HOUSE BILL 1130

Sponsored By:

Delegate Fulton

Entitled:

Insurers - Insolvency - Priority of Claims

Synopsis:

Establishing, by class, the priority of claims against an estate of an insolvent insurer; requiring the liquidator to pay each claim in each class in full or to retain adequate funds before paying any claims of members of the next class; providing that an estate of an insolvent insurer is not liable to the members of a class when adequate funds have been retained by the liquidator and approved by the circuit court; prohibiting the establishment of subclasses within any class; prohibiting the use of equitable remedies to circumvent; etc.

Legislative History

House Action

2/6

First Reading Economic Matters

2/12

Hearing 3/5 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 (137-1)

Senate Action

3/18

First Reading Finance

3/19

Hearing 3/26 at 1:00 p.m.

4/4

Referred to interim study by Finance

Bill indexed under the following Subjects:

BANKRUPTCY

INSURANCE -see also- HEALTH INSURANCE; MOTOR VEHICLE INS

Bill affects the following Statutes:

Insurance

( 9-227 , 9-227.1 )

Documents:

Bill Text:

First Reading (PDF), Third Reading (PDF), Enrolled

Fiscal Note: Available (PDF)

Amendments:

House

Number: 583866/1 (PDF) Offered on: MARCH 13, 1997 at: 10:25 Status: Adopted