HOUSE BILL 1363

Sponsored By:

Delegates Owings and Donoghue

Entitled:

Insurance - Mutual Insurers - Formation of Business Combinations

Synopsis:

Authorizing one or more foreign mutual insurers to form a business combination with one or more domestic mutual insurers for the purpose of purchasing reinsurance or other financial services; requiring the mutual insurers to enter into a written agreement and requiring the agreement to be approved by the vote of the majority of the board of directors of each mutual insurer; and authorizing the Maryland Insurance Commissioner to adopt regulations concerning the formation of business combinations by mutual insurers.

History by Legislative Date

House Action

2/27

First Reading House Rules

3/9

Re-referred Economic Matters

Hearing 3/19 at 1:00 p.m.

3/26

Favorable with Amendments Report by Economic Matters

Favorable with Amendments Report Adopted

Second Reading Passed with Amendments

3/27

Third Reading Passed (129-0)

4/4

Return Passed

5/21

Governor vetoed - Cross-filed bill was signed

Senate Action

3/30

First Reading Finance

3/31

Hearing 4/3 at 1:00 p.m.

4/6

Favorable Report by Finance

4/7

Favorable Report Adopted

Second Reading Passed

4/8

Third Reading Passed (47-0)

Sponsored by:

Delegate George W. Owings, III, District 27B

Delegate John P. Donoghue, District 2C

Bill indexed under the following Subjects:

COMMERCE AND BUSINESS -see also- ENTERPRISE ZONES;SMALL BUS.

INSURANCE ADMINISTRATION

INSURANCE -see also- HEALTH INSURANCE; MOTOR VEHICLE INS

INTERSTATE AFFAIRS

RULES AND REGULATIONS

Bill affects the following Statute:

Insurance

( 3-123.1 )

Documents:

Bill Text: First Reading (PDF), Third Reading (PDF), Enrolled

Fiscal Note: Available (PDF)

Amendments:

House

Number: 643870/1 (PDF)     Offered on: March 26, 1998   at: 10:35 a.m.     Status: Adopted

Roll Call Votes (Legislative dates are shown):

House

March 27, 1998: Third Reading Passed (129-0)

Senate

April 8, 1998: Third Reading Passed (47-0)