Location: RM 271
BILL SUMMARY for SB17-191
SENATE COMMITTEE ON JUDICIARY
|Refer Senate Bill 17-191 to the Committee of the W
09:53 AM -- SB17-191
Senator Gardner, chair, called the committee to order. Senator Tate, prime sponsor, presented Senate Bill 17-191, concerning market-based rates for interest on judgments. Senator Tate explained the bill and responded to questions concerning the purpose of market-based interest.
09:59 AM -- Mr. Stuart Jorgensen, representing State Farm, testified in support of the bill. He discussed personal experiences concerning auto-insurance rates.
10:03 AM -- Mr. Mark Hillman, representing the Colorado Civil Justice League, and Jeff Reubel, representing the Colorado Defense Lawyers Association, testified in support of the bill. Mr. Hillman discussed setting interest rates on judgments.
10:06 AM -- Mr. Reubel explained the effect of only using market-based interest rates to determine interest on judgments, and responded to an earlier question concerning case law relating to the purpose of market-based interest. He responded to a question concerning the effect of using certain interest rates on litigation and settlements.
10:10 AM -- Mr. Brett Holland, representing himself, Mr. Kevin Ross, representing the National Association of Insurance and Financial Advisors, Mr. Eric Weedin, representing Professional Independent Insurance Agents of Colorado, and Mr. Gary Dyer, representing himself, came to the table as a panel to support the bill. Mr. Weedin discussed the impact of uninsured motorists. Mr. Ross discussed insurance rates. Mr. Dyer discussed insurance rates and their effect on his clients. Mr. Holland explained the effect of insurance rates on his agency. Senator Fields commented an issues related to receiving compensation from insurance companies; Mr. Weedin responded. Mr. Ross and Mr. Weedin responded to questions concerning insurance rate increases.
10:23 AM -- Mr. Nick Colglazier, representing C3, testified in support of the bill. He discussed his reasons for supporting the bill, and related efforts in other states.
10:25 AM -- Mr. Saul Sarney, representing the Colorado Trial Lawyers Association, testified in opposition to the bill. He discussed working on cases with which insurance companies are involved. He explained financial hardship suffered by those who may be injured by another, and spoke on the benefits of using certain interest rates.
10:29 AM -- Ms. Christina Habas, representing herself and the Colorado Trial Lawyers Association, testified in opposition to the bill. Ms. Habas discussed case law concerning interest rates on judgments. She explained her reasons for opposing he bill. Ms. Habas responded to a question concerning delayed reimbursement to parties under the bill.
Senator Tate provided closing remarks on the bill.
|Refer Senate Bill 17-191 to the Committee of the Whole. The motion passed on a vote of 3-2.
Final YES: 3 NO: 2 EXC: 0 ABS: 0 FINAL ACTION: PASS