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Minutes for SB15 - Committee on Insurance

Short Title

Updating the effective date of risk based capital instructions.

Minutes Content for Tue, Mar 14, 2017

Chairperson Vickrey opened the hearing for SB 15.

Jason Thompson, Senior Assistant Revisor of Statutes, briefed the members on the bill  He said it updated the effective date of risk-based capital instructions, changing it from "2015" to "2016." (Attachment 1)

Clark Shultz testified in support of the bill. He said risk-based capital was a tool used to make sure insurance companies had the right amount of capital depending on the risk they take and the type of insurance sold. Every year the manual was updated in the statute so that companies had the most recent information.(Attachment 2)

Chairperson Vickrey opened the meeting for questions.

Representative Smith asked why it was not dated 2017.

Mr. Shultz replied 2016 was the most recent version.

Chairperson Vickrey asked if there were any opponents. There were none. He closed the hearing on SB 15.