Bill Summary for Bill Number HB12-1215

Date: 02/16/2012

Final
BILL SUMMARY for HB12-1215

HOUSE COMMITTEE ON FINANCE

Votes: View-->	Action Taken:
Moved Amendment L.002 (Attachment B). The motion p Refer House Bill 12-1215, as amended, to the Commi	Pass Without Objection PASS

09:53 AM -- House Bill 12-1215 - Concerning the Nonadmitted and Reinsurance Reform Act

Representative Gerou, prime sponsor, began by explaining that Congress passed the Nonadmitted and Reinsurance Reform Act of 2010 (NRRA), which preempts certain provisions of the Colorado Nonadmitted Insurance Act with regard to the sale of surplus lines of insurance and the collection of surplus line premium taxes. She continued by noting that House Bill 12-1215 conforms to the NRRA and allows the Division of Insurance in the Department of Regulatory Agencies (DORA) to collect all possible premium taxes on multistate insurance policies. Representative Gerou continued by saying that the bill enables the division to collect premium taxes on surplus lines insurance more than once annually. She closed by saying that House Bill 12-1215 will allow the division to recover up to $4.0 million in General Fund revenue from insurance premium taxes on multistate policies through tax sharing agreements. A letter of support for House Bill 12-1215 from DORA was distributed to the committee (Attachment A).

The following persons testified:

10:02 AM -- Mr. Raymond Akers, representing the Division of Insurance, Department of Regulatory Agencies, testified in support of the bill. Mr. Akers noted that the bill states that surplus line policies would be taxed at the correct rate.

10:06 AM -- Mr. Robert Ferm, representing the Surplus Lines Association, testified in support of the bill.


BILL:	HB12-1215
TIME:	10:12:44 AM
MOVED:	Swerdfeger
MOTION:	Moved Amendment L.002 (Attachment B). The motion passed without objection.
SECONDED:	Acree
		VOTE
	Acree
	Beezley
	Conti
	Hullinghorst
	Joshi
	Kagan
	Kefalas
	Labuda
	McCann
	Pabon
	Swalm
	Swerdfeger
	DelGrosso

YES: 0 NO: 0 EXC: 0 ABS: 0 FINAL ACTION: Pass Without Objection


BILL:	HB12-1215
TIME:	10:14:19 AM
MOVED:	Swerdfeger
MOTION:	Refer House Bill 12-1215, as amended, to the Committee on Appropriations. The motion passed on a vote of 11-0 with two members excused.
SECONDED:	Conti
		VOTE
	Acree	Yes
	Beezley	Yes
	Conti	Yes
	Hullinghorst	Yes
	Joshi	Yes
	Kagan	Yes
	Kefalas	Excused
	Labuda	Excused
	McCann	Yes
	Pabon	Yes
	Swalm	Yes
	Swerdfeger	Yes
	DelGrosso	Yes

Final YES: 11 NO: 0 EXC: 2 ABS: 0 FINAL ACTION: PASS