Alaska 32nd Legislature (2021-2022) Status: In Committee 1 R cosponsors

SB 160 — An Act providing a premium tax credit for flood insurance; relating to flood insurance; relating to property insurance; establishing the Alaska Flood Authority and the Alaska flood insurance fund; and providing for an effective date.

Last action — (S) <Bill Hearing Canceled>

  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed Senate
  4. 4
    Passed House
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 32nd Legislature (2021-2022). It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there are no live odds of enactment. It would have to be reintroduced in the current session to move again.

Bill Text

What changed in the latest version

357 added · 336 removed

Plain-language change summary

The updated version of SB 160 introduces a new premium tax credit for insurers that provide flood insurance, which aims to encourage more companies to offer this type of coverage. Additionally, it clarifies that rates for insurance cannot be excessive, inadequate, or unfairly discriminatory but does not mandate that they must reflect specific guidelines, giving insurers more flexibility. These changes matter because they could lead to increased availability and affordability of flood insurance in Alaska, helping residents better protect their properties.

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32-LS0618\I CS FOR SENATE BILL NO.
32-LS0618\B SENATE BILL NO.
160(L&C) IN THE LEGISLATURE OF THE STATE OF ALASKA THIRTY-SECOND LEGISLATURE - SECOND SESSION BY THE SENATE LABOR AND COMMERCE COMMITTEE Referred:
160 IN THE LEGISLATURE OF THE STATE OF ALASKA THIRTY-SECOND LEGISLATURE - SECOND SESSION BY SENATOR STEDMAN Introduced:
Finance Sponsor(s):
1/18/22 Referred:
SENATOR STEDMAN A BILL FOR AN ACT ENTITLED "An Act relating to flood insurance;
Labor and Commerce, Finance A BILL FOR AN ACT ENTITLED "An Act providing a premium tax credit for flood insurance;
relating to flood insurance;
AS 21.09.210 is amended by adding a new subsection to read:
(q) A qualified insurer is entitled to a premium tax credit under AS 21.60.200(e).
* Sec.
2.
to a reasonable margin for underwriting profit and contingencies;
to a SB0160A -1- SB 160 New Text Underlined [DELETED TEXT BRACKETED] 32-LS0618\B reasonable margin for underwriting profit and contingencies;
to past and prospective expenses both countrywide and those SB0160B -1- CSSB 160(L&C) New Text Underlined [DELETED TEXT BRACKETED] 32-LS0618\I specially applicable to this state;
to past and prospective expenses both countrywide and those specially applicable to this state;
2.
3.
(c) In this section, (1) "dwelling" means a residential structure containing not more than four family living units;
(c) In this section, (1) "dwelling" means a residential structure containing not more than SB 160 -2- SB0160A New Text Underlined [DELETED TEXT BRACKETED] 32-LS0618\B four family living units;
(2) "flood" means a general and temporary condition of partial or complete inundation of normally dry land area from CSSB 160(L&C) -2- SB0160B New Text Underlined [DELETED TEXT BRACKETED] 32-LS0618\I (A) overflow of inland or tidal water;
(2) "flood" means a general and temporary condition of partial or complete inundation of normally dry land area from (A) overflow of inland or tidal water;
3.
4.
In approving members of the board under (a)(1) of this section, the director shall consider, among other things, whether all types of authority members are fairly represented.
In approving SB0160A -3- SB 160 New Text Underlined [DELETED TEXT BRACKETED] 32-LS0618\B members of the board under (a)(1) of this section, the director shall consider, among other things, whether all types of authority members are fairly represented.
(c) A member of the board serves for a term of three years and may be SB0160B -3- CSSB 160(L&C) New Text Underlined [DELETED TEXT BRACKETED] 32-LS0618\I reappointed to an unlimited number of terms.
(c) A member of the board serves for a term of three years and may be reappointed to an unlimited number of terms.
(4) establish administrative and accounting procedures for the operation of the authority;
(4) establish administrative and accounting procedures for the SB 160 -4- SB0160A New Text Underlined [DELETED TEXT BRACKETED] 32-LS0618\B operation of the authority;
(a) The authority shall submit to the CSSB 160(L&C) -4- SB0160B New Text Underlined [DELETED TEXT BRACKETED] 32-LS0618\I director a plan of operation to ensure the fair, reasonable, and equitable administration of the authority.
(a) The authority shall submit to the director a plan of operation to ensure the fair, reasonable, and equitable administration of the authority.
Sec.
SB0160A -5- SB 160 New Text Underlined [DELETED TEXT BRACKETED] 32-LS0618\B Sec.
The authority may not refuse coverage under a state plan SB0160B -5- CSSB 160(L&C) New Text Underlined [DELETED TEXT BRACKETED] 32-LS0618\I to a person who is eligible under AS 21.60.100 - 21.60.300, applies for coverage, and pays the required premium.
The authority may not refuse coverage under a state plan to a person who is eligible under AS 21.60.100 - 21.60.300, applies for coverage, and pays the required premium.
(b) The terms of a plan offered under AS 21.60.160 must contain (1) a requirement to give 45 days' written notice of cancellation or nonrenewal of flood insurance coverage to (A) the insured;
(b) The terms of a plan offered under AS 21.60.160 must contain (1) a requirement to give 45 days' written notice of cancellation or non-renewal of flood insurance coverage to (A) the insured;
(b) The board shall determine flood insurance premium rates by primarily considering the actual historical flood and damage data on the real and personal property proposed to be insured.
(b) The board shall determine flood insurance premium rates by primarily considering the actual historical flood and damage data on the real and personal SB 160 -6- SB0160A New Text Underlined [DELETED TEXT BRACKETED] 32-LS0618\B property proposed to be insured.
(c) The board may retain an actuary or other consultant as may be necessary to CSSB 160(L&C) -6- SB0160B New Text Underlined [DELETED TEXT BRACKETED] 32-LS0618\I determine flood insurance premium rates and to perform other assigned duties.
(c) The board may retain an actuary or other consultant as may be necessary to determine flood insurance premium rates and to perform other assigned duties.
penalties.
penalties;
premium tax credit.
(b) A member's liability under this section is an amount equal to a member's dues, as determined by the director, plus 2.7 percent of the total direct premium written during the year ending on the preceding December 31 and paid for the insurance of property located in the state after deducting from the total direct premium income applicable cancellations, returned premiums, unabsorbed portions of any deposit premium, all policy dividends, unabsorbed premiums refunded to policyholders, refunds, savings, savings coupons, and other similar returns paid or credited to policyholders with respect to their policies.
