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House unanimously passes insurance accreditation bill to align with NAIC standards
Summary
Senate Bill 23, intended to bring the state insurance department into compliance with NAIC accreditation standards due by 1994, passed the House 65–0; one representative noted a personal employment connection to the insurance industry.
The Utah House unanimously passed Senate Bill 23 on the floor, legislation sponsors described as intended to align the state insurance department with the National Association of Insurance Commissioners (NAIC) financial accreditation standards that must be met by 1994.
Supporters emphasized the bill improves solvency oversight of insurers and helps the department move toward full compliance with NAIC accreditation procedures and forms. Representative Hunsicker introduced the measure and called it "very straightforward" but important to head off past failures in the insurance business and to improve state regulatory oversight.
Representative Ted Lewis declared a conflict of interest on the record: "I'm employed by an insurance company that will be affected by this legislation. Client interest is noted on senate bill 23." He nonetheless expressed support for the bill’s passage based on industry work with the department and the bill’s consultative process.
Floor debate included remarks about the NAIC’s organizational status and the need for adequate, trained personnel in the insurance department—such as actuaries, examiners, or attorneys—to implement accreditation standards. After summation, the House closed debate and the clerk reported SB23 had received 65 yes votes, 0 negative votes; the bill passed and the reading and signing were entered on the journal.
The matter will proceed to the Senate as required for any further action.
