Skip to main content
Colorado General AssemblyToggle Main Menu
Agency NameToggle Agency Menu

H_BUS_2016A 02/23/2016 01:34:28 PM Committee Summary

Final

STAFF SUMMARY OF MEETING



HOUSE COMMITTEE ON BUSINESS AFFAIRS AND LABOR

Date: 02/23/2016
ATTENDANCE
Time: 01:34 PM to 04:03 PM
Arndt
X
Garnett
X
Place: LSB A
Navarro
X
Nordberg
X
This Meeting was called to order by
Pabon
*
Representative Williams
Rosenthal
X
Roupe
X
This Report was prepared by
Sias
X
Luisa Altmann
Thurlow
X
Winter
X
Wist
X
Kraft-Tharp
X
Williams
X
X = Present, E = Excused, A = Absent, * = Present after roll call
Bills Addressed: Action Taken:
SB16-029

HB16-1182

SB16-014

HB16-1284
Amended, Referred to the Committee of the Whole

Amended, Referred to the Committee of the Whole

Amended, Referred to the Committee of the Whole

Amended, Referred to the Committee of the Whole





01:34 PM -- SB 16-029



Representative Lawrence and Representative Duran, co-sponsors, introduced Senate Bill 16-029. Senate Bill 14-152 enacted model legislation adopted by the National Association of Insurance Commissioners (NAIC) that increased the authority of the Commissioner of Insurance over derivative transactions and holding company systems. Senate Bill 16-029 adds authority for the commissioner to compel the production of information in a financial examination of an insurer. This bill also adds requirements for certain Colorado-domiciled insurers to assess the adequacy of their risk management by conducting NAIC's "Own Risk and Solvency Assessments" (ORSA) and to file ORSA summary reports with the commissioner. Beginning in 2017, ORSAs must be conducted no less than annually or when there are significant changes to the risk profile of an insurer or insurer group. ORSA reports are not subject to the Colorado Open Records Act and must be kept confidential. An insurer that fails to timely file its ORSA summary report is subject to a penalty of $200 for each day's delay, up to a maximum penalty of $25,000. The commissioner can reduce a penalty if the insurer demonstrates that the penalty would constitute a financial hardship. The commissioner may promulgate rules and orders in order to implement the bill.



Representative Duran discussed amendment L.003 (Attachment A).



160223 AttachA.pdf160223 AttachA.pdf









01:37 PM --
Jim Hall, American Council of Life Insurers (ACLI), testified in support of the bill. Mr. Hall provided the committee with a handout (Attachment B).



160223 AttachB.pdf160223 AttachB.pdf



01:38 PM --
Virginia Morrison Love, Pinnacol Assurance, testified in support of the bill and the proposed amendment.



01:39 PM --
David Aspinwall, Great West Financial, testified in support of the bill. Mr. Aspinwall responded to questions from the committee.



01:43 PM --
Scott Lloyd and Peg Brown, Colorado Division of Insurance, responded to questions from the committee.



01:47 PM



The bill sponsors discussed amendment L.003.

BILL: SB16-029
TIME: 01:47:57 PM
MOVED: Kraft-Tharp
MOTION: Adopt amendment L.003. The motion passed without objection.
SECONDED: Roupe
VOTE
Arndt
Garnett
Navarro
Nordberg
Pabon
Rosenthal
Roupe
Sias
Thurlow
Winter
Wist
Kraft-Tharp
Williams
YES: 0 NO: 0 EXC: 0 ABS: 0 FINAL ACTION: Pass Without Objection







01:48 PM



Representative Duran and Representative Lawrence made closing remarks on the bill.

BILL: SB16-029
TIME: 01:48:40 PM
MOVED: Kraft-Tharp
MOTION: Refer Senate Bill 16-029, as amended, to the Committee of the Whole. The motion passed on a vote of 13-0.
SECONDED: Nordberg
VOTE
Arndt
Yes
Garnett
Yes
Navarro
Yes
Nordberg
Yes
Pabon
Yes
Rosenthal
Yes
Roupe
Yes
Sias
Yes
Thurlow
Yes
Winter
Yes
Wist
Yes
Kraft-Tharp
Yes
Williams
Yes
Final YES: 13 NO: 0 EXC: 0 ABS: 0 FINAL ACTION: PASS



01:50 PM -- HB 16-1182



Representative Duran and Representative Court, co-sponsors, introduced House Bill 16-1182. The bill extends the repeal of the Commodity Metals Theft Task Force to September 1, 2025.



The sponsors discussed amendment L.001 (Attachment C) and amendment L.002 (Attachment D).



