Tennessee House of Representatives 112th House Insurance Committee, 9 Mar 2021

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From YouTube: House Insurance Subcommittee - March 9, 2021 - House Hearing Room 2

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House Insurance Subcommittee - March 9, 2021 - House Hearing Room 2

A

Good afternoon, ladies and gentlemen, I will call to order our house insurance subcommittee. It is tuesday march 9th of the year. 2021. shelley. Will you please on the microphone? Please call the roll.

B

Representative sapicci representative hicks here kumar chairman kumar, representative lafferty representative mitchell, here representative rudder, representative smith, representative terry representative thompson, chairman hawk.

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B

You have the quorum.

A

Thank you very much. We do have a quorum uh as we begin. Today's meeting again. Thank you all all of our members for the great work that you're doing this committee. I really appreciate the diligence with the with which we're convening this committee, any personal orders from any committee member before we begin seeing none we do have a calendar before us and item number one on the calendar is house bill, 660 by representative warner. A request has come from representative warner to take that bill off notice without objection house bill 660 is off notice.

A

At this moment we have item number two on the calendar, which is a bill that I will be leading the sponsorship on and in that regard I will hand the gavel over to chairman kumar.

C

Thank you chairman hawk. You recognized on house bill 767.

A

Thank you very much chairman kumar members. uh This is going to be the insurance modernization act. There is an amendment that will make a little uh clarification and technical correction uh dealing with uh some aspects of the captive insurance industry. So I would move that we uh thank you. The tracking code is 4164 on amendment number. One.

C

We have a motion and a second on adopting amendment four one, six, four, uh all those in favor, please say aye aye opposed the eyes prevail. The amendment goes on the bill. You can explain the amended bill to us chairman, hawk.

A

Thank you, mr chairman and members. Once again, this is the tennessee's insurance modern day, modernization act. This proposed legislation enacts a national association of insurance commissioners model act that is necessary for the department to avoid federal preemption and to maintain its accredited status status to the benefit of the department and our domestic insurance industry.

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Additionally, the department seeks to update our tennessee's captive insurance law to allow additional coverages and by removing regulations and practices that are unnecessary for the protection of the public.

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As you all will recall, we had some good conversations in full insurance last week about the captive insurance law and what that's doing to not only help us recruit industry to to our communities across the state of tennessee, but it's also helping some of those smaller entities in the state of tennessee, and we, the mandatory language, uh we're reducing the amount of capital that they must have on hand uh to to allow some of the small entities to to come on board in the captive insurance industry as well.

A

Additionally, it makes some uh revisions designed to make our regulatory processes more efficient. Hence the modernization aspect of it. With that explanation, mr chairman and members uh ready to answer any questions that may come before.

C

Us we have a motion of question, any objection seeing none. We are voting on house bill.

C

767, all those in favor, please say: aye aye opposed the bill. Moves on to full committee full committee. Thank.

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You thank you, chairman,.

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You chairman, kumar and committee members, um that is our calendar. Do we have any other comments or questions from any committee members.

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Thank you so much it's a great day to be an american.

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We will be adjourned.

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