View Bill Status
View Bill Text
SJM106......................................by COMMERCE AND HUMAN RESOURCES INSURANCE - Stating findings of the Legislature and stating that the Legislature is committed to maintaining the states as the sole regulators of the business of insurance and that the Legislature will oppose any proposed federal law that undermines this state authority. 02/11 Senate intro - 1st rdg - to printing 02/12 Rpt prt - to 10th Ord 02/13 10th Ord - ADOPTED - voice vote Floor Sponsor - Goedde Title apvd - to House 02/16 House intro - 1st rdg - to Bus 02/20 Rpt out - rec d/p - to 2nd rdg 02/23 2nd rdg - to 3rd rdg 02/25 3rd rdg - ADOPTED - voice vote Floor Sponsor - Deal Title apvd - to Senate 02/26 To enrol 02/27 Rpt enrol - Pres signed 03/01 Sp signed 03/02 To Secretary of State
]]]] LEGISLATURE OF THE STATE OF IDAHO ]]]] Fifty-seventh Legislature Second Regular Session - 2004 IN THE SENATE SENATE JOINT MEMORIAL NO. 106 BY COMMERCE AND HUMAN RESOURCES COMMITTEE 1 A JOINT MEMORIAL 2 TO THE PRESIDENT OF THE UNITED STATES, TO THE SENATE AND HOUSE OF REPRESENTA- 3 TIVES OF THE UNITED STATES IN CONGRESS ASSEMBLED, TO THE SECRETARY OF THE 4 TREASURY, TO THE CONGRESSIONAL DELEGATION REPRESENTING THE STATE OF IDAHO 5 IN THE CONGRESS OF THE UNITED STATES AND TO GOVERNOR KEMPTHORNE. 6 We, your Memorialists, the Senate and the House of Representatives of the 7 State of Idaho assembled in the Second Regular Session of the Fifty-seventh 8 Idaho Legislature, do hereby respectfully represent that: 9 WHEREAS, protecting consumers and ensuring the safety and soundness of 10 insurance companies operating in the United States have been the prime objec- 11 tives of state insurance regulation for over 150 years; and 12 WHEREAS, the states have the sole authority to regulate the business of 13 insurance as provided under the McCarran-Ferguson Act and as recently affirmed 14 by the Gramm-Leach-Bliley Financial Services Modernization Act of 1999; and 15 WHEREAS, state insurance regulation has been successful and effective, and 16 has continuously adapted to change in the marketplace including, but not lim- 17 ited to, the challenges of financial services modernization; and 18 WHEREAS, in responding to the Gramm-Leach-Bliley Financial Services Mod- 19 ernization Act, states already have successfully implemented reforms to meet 20 the requirements of the law including, among other things, agent licensing 21 reform and consumer financial privacy protections, and are working to develop 22 and implement further efficiencies; and 23 WHEREAS, governors, state legislators, and insurance commissioners have 24 acknowledged the need to streamline and simplify insurance regulation for the 25 21st century financial services marketplace and are enacting specific reforms 26 to address differences in state laws and rules that can present obstacles to 27 insurers, consumers' needs, and marketplace efficiencies; and 28 WHEREAS, some insurance companies and national associations representing 29 insurers and banks support federal legislation to either establish one federal 30 regulator of insurance or allow for dual federal and state insurance regula- 31 tion; and 32 WHEREAS, if enacted by Congress, these proposals will bifurcate insurance 33 regulation between the states and the federal government, undermining the 34 state system of consumer protections and financial surveillance, as well as 35 inevitably causing a loss of jobs, taxes, fees, and other vital and necessary 36 state revenues needed to effectively regulate the insurance market and provide 37 revenues to support residual market programs, such as high-risk pools. 38 NOW, THEREFORE, BE IT RESOLVED by the members of the Second Regular Ses- 39 sion of the Fifty-seventh Idaho Legislature, the Senate and the House of Rep- 40 resentatives concurring therein, that the Idaho Legislature is committed to 41 maintaining the states as the sole regulators of the business of insurance, 42 and continue to support state efforts to streamline, simplify and modernize 43 insurance regulation. 44 BE IT FURTHER RESOLVED that the Idaho Legislature will oppose any proposed 2 1 federal law that undermines this state authority, including allowing insurers 2 the ability to obtain federal charters, or ceding any authority to federal 3 agencies to regulate financial institutions involved in the business of insur- 4 ance. 5 BE IT FURTHER RESOLVED that the Secretary of the Senate be, and she is 6 hereby authorized and directed to forward a copy of this Memorial to the Pres- 7 ident of the United States, the President of the Senate and the Speaker of the 8 House of Representatives of Congress, the Secretary of the Treasury, the con- 9 gressional delegation representing the State of Idaho in the Congress of the 10 United States, and Governor Dirk Kempthorne as chairman of the National Gover- 11 nors Association.