Date: 04/24/2014
Final
BILL SUMMARY for SB14-152
HOUSE COMMITTEE ON BUSINESS, LABOR, ECONOMIC, & WORKFORCE DEVELOPMENT
| Votes: View--> | Action Taken: |
| Refer Senate Bill 14-152 to the Committee of the W | PASS |
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.
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| 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 |