1997 Regular Session

HOUSE BILL 1130

File Code: Corporations and Associations
Sponsored By:
Delegate Fulton
Entitled:
Insurers - Insolvency - Priority of Claims

Synopsis:

Establishing, by class, the priority of claims against an estate of an insolvent insurer; requiring the liquidator to pay each claim in each class in full or to retain adequate funds before paying any claims of members of the next class; providing that an estate of an insolvent insurer is not liable to the members of a class when adequate funds have been retained by the liquidator and approved by the circuit court; prohibiting the establishment of subclasses within any class; prohibiting the use of equitable remedies to circumvent; etc.

Legislative History

House Action
2/6
First Reading Economic Matters
2/12
Hearing 3/5 at 1:00 p.m.
3/12
Favorable with Amendments Report by Economic Matters
3/13
Favorable with Amendments Report Adopted
Second Reading Passed with Amendments
3/17
Third Reading Passed (137-1)
Senate Action
3/18
First Reading Finance
3/19
Hearing 3/26 at 1:00 p.m.
4/4
Referred to interim study by Finance
Bill indexed under the following Subjects:
BANKRUPTCY
INSURANCE -see also- HEALTH INSURANCE; MOTOR VEHICLE INS
Bill affects the following Statutes:
Insurance
( 9-227 , 9-227.1 )

Documents:

Bill Text:
First Reading (PDF), Third Reading (PDF), Enrolled
Fiscal Note: Available (PDF)

Amendments:
House
Number: 583866/1 (PDF) Offered on: MARCH 13, 1997 at: 10:25 Status: Adopted