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Minutes for SB290 - Committee on Insurance
Short Title
Updating how the securities commissioner may be appointed and removed.
Minutes Content for Mon, Mar 16, 2020
The Chairperson opened the hearing on SB 290. Assistant Revisor of Statutes, Eileen Ma, provided an overview of the bill (Attachment 10).
Lee Modesitt testified in support of the bill. He said the bill made two changes to the current law. First, it clarified the options the Insurance Commissioner had with regard to nomination, appointment and retention of the Securities Commissioner. This brought it in line with others where the appointment was made, the Senate confirmed and the person served at the pleasure of the appointing authority. Second, it set out the reasons a Securities Commissioner could be dismissed (Attachment 11).
Questions were asked by the members including what prompted the change.
There being no other questions or conferees, Chairperson Vickrey closed the hearing on SB 290.
