Legislative Report
OIC
Request Legislation Modernizing Life Insurance Reserve Requirements Moves
Forward in the Senate and House
On
Wednesday, January 21 the Senate Financial Institutions & Insurance
Committee Friday, held a hearing to consider SB 5180—a measure introduced at
the request of Insurance Commissioner Mike Kreidler to adopt the NAIC updates
to the Standard Valuation and Standard Nonforfeiture laws, including a new
approach based on principle-based reserves. The American Council of Life Insurers,
Allstate, American Family Insurance, and USAA testified in support of the bill.
The OIC also spoke in favor of the bill. The committee took action and approved
a “do pass” recommendation on the bill on Friday, January 23. The bill has been
referred to the Senate Rules Committee in preparation for consideration on the
Senate floor.
A
House version of the bill (HB 1076) was approved by the House Business and
Financial Services Committee on January 20. HB 1076 has been referred to the
House General Government & Information Technology Committee for
consideration of the fiscal note on the measure that has been prepared by the
OIC. The committee has scheduled a hearing on the measure for Tuesday, February
3. This is a routine referral for review of the fiscal note, and is not
expected to significantly delay the progress of the bill. The bill has already
been placed on a list of bills to be brought to a vote.