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Legislature Passes SB 132 to Update Alaska Insurance Laws and Strengthen Consumer Protections
JUNEAU, AK - Today, Senate Bill 132, sponsored by Senator Jesse Bjorkman, R-Nikiski, through the Senate Labor and Commerce Committee that he chairs, passed the Alaska House of Representatives unanimously. The omnibus bill makes a number of updates and improvements to the laws that regulate the insurance industry in Alaska.
“The insurance industry is continually changing, and at times those changes require updates to Alaska’s statutes,” said Senator Jesse Bjorkman. “SB 132 improves consumer protections, simplifies the computation of certain premium taxes, broadens the type of health care insurance plans that may be offered to an employer and addresses financial reporting of insurers.”
SB 132 makes it possible for construction companies to self-insure multi-dwelling projects – reducing barriers to build. Also, SB 132 gives the Division of Insurance authority to regulate extended warranties for cars and aircraft insurance rates – protecting consumers.
The technical changes to Title 21 update current statutes and make minor revisions to address the changes necessary in the industry today. The bill also corrects a few problematic errors from previous insurance bills and improves the requirement for being licensed in Alaska.
SB 132 will not require any additional staffing for the Division of Insurance, and the change in the premium tax in the bill is estimated to contribute an additional $110,000 to the general fund.
The bill previously passed the Senate with a vote of 19 - 0 and now goes to the Governor for his consideration.
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