Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Insurance Regulatory Sandbox topic
No spam. Unsubscribe anytime.
Committee votes to continue insurance regulatory sandbox in HB 184
Summary
The House Standing Committee on Banking and Insurance passed House Bill 184 to extend the insurance regulatory sandbox for another term, noting the program has not yet been used and may be folded into broader statewide language later.
The House Standing Committee on Banking and Insurance voted to give House Bill 184 a favorable report, extending the insurance regulatory sandbox for insurers.
Representative Clines, sponsor of the measure, told the committee the bill is "a continuation bill, specifically to continue the existence of the insurance regulatory sandbox." He said the continuation follows the five-year model used in earlier legislation and noted the state has not yet had an insurer use the sandbox. "There hasn't been, anyone that utilized the regulatory sandbox for the insurance," Clines said.
The bill drew a brief line of questions about the time limit set in the measure. Representative Pollock asked whether the committee should put a time limit on the continuation; Representative Clines said the five-year timeline was modeled after prior law and suggested that if the sandbox remained unused another five years it might be appropriate to sunset it. Clines also noted that Representative Pratt previously sponsored a universal regulatory sandbox, but that the insurance carve-out is not included in that measure.
Committee members moved and seconded the bill (motion by Representative Lewis; second by Representative Frazier Gordon). The committee conducted a roll call and Chair Meredith announced, "House Bill 184 does pass with favorable expressions. Same on the House floor." Several members explained their votes during roll call; Representative Lockett asked to explain his vote and credited Representative Pollock's earlier question as influential.
The bill now moves to the full House for further consideration.
Votes at a glance: HB 184 — Motion: pass and report favorably to the House floor; Mover: Representative Lewis; Second: Representative Frazier Gordon; Outcome: passed by roll call (members recorded voting yes included Representative Ault, Representative Bowman, Representative Kamil, Representative Clont, Representative Duvall, Representative Frazier Gordon, Representative Gooch, Representative Grossberg, Representative Hampton, Representative Hebron, Representative Lewis, Representative Lockett, Representative Pollock, Representative Smith, Chair Meredith).
