House Committee on Business, Labor, Economic, & Workforce Development (05/02/2014)

Final
STAFF SUMMARY OF MEETING

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

Date:	05/02/2014	ATTENDANCE

Time:	02:30 PM to 02:33 PM	Exum	X
		Hamner	X
Place:	LSB A	Holbert	E
		Navarro	E
This Meeting was called to order by		Nordberg	E
	Representative Williams	Rosenthal	X
		Ryden	E
This Report was prepared by		Szabo	E
	Erin Vanderberg	Wright	X
		Kraft-Tharp	X
		Williams	X
		X = Present, E = Excused, A = Absent, * = Present after roll call

Bills Addressed:		Action Taken:
SB14-210		Referred to the Committee of the Whole

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.