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Committee reconsiders and amends bill to transfer cigarette fund balance into insurance regulatory trust fund; re‑refers to appropriations
Summary
The committee voted to reconsider House Bill 10 86 and approved an amendment directing the transfer of the reduced cigarette ignition propensity fund balance to the Insurance Regulatory Trust Fund and to raise the trust fund cap from $1,000,000 to $1,500,000; the amended bill was re‑referred to appropriations by roll call.
The Industry, Business and Labor Committee reconsidered and amended House Bill 10 86 to resolve a technical funding issue related to the reduced cigarette ignition propensity fund.
A committee member moved to reconsider prior committee action after staff identified that balances in the cigarette fund were effectively trapped and not available to the Insurance Regulatory Trust Fund as originally intended. The amendment directs the insurance commissioner to transfer any balance in the reduced cigarette ignition propensity fund to the Insurance Regulatory Trust Fund on the act’s effective date.
The amendment also raises the trust fund's carryover threshold: after implementation language and discussion with appropriators, the bill was amended so that the Office of Management and Budget would transfer any insurance regulatory trust fund balance exceeding $1,500,000 to the general fund after close of the fiscal year, rather than the prior $1,000,000 threshold.
A motion to adopt the amendment and to re‑refer the bill to the Appropriations Committee passed on a roll call. Committee members said the change is largely budget‑neutral and would remedy what several members described as an unintended bookkeeping issue created by earlier floor action.