160223 AttachC.pdf160223 AttachC.pdf160223 AttachD.pdf160223 AttachD.pdf



01:55 PM --
RJ Hicks, Commodity Metals Theft Task Force and the Institute of Scrap Recycling Industries (ISRI), testified in support of the bill. Mr. Hicks also discussed the proposed amendments.



02:01 PM --
Barry Springer, Colorado Rural Electric Association, testified in support of the bill. Mr. Springer also discussed the proposed amendments. Mr. Springer responded to questions from the committee.



02:04 PM --
Allan Brown, Union Pacific Railroad, testified in support of the bill.



02:06 PM --
David Youngburg, Western Metals Recycling and ISRI, testified in support of the bill.











02:09 PM --
Peg Ackerman, County Sheriffs of Colorado, testified in support of the bill. Ms. Ackerman responded to questions from the committee.

BILL: HB16-1182
TIME: 02:12:46 PM
MOVED: Kraft-Tharp
MOTION: Adopt amendment L.001. The motion passed without objection.
SECONDED: Garnett
VOTE
Arndt
Garnett
Navarro
Nordberg
Pabon
Rosenthal
Roupe
Sias
Thurlow
Winter
Wist
Kraft-Tharp
Williams
YES: 0 NO: 0 EXC: 0 ABS: 0 FINAL ACTION: Pass Without Objection
BILL: HB16-1182
TIME: 02:13:29 PM
MOVED: Kraft-Tharp
MOTION: Adopt amendment L.002. The motion passed without objection.
SECONDED: Garnett
VOTE
Arndt
Garnett
Navarro
Nordberg
Pabon
Rosenthal
Roupe
Sias
Thurlow
Winter
Wist
Kraft-Tharp
Williams
YES: 0 NO: 0 EXC: 0 ABS: 0 FINAL ACTION: Pass Without Objection







02:14 PM



Representative Duran and Representative Court made closing remarks on the bill.

BILL: HB16-1182
TIME: 02:14:14 PM
MOVED: Kraft-Tharp
MOTION: Refer House Bill 16-1182, as amended, to the Committee of the Whole. The motion passed on a vote of 12-0.
SECONDED: Roupe
VOTE
Arndt
Yes
Garnett
Yes
Navarro
Yes
Nordberg
Yes
Pabon
Yes
Rosenthal
Yes
Roupe
Yes
Sias
Yes
Thurlow
Yes
Winter
Excused
Wist
Yes
Kraft-Tharp
Yes
Williams
Yes
Final YES: 12 NO: 0 EXC: 1 ABS: 0 FINAL ACTION: PASS



02:15 PM -- SB 16-014



Representative Williams, sponsor, introduced Senate Bill 16-014. The bill aligns state mortgage originator disclosure requirements with federal requirements by repealing select provisions of statute and replacing those with cross references to applicable federal statutes and rules, such as the federal Truth in Lending Act and the Real Estate Settlement Procedures Act of 1974. The bill also permits future rulemaking by the state Board of Mortgage Loan Originators related to compliance with other applicable statutes and regulations.



02:18 PM --
Cary Whitaker, Colorado Mortgage Lenders Association, testified in support of the bill. Mr. Whitaker discussed the proposed amendment L.002 (Attachment E).



160223 AttachE.pdf160223 AttachE.pdf



02:22 PM --
Marcia Waters, Department of Regulatory Agencies Division of Real Estate, testified in support of the bill.



02:23 PM --
Jennifer Waller, Carbon Acres Association, testified in support of the bill.













02:24 PM



Representative Williams discussed amendment L.002.

BILL: SB16-014
TIME: 02:25:04 PM
MOVED: Williams
MOTION: Adopt amendment L.002. The motion passed without objection.
SECONDED: Garnett
VOTE
Arndt
Garnett
Navarro
Nordberg
Pabon
Rosenthal
Roupe
Sias
Thurlow
Winter
Wist
Kraft-Tharp
Williams
YES: 0 NO: 0 EXC: 0 ABS: 0 FINAL ACTION: Pass Without Objection







02:25 PM



Representative Williams made closing remarks.

BILL: SB16-014
TIME: 02:25:46 PM
MOVED: Williams
MOTION: Refer Senate Bill 16-014, as amended, to the Committee of the Whole. The motion passed on a vote of 12-0.
SECONDED: Nordberg
VOTE
Arndt
Yes
Garnett
Yes
Navarro
Yes
Nordberg
Yes
Pabon
Yes
Rosenthal
Yes
Roupe
Yes
Sias
Yes
Thurlow
Yes
Winter
Excused
Wist
Yes
Kraft-Tharp
Yes
Williams
Yes
Final YES: 12 NO: 0 EXC: 1 ABS: 0 FINAL ACTION: PASS



02:27 PM



The committee took a brief recess.



