Chairperson Dietrich opened the hearing on HB2128. Revisor Eileen Ma gave a summary of the bill and stood for questions. (Attachment 3)

Steve Karrer of the Department of Insurance spoke as a proponent of the bill. (Attachment 4) He explained that the bill provides the Department with enhanced regulatory tools and financial oversight of insurance companies operating within the state, whether domestic or foreign. It requires the Department to maintain accreditation with the National Association of Insurance Commissioners (NAIC) and align state laws with NAIC requirements, which enables the Department to better assess solvency of insurance firms. The bill would also require the publishing of up-to-date risk-based capital instructions, provide flexibility in financial statement submission for companies selling multiple products, repeal an outdated statute, and update financial regulatory tools for assessing solvency.

There was no other testimony. Chairperson Dietrich closed the hearing on HB2128.