1997 Regular Session

HOUSE BILL 1318

CHAPTER NUMBER: 293
EMERGENCY BILL
File Code: Insurance - Liability and Miscellaneous Crossfiled with: SENATE BILL 844
Sponsored By:
Delegate Donoghue
Entitled:
Insurance Regulation - Domestic Mutual Companies and Stock Companies

Synopsis:

Eliminating the maximum interest rate allowed for loans to mutual companies under specified circumstances; repealing a prohibition against a commission or promotion expense being paid in connection with a loan or advance to a stock or mutual insurer; altering a requirement that agreements involving mergers or consolidations of domestic mutual insurers be submitted to members and subject to their vote; and authorizing a domestic mutual insurance company to acquire or form a subsidiary holding company under specified circumstances.

Legislative History

House Action
2/19
First Reading Economic Matters
2/18
Hearing 3/4 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 (138-0)
3/30
Returned Passed
4/29
Signed by the Governor Chapter 293
Senate Action
3/17
First Reading Finance
3/18
Hearing 3/25 at 1:00 p.m.
3/31
Favorable Report by Finance
Favorable Report Adopted
Second Reading Passed
4/2
Third Reading Passed (46-0)
Bill indexed under the following Subjects:
INSURANCE -see also- HEALTH INSURANCE; MOTOR VEHICLE INS
INTEREST
LOANS
MERGERS
VOTING -see also- BALLOTS; ELECTIONS
Bill affects the following Statutes:
Insurance
( 3-116 , 3-123 , 7-201 )
Article - 48A Insurance Code
( 266 , 272 , 493 )

Documents:

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

Amendments:
House
Number: 313968/1 (PDF) Offered on: MARCH 13, 1997 at: 10:27 Status: Adopted