1997 Regular Session

SENATE BILL 844

EMERGENCY BILL
File Code: Insurance - Liability and Miscellaneous Crossfiled with: HOUSE BILL 1318
Sponsored By:
Senator Bromwell
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

Senate Action
2/19
First Reading Senate Rules
2/21
Re-referred Finance
Hearing 3/12 at 1:00 p.m.
3/19
Favorable with Amendments Report by Finance
3/20
Favorable with Amendments Report Adopted
Second Reading Passed with Amendments
3/21
Third Reading Passed (47-0)
4/4
Returned Passed
5/22
Governor vetoed - Cross-filed bill was signed
House Action
3/21
First Reading Economic Matters
3/26
Hearing 4/1 at 1:00 p.m.
4/3
Favorable Report by Economic Matters
3/30
Favorable Report Adopted
Second Reading Passed
3/31
Third Reading Passed (134-0)
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:
Senate
Number: 337646/1 (PDF) Offered on: MARCH 20, 1997 at: 09:44 Status: Adopted