SENATE BILL 844

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