House Insurance & Commerce Committee
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Bills discussed (1)
| Bill | Title | Sponsor | Status |
|---|---|---|---|
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HB1129
· 2 mentions in chapter, transcript
Matched: “HB1129”
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Pre-2017 bill |
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Speaker 2
0:00
Identify yourself, Representative Rice, from the committee. Thank
you, Mr. Chairman. Terry Rice, State Rep. Mr. Chairman, I have a copy that the no financial
Representative Terry Rice
Unverified
0:09
impact that's sent over, if you want that passed out. Please, please. I think that would
Representative Tommy Wren
Unverified
0:15
be beneficial to the members. If they can click
Speaker 5
0:19
on it also, then we'll get it done. Okay. Members,
Speaker 2
0:28
it is on your computer. Is there anybody that would like a paper copy?
Okay. Mr. Barnett, Representative Barnett, over 55, okay. Okay. Have
Representative Terry Rice
Unverified
0:49
the members found that? Fiscal impact.
Representative Terry Rice
Unverified
1:29
Representative Rice, you are recognized and proceed with House Bill
1129. Again, thank you, Mr. Chairman, Committee. House Bill 1129 Act to clarify the use of insurance premium taxes is pretty simple. And the request comes from smaller rural fire departments, although it can help anyone.
And let me clarify, it does not change any funding amount from 833 monies to any department. It is simply changing, excuse me, it's authorizing and clarifying the term that says insurance for buildings and utility costs can be paid out of that money. In the current law it says and other expenditures necessary for upgrading the service provided
by the department. Many of the departments feels that tells them right there that they could pay that, but it was requested from, I believe, ADEM, emergency management, requested clarification on that to make sure everything was all right. Any other changes in that, such as where it said funds to monies, the bureau did, and it says such equipment, and it was changed to equipment funded under this section.
But it simply says that insurance for buildings and utility costs are added or clarified in that. Now, I will tell you this, I had one call this morning that asked on there that they would like to look at this, and when I asked, their meeting is not until March, and their Their concern was, well, you could take 833 monies that, as it specifies in here, monies
received and spent directly on equipment training, capital improvements, and other expenditures necessary. They thought that departments spending that for their building insurance and utilities that that would take away from equipment. These small departments, which are volunteer time, like all the departments are, have to stay open, number one, and they're struggling, and this simply allows them, it's not a great deal of money, but it allows them to spend this money for those two necessary things
to keep their building open so they can do training. And with that, Mr. Chairman,
Representative Tommy Wren
Unverified
4:14
I'd be glad to take any questions. Thank you, Representative Rice. Are there any questions
from the committee? Representative Barnett, you're recognized. Just to help out some of us that need a little education here and to clarify, this original bill, which looks like it's Arkansas Code 14-284-403A, when was this bill passed?
And then clarify the use of insurance premium taxes. This comes from obviously from taxes on insurance, but which type of policies, what are we talking about here? Representative Barnett, I can't tell
you when Act 833 was passed in recent years, we talk about it regularly here, but I can't give you the – some other committee members
Speaker 18
5:05
may even know. Okay. Maybe Commissioner Bradford could help us on that as well? He might be able to do that.
Speaker 2
5:14
Mr. Bradford, if you would, come to the front of the table and recognize yourself.
Speaker 20
5:21
Thank you, Mr. Chairman. Apologize. I forgot my tie this morning. I forgot I was supposed to be over here with you guys and
Representative Tommy Wren
Unverified
5:28
ladies. Well, we will be having a bow tie day, and
Speaker 23
5:32
we will expect that you be here with your bow tie. There's a 2.5% premium embedded in all of your premiums, your auto, your homeowners, your other premiums, commercial insurance. It's about $200 million with the other fees, about $200 million a year.
Speaker 26
5:48
Okay. Revenue. Life insurance, too? Yes. Okay.
Speaker 23
5:55
Across the board. Okay. Thank you. So you'll realize it's paid at the company level. We collect it. We send it to you.
Speaker 23
6:08
of your budget is this? Our budgets were fees supported by licensure fees. It's about a little over $11 million that we operate your department on. The rest of it goes fire and police pensions and then the real fire departments
Speaker 30
6:24
and then about $100 million into GR, general revenue of that. Thank you.
Representative Tommy Wren
Unverified
6:31
Thank you, Commissioner Bradford, Representative Barnett. Do you have any other questions? Any other questions of the committee? Okay, at this time I'd like to go to the audience. Is there anyone in the audience that would like to speak for or against this bill? Seeing none, what is the pleasure of the committee? Representative Williams? There's been a motion.
Do pass. The motion before the committee, all those that support that, please support it by saying aye. Aye. Those opposed? Okay. Motion passes. Thank you, Representative Rice. You have passed your bill. Thank you, Mr. Chairman and Committee. Committee, there's no other business, so at this time I'm going to adjourn the meeting. Thanks.
Agenda
HB1129
Documents
No documents posted.
Speakers
Speaker 2
Representative Jonathan Barnett Chair
Unverified
Representative Terry Rice
Unverified
Representative Tommy Wren
Unverified
Speaker 5
Chair
Unverified
Speaker 18
Speaker 20
Speaker 23
Speaker 26
Speaker 28
Speaker 30