Committee approves technical insurance bills on surplus-line bonds and code cross-references

The committee approved two additional bills by voice vote during the same meeting.

House Bill 261: Committee members were told the bill would remove a bond requirement imposed on nonresident surplus-line brokers by an unintended consequence of a prior surplus-line law. The sponsor explained the bond was intended to guarantee premium tax collection but that premium tax is not typically collected on out-of-state brokers except in limited circumstances; the bill removes the bond requirement for nonresident surplus-line brokers operating under reciprocal agreements with other states. The measure was seconded and approved by voice vote; no roll-call tally was recorded in the committee transcript.

House Bill 268: Committee members were told this is a technical bill that corrects a cross-reference in the code. The sponsor noted the bill had previously passed the committee and the House in an earlier session but died in the Senate on the last day. Committee members moved, seconded and approved the bill by voice vote.

Both bills passed the committee without recorded dissent and with only brief discussion recorded in the meeting transcript.