(b) A member's liability under this section is an amount equal to a member's dues, as determined by the director, plus six percent of the total direct premium written during the year ending on the preceding December 31 and paid for the insurance of property located in the state after deducting from the total direct premium income applicable cancellations, returned premiums, unabsorbed portions of any deposit premium, all policy dividends, unabsorbed premiums refunded to policyholders, refunds, savings, savings coupons, and other similar returns paid or credited to policyholders with respect to their policies.
Deductions may not be made of cash surrender value of policies.
Deductions may not be made of SB0160A -7- SB 160 New Text Underlined [DELETED TEXT BRACKETED] 32-LS0618\B cash surrender value of policies.
(c) The board shall make an annual determination of each member's liability under (b) of this section, if any, and may make an annul year end assessment if SB0160B -7- CSSB 160(L&C) New Text Underlined [DELETED TEXT BRACKETED] 32-LS0618\I necessary to operate the authority and insurance program.
(c) The board shall make an annual determination of each member's liability under (b) of this section, if any, and may make an annual fiscal year end assessment if necessary to operate the authority and insurance program.
(e) If the total amount of member liability calculated under (c) of this section is insufficient to satisfy a duly authorized claim against the insurance program under AS 21.60.100 - 21.60.300, the legislature may appropriate up to a total of $5,000,000 from cash reserves of the Alaska Housing Finance Corporation to the Department of Commerce, Community, and Economic Development to satisfy the unpaid claim.
(e) A member may offset 50 percent of the amount of the assessment under this section as a premium tax credit, reducing the premium tax payable by the member under AS 21.09.210.
The offset applies to the tax levied for the calendar year following an annual determination of each member's liability under (c) of this section.
The offset may not reduce the premium tax payable by a member to less than zero or create a premium tax credit for the member.
An unused offset may be carried over to the immediately following calendar year.
An offset made under this subsection is not subject to AS 21.09.270.
(f) If the total amount of member liability calculated under (c) of this section is insufficient to satisfy a duly authorized claim against the insurance program under SB 160 -8- SB0160A New Text Underlined [DELETED TEXT BRACKETED] 32-LS0618\B AS 21.60.100 - 21.60.300, the legislature may appropriate up to a total of $10,000,000 from cash reserves of the Alaska Housing Finance Corporation to the Department of Commerce, Community, and Economic Development to satisfy the unpaid claim.
(2) a description of the property to be insured sufficient for the CSSB 160(L&C) -8- SB0160B New Text Underlined [DELETED TEXT BRACKETED] 32-LS0618\I authority to investigate and determine its insurability;
(2) a description of the property to be insured sufficient for the authority to investigate and determine its insurability;
Insurance under a state plan takes effect immediately upon receipt of the first premium if the applicant otherwise complies with the requirements of AS 21.60.100 - 21.60.300.
(a) Insurance under a state plan takes effect immediately upon receipt of the first premium, retroactive to the date of the application, if the applicant otherwise complies with the requirements of AS 21.60.100 - 21.60.300.
(b) Insurance under a state plan is effective retroactively to the date that an insured person's previous policy terminated, if (1) the person applies for a state plan within 60 days after the previous policy terminated;
(2) the application is accepted by the authority;
and (3) the applicant pays a specified premium for the period of retroactive coverage.
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(a) The authority, under a plan approved by the director, shall communicate to persons who reside or own property in a special flood hazard area the existence of the state plan and the means of enrollment.
(a) The authority, under a SB0160A -9- SB 160 New Text Underlined [DELETED TEXT BRACKETED] 32-LS0618\B plan approved by the director, shall communicate to persons who reside or own property in a special flood hazard area the existence of the state plan and the means of enrollment.
SB0160B -9- CSSB 160(L&C) New Text Underlined [DELETED TEXT BRACKETED] 32-LS0618\I Sec.
Sec.
(c) Payment for claims under the insurance program under AS 21.60.100 - 21.60.300 is subject to appropriation.
(c) Payment for claims under the insurance program under AS 21.60.100 - SB 160 -10- SB0160A New Text Underlined [DELETED TEXT BRACKETED] 32-LS0618\B 21.60.300 is subject to appropriation.
CSSB 160(L&C) -10- SB0160B New Text Underlined [DELETED TEXT BRACKETED] 32-LS0618\I (7) "special flood hazard area" means the land in a flood plain in a community subject to a chance of flooding in any given year of one percent or greater where federally mandated purchase of flood insurance applies.
(7) "special flood hazard area" means the land in a flood plain in a community subject to a chance of flooding in any given year of one percent or greater where federally mandated purchase of flood insurance applies.
4.
5.
5.
6.
Section 1 of this Act applies to an insurance policy or contract entered into or renewed on or after the effective date of sec.
Section 2 of this Act applies to an insurance policy or contract entered into or renewed on or after the effective date of sec.
1 of this Act.
2 of this Act.
6.
7.
If the Alaska Flood Authority fails to submit a suitable plan of operation by January 1, 2024, the director of the division of insurance may adopt reasonable regulations necessary or advisable to carry out the provisions of this Act.
If the Alaska Flood Authority fails to SB0160A -11- SB 160 New Text Underlined [DELETED TEXT BRACKETED] 32-LS0618\B submit a suitable plan of operation by January 1, 2023, the director of the division of insurance may adopt reasonable regulations necessary or advisable to carry out the provisions of this Act.
7.
Section 6 of this Act takes effect immediately under AS 01.10.070(c).
* Sec.
Section 7 of this Act takes effect immediately under AS 01.10.070(c).
* Sec.
9.
7 of this Act, this Act takes effect July 1, 2023.
8 of this Act, this Act takes effect July 1, 2022.
SB0160B -11- CSSB 160(L&C) New Text Underlined [DELETED TEXT BRACKETED]
SB 160 -12- SB0160A New Text Underlined [DELETED TEXT BRACKETED]
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Action History

