SENATE BILL 251

Sponsored By:

Senators Kelley and Gladden

Entitled:

Insurance - Loans and Advances Made to Stock Insurers and Mutual Insurers

Synopsis:

Repealing a specified limitation on the interest allowed on a specified loan or advance made to a stock insurer; requiring that the instrument evidencing a specified loan or advance be approved in a specified manner by the Maryland Insurance Commissioner; providing that a specified loan or advance and any interest on it made to a mutual insurer is payable only out of the surplus remaining after the mutual insurer provides for all reserves and other liabilities; etc.

History by Legislative Date

Senate Action

1/25

First Reading Finance

Hearing 1/31 at 1:30 p.m.

2/10

Favorable with Amendments Report by Finance

Favorable with Amendments Report Adopted

Second Reading Passed with Amendments

2/14

Third Reading Passed (43-0)

4/3

Returned Passed

House Action

2/15

First Reading Economic Matters

3/14

Hearing 3/22 at 1:00 p.m.

4/5

Favorable Report by Economic Matters

4/1

Favorable Report Adopted

Second Reading Passed

4/2

Third Reading Passed (135-0)

Action after passage in Senate and House

5/26

Became Law without Governor's signature per Maryland Constitution - Chapter 514

Sponsored by:

Senator Delores G. Kelley, District 10

Senator Lisa A. Gladden, District 41

Bill indexed under the following Subjects:

INSURANCE ADMINISTRATION

INSURANCE -see also- HEALTH INS; MAIF; MOTOR VEHICLE INS

INTEREST

LOANS -see also- MORTGAGES

SECURITIES

Bill affects the following Statute:

Insurance

( 3-116 )

Documents:

Bill Text (Displayed in PDF Format): First Reading, Third Reading, Enrolled

Fiscal Note (Displayed in PDF Format): Available

Amendments (Displayed in WordPerfect 8 Format):

Senate

Number: 307073/01 (PDF)     Offered on: February 10, 2006   at: 11:31 a.m.     Status: Adopted

Roll Call Votes (Legislative dates are shown):

Senate

February 14, 2006: Third Reading Passed (43-0)

House

April 2, 2006: Third Reading Passed (135-0)