  and announced  the                                                               
consideration of SSSB  15. "An Act relating to the  tax on policy                                                             
year premiums for life insurance policies."                                                                                     
                                                                                                                                
1:50:52 PM                                                                                                                    
GERMAN BAQUERO, Intern,  Senator John Coghill, sponsor  of SB 15,                                                               
summarized that this legislation would  reduce the tax applied to                                                               
life insurance  premiums that exceed  $100,000 from  0.10 percent                                                               
to  0.08 percent.  This  change applies  to  premiums that  begin                                                               
after  December  31, 2015.  Responding  to  a question  from  the                                                               
Chair, he confirmed that the fiscal note is zero.                                                                               
                                                                                                                                
SENATOR STEVENS  asked if the  committee could expect to  see him                                                               
again if South Dakota lowers its rate.                                                                                          
                                                                                                                                
MR. BAQUERO replied he wasn't sure.                                                                                             
                                                                                                                                
RYNNIEVA MOSS, Staff, Senator John  Coghill, advised that it is a                                                               
policy  call  the sponsor  would  consider.  She noted  that  his                                                               
office is  working on  several bills that  will make  Alaska more                                                               
attractive to the insurance industry.                                                                                           
                                                                                                                                
SENATOR STEVENS  asked if this  change makes the tax  rates equal                                                               
in Alaska and South Dakota.                                                                                                     
                                                                                                                                
MS. MOSS  said yes;  the hope  is to  regain lost  life insurance                                                               
business and perhaps add some.                                                                                                  
                                                                                                                                
1:54:02 PM                                                                                                                    
VICE CHAIR GIESSEL found no public testimony and closed it.                                                                     
                                                                                                                                
1:54:25 PM                                                                                                                    
SENATOR  MEYER  moved  to  report   SB  15  from  committee  with                                                               
individual recommendations and attached fiscal note(s).                                                                         
                                                                                                                                
VICE  CHAIR GIESSEL  announced that  without  objection SSSB  15,                                                               
labeled  29-LS0034\W,  is  reported  from the  Senate  Labor  and                                                               
Commerce Standing Committee.