Bill Summary – FastDemocracy

State of Alaska
                                                             Fiscal Note
                                                                                                Bill Version:                    SB 72
 2019 Legislative Session
                                                                                                Fiscal Note Number:              1
                                                                                                (S) Publish Date:                3/1/2019
 Identifier:       LL0953-2-DCCED-DOI-02-27-19                                   Department:        Department of Commerce, Community and
 Title:            INSURER & GROUP INSURANCE DISCLOSURE                                             Economic Development
 Sponsor:          RLS BY REQUEST OF THE GOVERNOR                                Appropriation: Insurance Operations
 Requester: Governor                                                             Allocation:        Insurance Operations
                                                                                 OMB Component Number:               354
 Expenditures/Revenues
 Note: Amounts do not include inflation unless otherwise noted below.                                                                  (Thousands of Dollars)
                                                 Included in
                                    FY2020       Governor's
                                Appropriation      FY2020                                              Out-Year Cost Estimates
                                  Requested       Request
 OPERATING EXPENDITURES               FY 2020        FY 2020       FY 2021                        FY 2022           FY 2023            FY 2024         FY 2025
 Personal Services
 Travel
 Services
 Commodities
 Capital Outlay
 Grants & Benefits
 Miscellaneous
 Total Operating                            0.0           0.0          0.0                              0.0                0.0              0.0               0.0
 Fund Source (Operating Only)
 None
 Total                                            0.0               0.0                 0.0             0.0                0.0              0.0               0.0
 Positions
 Full-time
 Part-time
 Temporary
 Change in Revenues
 None
 Total                                            0.0               0.0                 0.0             0.0                0.0              0.0               0.0
 Estimated SUPPLEMENTAL (FY2019) cost:                                     0.0                (separate supplemental appropriation required)
 Estimated CAPITAL (FY2020) cost:                                          0.0                (separate capital appropriation required)
 Does the bill create or modify a new fund or account?       No
 (Supplemental/Capital/New Fund - discuss reasons and fund source(s) in analysis section)
 ASSOCIATED REGULATIONS
 Does the bill direct, or will the bill result in, regulation changes adopted by your agency?                   Yes
 If yes, by what date are the regulations to be adopted, amended or repealed?                                   01/01/20
 Why this fiscal note differs from previous version/comments:
 Not applicable, initial version based on the Governo's FY2020 Request
 Prepared By:             Lori Wing-Heier, Director                                                                   Phone:         (907)465-2560
 Division:                Division of Insurance                                                                       Date:          02/22/2019 03:00 PM
 Approved By:             April A. Wilkerson, Administrative Services Director                                        Date:          02/27/19
 Agency:                  Office of Management and Budget
Printed 3/1/2019                                                          Page 1 of 2                                                         Control Code: PKrjk
                                                                                                                     SB 72 - Fiscal Note 1
                                                 FISCAL NOTE ANALYSIS
STATE OF ALASKA                                                                  BILL NO. 0
2019 LEGISLATIVE SESSION
Analysis
   This legislation brings the departments Division of Insurance into compliance with recently updated standards from the
   National Association of Insurance Commissioners (NAIC) in order to maintain the Divisions accreditation.
   This accreditation is necessary because the NAIC Financial Regulation Standards and Accreditation Program (Accreditation
   Program) serves as the central pillar of the United States system of state-based regulation of the business of insurance
   and defines the baseline standards deemed essential for effective solvency regulation in each state. The program fosters
   accountability and uniformity and allows regulators of multi-state insurers to rely on the domiciliary state's solvency
   regulation to avoid duplication of effort and expense. The program is particularly important to Alaska, which has few
   domestic insurers, because the division can rely on the examinations of non-domestic insurers licensed to sell in Alaska
   from other accredited states without having to perform its own examinations. Through legislative and regulatory
   enactments, and division practices and procedures, the Division of Insurance has been able to maintain its accreditation
   since 1992.
   This legislation also enhances the effectiveness of group-wide supervision of insurance companies by providing the
   Director of Insurance the authority to access books, records, and other additional information from affiliated companies
   belonging to the holding company. This bill applies to all insurers domiciled in the State of Alaska.
   The Division of Insurance does not anticipate fiscal impact from this legislation as the annual report would be
   incorporated into the existing company analysis and review procedures currently in place.
(Revised 9/05/18 OMB/LFD)                                                                                            Page 2 of 2
LL0953-2-DCCED-DOI-02-27-19                                    Page 2 of 2                                                 Control Code: PKrjk
Statutes affected: 
SB0072A, AM SB 72, introduced 03/01/2019: 21.09.330, 21.09.342, 21.09.332, 21.09.336, 21.09.334, 21.09.349, 21.09.338, 21.06.060, 21.09.340, 21.22.085, 21.22.080, 21.22.120, 21.22.110, 21.22.020, 21.22.060, 21.22.105, 21.22.177, 21.22.065, 40.25.110, 40.25.220, 21.22.115, 21.22.200, 21.22.117