Bill Summary – FastDemocracy

State of Alaska
                                                        Fiscal Note
                                                                                         Bill Version:                    CSSB 134(L&C)
 2024 Legislative Session
                                                                                         Fiscal Note Number:              1
                                                                                         (S) Publish Date:                2/19/2024
 Identifier:        SB134-DCCED-INS-02-02-24                               Department:       Department of Commerce, Community and
 Title:             INS. DATA SECURITY; INFO. SECURITY                                       Economic Development
                    PRGRMS                                                 Appropriation: Insurance Operations
 Sponsor:           KAUFMAN                                                Allocation:       Insurance Operations
 Requester: (S) LABOR AND COMMERCE                                         OMB Component Number:              354
 Expenditures/Revenues
 Note: Amounts do not include inflation unless otherwise noted below.                                                           (Thousands of Dollars)
                                                 Included in
                                    FY2025       Governor's
                                Appropriation      FY2025                                       Out-Year Cost Estimates
                                  Requested       Request
 OPERATING EXPENDITURES               FY 2025        FY 2025       FY 2026                 FY 2027           FY 2028            FY 2029        FY 2030
 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 (FY2024) cost:                              0.0                (separate supplemental appropriation required)
 Estimated CAPITAL (FY2025) 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?                            07/01/25
 Why this fiscal note differs from previous version/comments:
 Initial version, not applicable.
 Prepared By:             Lori Wing-Heier, Director                                                            Phone:         (907)269-7896
 Division:                Insurance                                                                            Date:          02/02/2024
 Approved By:             Hannah Lager, Administrative Services Director                                       Date:          02/02/24
 Agency:                  Commerce, Community, and Economic Development
Printed 2/16/2024                                                  Page 1 of 2                                                         Control Code: CGalm
                                                                                                      CSSB 134(L&C) - Fiscal Note 1
                                                FISCAL NOTE ANALYSIS
STATE OF ALASKA                                                                 BILL NO. SB134
2024 LEGISLATIVE SESSION
Analysis
   Artificial intelligence, machine learning and cybersecurity hacks/events are becoming a concern in the insurance industry.
   SB134 provides risk assessment and notification requirements that insurers and large broker firms must comply with. The
   bill requires that the insurers and large broker firms adopt a corporate governance structure for response to cyber events.
   Smaller brokerage firms are exempt.
   Passage of this bill will require the division to implement regulations, including regulations that specify how companies
   must interact with the division and how security and risk plans will be documented and filed. The division will absorb any
   costs associated with the passage of this bill within current budgeted authority.
(Revised 10/31/2023 OMB/LFD)                                                                                      Page 2 of 2
SB134-DCCED-INS-02-02-24                                      Page 2 of 2                                              Control Code: CGalm
Statutes affected: 
SB0134A, AM SB 134, introduced 04/21/2023: 21.96.260, 21.96.250, 21.96.399, 21.96.270, 21.96.280, 21.27.990, 21.96.290, 21.96.310, 40.25.110, 40.25.220, 21.96.300, 21.06.120, 21.27.440
SB0134B, AM CSSB 134(L&C), introduced 02/19/2024: 21.96.260, 21.96.250, 21.96.399, 21.96.270, 21.96.280, 21.27.990, 21.96.290, 21.96.310, 40.25.110, 40.25.220, 21.96.300, 21.06.120, 21.27.440
SB0134C, AM CSSB 134(JUD), introduced 04/22/2024: 21.23.240, 21.23.399, 21.23.250, 21.23.260, 21.23.270, 21.23.280, 21.27.990, 21.23.290, 21.23.310, 40.25.110, 40.25.220, 21.23.300, 21.06.120, 21.27.440, 21.42.375