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.