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MINUTES OF THE HOUSE BUSINESS AND LABOR
STANDING COMMITTEE
Room W010 State Capitol Complex
January 24, 2005


Members Present:    Rep. Stephen D. Clark, Chair
            Rep. Jim Dunnigan, Vice Chair            
            Rep. J. Stuart Adams
            Rep. Jackie Biskupski
            Rep. David Clark
            Rep. Carl W. Duckworth
            Rep. Craig A. Frank
            Rep. Neil A Hansen
            Rep. Todd E. Kiser
            Rep. Michael T. Morley
            Rep. Curtis Oda
            Rep. Gordon E. Snow
            Rep. Scott L. Wyatt
    
Staff Present:    Mark Steinagel, Policy Analyst            
            Linda Error, Committee Secretary

Note:        List of visitors and a copy of handouts are filed with committee minutes .


Rep. S. Clark called the meeting to order at 8:00 a.m.

Rep. Oda moved to approve the minutes of the January 20, 2005 meeting. The motion passed unanimously, with Rep. Biskupski, Rep. Duckworth, Rep. D. Clark, Rep. Frank, Rep. Morley, and Rep Wyatt absent for the vote.

H.B. 69    Federal Health Care Tax Credit Program Act (Rep. C. Oda)

Rep. Oda explained the bill

MOTION:    Rep. Adams moved to pass the bill out favorably. The motion passed unanimously, with Rep. Biskupski, Rep. D. Clark, Rep. Frank, Rep. Morley, and Rep. Wyatt absent for the vote.

MOTION:    Rep. Kiser moved to place H.B. 69 on the Consent Calendar. The motion passed unanimously, with Rep. Biskupski, Rep. D. Clark, Rep. Frank, Rep. Morley, and Rep. Wyatt absent for the vote.


H.B. 195    Insurance Law Amendments (Rep. J. Dunnigan)

Rep. Dunnigan explained the bill with the assistance of Mickey Braun, Assistant Insurance Commissioner.

MOTION:    Rep. Oda moved to pass the bill out favorably. The motion passed unanimously, with Rep. Adams, and Rep. Biskupski absent for the vote.

MOTION:    Rep. D. Clark moved to place H.B. 195 on the Consent Calendar. The motion passed unanimously, with Rep. Adams, and Rep. Biskupski absent for the vote.

H.B. 200    Property and Casualty Insurance Law Amendments (Rep. J. Dunnigan)

Rep. Dunnigan explained the bill with the assistance of Brad Tibbetts, Utah Insurance Department

MOTION:    Rep. D. Clark moved to proceed to the next item on the agenda. The motion passed unanimously, with Rep. Biskupski absent for the vote.

H.B. 201    Life Insurance and Annuities Law Amendments (Rep. J. Dunnigan)

Rep. Dunnigan explained the bill with the assistance of John Coomans, Utah Insurance Department.

Spoke to the bill:        Mike Stevens, insurance agent

Spoke for the bill:        Blake Taylor, Heritage Financial Place

Spoke against the bill:    W. Glen Weeks, retired financial consultant

MOTION:    Rep. Morley moved to amend the bill as follows:

1.    Page 1, Lines 11 through 13 :    

             11          This bill:
{  

             12          .    defines a two-tier annuity;
             13          .    exempts two-tier annuities from certain cash surrender value requirements;  
}


2.    Page 9, Lines 250 through 260 :    

             250          (b) For a contract
{   , other than a two-tier annuity as defined in Subsection

(10)(d),   } that


             251      provides cash surrender benefits [on or past the maturity date], the cash surrender value on or
             252      past the maturity date shall be equal to the amount used to determine the annuity benefit
             253      payments.
             254          (c) A surrender charge may not be imposed on or past maturity.
             255          
{   (d) As used in this Subsection (10), "two-tier annuity" means an annuity contract under

             256      which:
             257          (i) cash surrender value is an accumulation, at interest, of percentages of premiums
             258      specified in the contract; and
             259          (ii) cash surrender value cannot be derived from the amount used to determine the
             260      annuity benefit payments.  
}


SUBSTITUTE
MOTION:    Rep. Snow moved to hold the bill. After committee discussion Rep. Snow withdrew the motion.

The original motion to amend passed unanimously, with Rep. Hansen absent for the vote.

MOTION:    Rep. D. Clark moved to pass the bill out favorably. The motion passed unanimously, with Rep. Hansen absent for the vote.

H.B. 47    New Automobile Franchise Act Amendments (Rep. S. Urquhart)

This bill was not considered in this meeting.

MOTION:    Rep. Adams moved to adjourn the meeting. The motion passed unanimously, with Rep. Hansen absent for the vote.

Rep. S. Clark, adjourned the meeting at 9:50 a.m.
                            



                    
__________________________
                     Rep. Stephen D. Clark, Chair