SENATE BILL 727

Sponsored By:

Senator Bromwell

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 purchasing reinsurance or other financial services under specified circumstances; 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

Senate Action

2/19

First Reading Senate Rules

2/25

Re-referred Finance

Hearing 3/17 at 1:00 p.m.

3/23

Favorable with Amendments Report by Finance

3/24

Favorable with Amendments Report Adopted

Second Reading Passed with Amendments

3/26

Third Reading Passed (47-0)

4/7

Return Passed

5/21

Signed by the Governor Chapter 648

House Action

3/26

First Reading Economic Matters

3/31

Hearing 4/2 at 1:00 p.m.

4/3

Favorable Report by Economic Matters

3/31

Favorable Report Adopted

Second Reading Passed

4/1

Third Reading Passed (136-0)

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:

Senate

Number: 717057/1 (PDF)     Offered on: March 24, 1998   at: 12:38 p.m.     Status: Adopted

Roll Call Votes (Legislative dates are shown):

Senate

March 26, 1998: Third Reading Passed (47-0)

House

April 1, 1998: Third Reading Passed (136-0)