Date: 05/02/2014
Final
BILL SUMMARY for SB14-210
HOUSE COMMITTEE ON BUSINESS, LABOR, ECONOMIC, & WORKFORCE DEVELOPMENT
| Votes: View--> | Action Taken: |
| Refer Senate Bill 14-210 to the Committee of the W | PASS |
02:29 PM -- SB14-210
Representative Williams called the committee to order. A quorum was present. Representative Sonnenberg and Representative Kraft-Tharp presented Senate Bill 14-210, concerning the conduct of examination of insurers. Under current law, regulation of insurance by the Division of Insurance (DOI) in the Department of Regulatory Agencies (DORA) includes authority to examine the activities, operations, financial conditions, and affairs of insurance businesses. This bill requires such examinations to include:
• a preexamination conference; and
• a pre-draft conference at least 30 days prior to the filing of a draft examination report.
Conferences required by the bill must follow relevant guidelines in the National Association of Insurance Commissioners (NAIC) market conduct examiner's handbook. Conferences include the DOI and the insurer subject to examination.
The sponsors responded to questions from the committee.
The following individuals testified on the bill:
02:31 PM -- Robert Ferm, representing the American Insurance Association, testified in support of the bill. He offered to answer any questions on the bill. He stated that the bill does nothing to diminish the powers of the DOI. He stated that in most cases it is the examinee that pays for the examination.
02:32 PM
The sponsors made closing comments.
 | |
| BILL: | SB14-210 | |
| TIME: | 02:32:13 PM |
| MOVED: | Kraft-Tharp |
| MOTION: | Refer Senate Bill 14-210 to the Committee of the Whole. The motion passed on a vote of 6-0. |
| SECONDED: | Williams |
| VOTE |
| Exum | Yes |
| Hamner | Yes |
| Holbert | Excused |
| Navarro | Excused |
| Nordberg | Excused |
| Rosenthal | Yes |
| Ryden | Excused |
| Szabo | Excused |
| Wright | Yes |
| Kraft-Tharp | Yes |
| Williams | Yes |
| | |
Final YES: 6 NO: 0 EXC: 5 ABS: 0 FINAL ACTION: PASS |
02:33 PM
The committee adjourned.