02:36 PM



The committee reconvened.



02:36 PM -- HB 16-1284



Representative Nordberg and Representative Moreno, co-sponsors, introduced House Bill 16-1284. The bill requires that the Public Employees' Retirement Association (PERA) take steps to identify all companies that have economic prohibitions against Israel. A list of these companies, referred to as restricted companies, is to be compiled by January 1, 2017, and updated biannually thereafter. PERA is required to notify each restricted company of its status in writing and to remove companies that cease to have prohibitions. If a company does not cease its prohibitions within 180 days of being contacted by PERA, PERA is required to sell, redeem, divest, or withdraw (divest) its assets of all publically traded securities (direct holdings) in the restricted company within 12 months. An exemption is created if divestments result in the value of all assets falling below 99.5 percent or 50 basis points of the assumed value of the portfolio with the inclusion of restricted companies. While a company is listed as restricted, PERA is prohibited from acquiring direct holdings in it. Upon request, and at least annually, PERA is required to post information about divestments of restricted companies on its website.









The sponsors responded to questions from the committee.



02:48 PM --
Tom Hall, Colorado Green Party, testified in opposition to the bill. Mr. Hall responded to questions from the committee.



02:51 PM --
Dr. Eric Anderson, representing himself, testified in opposition to the bill.



02:54 PM --
Neal Feldman, Jewish Voice for Peace, testified in opposition to the bill.



02:57 PM --
Sophia SanMiguel, representing herself, spoke about the bill.



02:59 PM --
Jan Miller, Friends of Sabeel, testified in opposition to the bill. Ms. Miller responded to questions from the committee. Ms. Miller provided a handout to the committee (Attachment F).



160223 AttachF.pdf160223 AttachF.pdf



03:09 PM --
JoAnn Wacker-Farrand, representing herself, testified in opposition to the bill. Ms. Wacker-Farrand responded to questions from the committee.



03:13 PM --
Carla Henebry, Coloradans for Justice in Palestine, testified in opposition to the bill.



03:17 PM --
Pat Hewett, Friends of Sabeel, testified in opposition to the bill. Ms. Hewett responded to questions from the committee.



03:22 PM --
Gary Anderson, Friends of Sabeel, testified in opposition to the bill.



03:26 PM --
Richard Forer, Friends of Sabeel, testified in opposition to the bill. Mr. Forer responded to questions from the committee.



03:31 PM --
Doug Seserman, Jewish Colorado, testified in support of the bill. Mr. Seserman responded to questions from the committee.



03:37 PM --
Professor Jonathan Adelman, representing himself, testified in support of the bill. Professor Adelman responded to questions from the committee.



03:43 PM --
Rob Kaufman, Jewish Community Relations Council (JCRC), testified in support of the bill.



03:46 PM --
Ben Lusher, JCRC, testified in support of the bill.



03:49 PM --
Greg Smith, PERA, spoke to the committee about the bill. Mr. Smith responded to questions from the committee.



03:56 PM --
Eric Bar, representing himself, testified in opposition to the bill.



















03:58 PM



Representative Nordberg and Representative Moreno discussed amendment L.001 (Attachment G).



160223 AttachG.pdf160223 AttachG.pdf

BILL: HB16-1284
TIME: 03:58:37 PM
MOVED: Nordberg
MOTION: Adopt amendment L.001. The motion passed without objection.
SECONDED: Roupe
VOTE
Arndt
Garnett
Navarro
Nordberg
Pabon
Rosenthal
Roupe
Sias
Thurlow
Winter
Wist
Kraft-Tharp
Williams
YES: 0 NO: 0 EXC: 0 ABS: 0 FINAL ACTION: Pass Without Objection







04:00 PM



Representative Nordberg and Representative Moreno made closing remarks.

BILL: HB16-1284
TIME: 04:03:22 PM
MOVED: Kraft-Tharp
MOTION: Refer House Bill 16-1284, as amended, to the Committee of the Whole. The motion passed on a vote of 13-0.
SECONDED: Williams
VOTE
Arndt
Yes
Garnett
Yes
Navarro
Yes
Nordberg
Yes
Pabon
Yes
Rosenthal
Yes
Roupe
Yes
Sias
Yes
Thurlow
Yes
Winter
Yes
Wist
Yes
Kraft-Tharp
Yes
Williams
Yes
Final YES: 13 NO: 0 EXC: 0 ABS: 0 FINAL ACTION: PASS



04:03 PM



The committee adjourned.




Colorado legislature email addresses ending in @state.co.us are no longer active. Please replace @state.co.us with @coleg.gov for Colorado legislature email addresses.  Details