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S.F. No. 2347 - Commerce Department Bill (First Engrossment)
 
Author: Senator James P. Metzen
 
Prepared By:
 
Date: March 27, 2014



 
Article 1 -- Licensing
 
Sections 1 and 2 establish requirements for instructors of supervisor/trainee appraiser courses offered as continuing or prelicense education.
 
Section 3 establishes requirements for supervision of a trainee real property appraiser.
 
Section 4 allows for reciprocity for real estate appraisers if the individual meets specified requirements.
 
Section 5 requires a specified course for trainee real property appraisers.
 
Sections 6 and 7 establish requirements for reporting prelicense and continuing education courses.
 
Section 8 provides that deferrals may not be granted to appraisers except for individuals returning from active military duty or individuals impacted by a state or federal declared disaster.
 
Section 9 provides that a real estate appraiser whose license has been suspended for less than two years may not be reinstated except under specified circumstances.
 
Section 10 repeals a subdivision related to reciprocity superseded by section 4 of this article.
 
Article 2 -- Petrofund
 
Section 1 modifies the definition of "tank in transport" to have a capacity greater than 250 gallons.
 
Section 2 provides that reimbursement may not be made unless the application was submitted within seven years after corrective action services were performed.
 
Section 3 modifies reimbursement associated with release from a tank in transport.
 
Article 3 -- Administrative Services
 
Section 1 corrects an ASTM reference.
 
Section 2 corrects an error in the appropriation language.
 
Article 4 -- Enforcement
 
Section 1 modifies enforcement provisions related to orders of the commissioner for suspension of a license.
 
Section 2 adds negligently making a false statement or knowingly omitting a material fact to the list of conduct allowing the commissioner to take specified actions against mortgage originators.
 
Section 3 and Sections 5 to 23 are technical changes in statutory reference to title insurers and agents.
 
Section 4 requires an insurance agent to report to the commissioner criminal prosecution of the agent within 30 days of the date the criminal prosecution begins.
 
Article 5 -- Model Holding Company Act Changes
 
This article updates the NAIC ("National Association of Insurance Commissioners") model law regulating insurance holding companies with changes recommended by the NAIC. Includes a requirement that the ultimate controlling person in an insurer's holding company system identify material risks within the system that could pose "enterprise risk" and that those risks be disclosed in Enterprise Risk Reports filed with the commissioner.
 
Article 6 -- Risk Assessment and Own Risk and Solvency Assessment Model Act
 
This article enacts the NAIC Own Risk and Solvency Assessment Model Act. In general terms, ORSA will require insurance companies to issue their own assessment of their current and future risk through an internal assessment process. Insurers will be required to analyze all reasonably foreseeable and relevant material risks that could have an impact on an insurer's ability to meet policyholder obligations.
 
 
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