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No significant fiscal implication to the State is anticipated.
SB 654 would amend the definition of “commercial property insurance.” This definition would include any combination of the following:
Lastly, this legislation would allow the commissioner of insurance to adopt rules that exempt or limit the review process of policy forms for certain commercial lines of insurance.
No amendments or modifications have been made to the bill in House committee.
We support SB 654 because it would make it possible for the commissioner of insurance to exempt or limit the approval process of certain commercial lines of insurance. In other words this legislation could limit government intrusion into the operations of certain insurers. This is good news for our limited government principle and free market principle.
The second chamber sponsor is Representative Workman.