House Committee on Business, Labor, Economic, & Workforce Development (04/24/2014)

Final
STAFF SUMMARY OF MEETING

HOUSE COMMITTEE ON BUSINESS, LABOR, ECONOMIC, & WORKFORCE DEVELOPMENT

Date:	04/24/2014	ATTENDANCE

Time:	11:54 AM to 12:31 PM	Exum	X
		Hamner	X
Place:	LSB B	Holbert	X
		Navarro	X
This Meeting was called to order by		Nordberg	X
	Representative Williams	Rosenthal	X
		Ryden	X
This Report was prepared by		Szabo	X
	Erin Vanderberg	Wright	X
		Kraft-Tharp	X
		Williams	X
		X = Present, E = Excused, A = Absent, * = Present after roll call

Bills Addressed:		Action Taken:
SB14-152 SB14-166		Referred to the Committee of the Whole Referred to Appropriations

11:54 AM -- SB 14-152

Representative Williams, chair, called the meeting to order. A quorum was present. Representative Melton presented Senate Bill 14-152, concerning the standardization of financial transaction requirements applicable to insurers. This bill enacts model legislation adopted by the National Association of Insurance Commissioners (NAIC) that increases the authority of the Commissioner of Insurance over derivative transactions and holding company systems. Provisions of the bill include:

• expanding the definitions of "derivative instrument" and "income generation;"
• imposing caps on the percentage of admitted assets that an insurance company may commit to derivative instruments for hedging transactions;
• repealing and reenacting with amendments insurance holding company laws;
• requiring prior notice of divestiture to the commissioner by a controlling person of an insurance company;
• providing for a person seeking to acquire control of an insurance company to request a single consolidated public hearing if multi-state approvals are required; and
• authorizing the commissioner to participate in one or more supervisory colleges and to review insurance company holding systems' enterprise risk and compliance with the bill's financial transaction requirements.


BILL:	SB14-152
TIME:	11:55:11 AM
MOVED:	Wright
MOTION:	Refer Senate Bill 14-152 to the Committee of the Whole. The motion passed on a vote of 11-0.
SECONDED:	Szabo
		VOTE
	Exum	Yes
	Hamner	Yes
	Holbert	Yes
	Navarro	Yes
	Nordberg	Yes
	Rosenthal	Yes
	Ryden	Yes
	Szabo	Yes
	Wright	Yes
	Kraft-Tharp	Yes
	Williams	Yes

Final YES: 11 NO: 0 EXC: 0 ABS: 0 FINAL ACTION: PASS

11:56 AM -- SB 14-166

Representative Garcia presented Senate Bill 14-166, concerning the development of mobile application software in the Colorado Office of Economic Development and International Trade (OEDIT) that users may access to identify local businesses. This bill requires OEDIT to contract for the creation of the "byCOLORADO App," mobile application software that allows a user to search for goods and services offered by businesses that are located, owned, or headquartered in, or conduct manufacturing in the state. The OEDIT may develop and protect the "byCOLORADO App" brand by registering a trademark with appropriate state or federal officials. The Local Business Application Software Fund is created for the purposes of the bill, subject to annual appropriation. The OEDIT is authorized to seek and expend donations for information technology costs, but implementation of the bill does not depend upon receipt of donations. The By Colorado App must be operational by January 1, 2015.

Representative Garcia responded to questions from the committee on the naming of the mobile application, the issues of information duplication, and the purpose of the application.

The following individuals testified on the bill:

12:07 PM -- Aaron Kennedy, representing the State of Colorado, testified in support of the bill. He stated that searches on internet devices do not currently denote if a product is from Colorado. He discussed the "By Colorado" phrase. He stated that the mobile application is one component of OEDIT's efforts to build the state's brand. He distributed a brochure on the state brand licensing program (Attachment A). He responded to questions from the committee about the provisions of the bill.

140424 AttachA.pdf

12:17 PM

Questions from the committee continued on the information technology components of the project.

12:26 PM -- Alex Schatz, representing Legislative Council Staff, responded to questions from the committee on the revised fiscal note dated April 1, 2014.

12:29 PM

Representative Garcia made closing comments.


BILL:	SB14-166
TIME:	12:30:05 PM
MOVED:	Hamner
MOTION:	Refer Senate Bill 14-166 to the Committee on Appropriations. The motion passed on a vote of 7-4.
SECONDED:	Ryden
		VOTE
	Exum	Yes
	Hamner	Yes
	Holbert	No
	Navarro	Yes
	Nordberg	No
	Rosenthal	Yes
	Ryden	Yes
	Szabo	No
	Wright	No
	Kraft-Tharp	Yes
	Williams	Yes
Final YES: 7 NO: 4 EXC: 0 ABS: 0 FINAL ACTION: PASS