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Minutes for SB292 - Committee on Insurance
Short Title
Granting the commissioner of insurance flexibility in assessing certain excess lines coverage penalties.
Minutes Content for Mon, Mar 16, 2020
Chairperson Vickrey opened the hearing on SB 292. Assistant Revisor of Statutes, Eileen Ma, briefed the members on the bill (Attachment 12) .
Lee Modesitt testified in support of the bill. He said the bill would provide the Insurance Commissioner authority to waive the penalty for required filings and tax payments made a few days late. It also provided the flexibility to impose a smaller penalty then the currently required double penalty (Attachment 13).
There being no questions or other conferees, the Chairperson closed the hearing on SB 292.
