2003 Regular Session

HOUSE BILL 551

File Code: Insurance - Other than Health Crossfiled with: SENATE BILL 601
Sponsored By:
Delegate Donoghue
Entitled:
Life Insurance - Separate Investment Accounts - Asset Holding Requirements

Synopsis:

Requiring life insurers that offer specified investment accounts to hold assets that equal or exceed specified reserve requirements; requiring that assets held for specified investment accounts be valued in accordance with specified provisions of the Insurance Article; and generally relating to asset holding requirements for separate investment accounts that provide a fixed guaranteed return that is not subject to market value adjustment.

History by Legislative Date

House Action
2/6
First Reading Health and Government Operations
2/19
Hearing 3/11 at 1:00 p.m.
3/14
Favorable Report by Health and Government Operations
3/17
Favorable Report Adopted
Second Reading Passed
3/19
Third Reading Passed (139-0)
3/30
Returned Passed
5/22
Governor vetoed - Cross-filed bill was signed
Senate Action
3/20
First Reading Finance
3/21
Hearing 3/27 at 1:00 p.m.
4/1
Favorable Report by Finance
3/30
Favorable Report Adopted
Second Reading Passed
3/31
Third Reading Passed (45-0)
Bill indexed under the following Subjects:
INSURANCE -see also- HEALTH INS; MAIF; MOTOR VEHICLE INS
INVESTMENTS -see also- SECURITIES
Bill affects the following Statute:
Insurance
( 5-512 )

Documents:

Bill Text: First Reading (PDF), Third Reading (PDF), Enrolled
Fiscal Note: Available (PDF)
Amendments: None offered
Roll Call Votes (Legislative dates are shown):
House
March 19, 2003: Third Reading Passed (139-0)
Senate
March 31, 2003: Third Reading Passed (45-0)