  1. (S) <Bill Hearing Canceled>

  2. (S) FINANCE at 09:00 AM SENATE FINANCE 532

  3. (S) REFERRED TO FINANCE

  4. (S) FN5: (LWF)

  5. (S) FN4: (LWF)

  6. (S) FN3: (CED)

  7. (S) FN2: INDETERMINATE(CED)

  8. (S) FN1: (CED/SP APPROP)

  9. (S) AM: COSTELLO, GRAY-JACKSON, MICCICHE

  10. (S) L&C RPT CS 3AM NEW TITLE

  11. (S) Minutes (SL&C)

  12. (S) Moved CSSB 160(L&C) Out of Committee

  13. (S) LABOR & COMMERCE at 01:30 PM BELTZ 105 (TSBldg)

  14. (S) Minutes (SL&C)

  15. (S) <Bill Hearing Canceled>

  16. (S) LABOR & COMMERCE at 01:30 PM BELTZ 105 (TSBldg)

  17. (S) Minutes (SL&C)

  18. (S) Heard & Held

  19. (S) LABOR & COMMERCE at 01:30 PM BELTZ 105 (TSBldg)

  20. (S) L&C, FIN

  21. (S) READ THE FIRST TIME - REFERRALS

Sponsors

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 64 not signed on

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (64)

64 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

taxation environment
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Frequently asked questions

Who sponsors SB 160?
SB 160 is sponsored by Bert Stedman (R).
What is the current status of SB 160?
This bill died with 32nd Legislature (2021-2022). It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track SB 160?
Track SB 160 free on One Click Politics — get push/email alerts when it moves.

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