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Minutes for HB2072 - Committee on Insurance and Pensions
Short Title
Updating the version of risk-based capital instructions in effect.
Minutes Content for Wed, Jan 20, 2021
The Chairperson opened the hearing on HB2072 and asked Staff to provide an overview of the bill. (Attachment 2)
The Chairperson referred Committee members to the Fiscal Note.
Lee Modesitt testified in support of the bill, explaining that this bill proposes to amend a standard regulatory tool referred to as risk-based capital (RBC). He indicated that the amendment is a simple date change to the RBC instructions, which instruct companies how to calculate and report RBC, to the current version. Mr. Modesitt explained that implementing the RBC Instructions is a national accreditation standard. (Attachment 3)
After asking if there were any other conferees and seeing none, Chairperson Johnson closed the hearing on HB2072.
