HOUSE BILL 1318

Sponsored By:

Delegate Donoghue

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

House Action

2/19

First Reading Economic Matters

2/18

Hearing 3/4 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 (138-0)

3/30

Returned Passed

4/29

Signed by the Governor Chapter 293

Senate Action

3/17

First Reading Finance

3/18

Hearing 3/25 at 1:00 p.m.

3/31

Favorable Report by Finance

Favorable Report Adopted

Second Reading Passed

4/2

Third Reading Passed (46-0)

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:

House

Number: 313968/1 (PDF) Offered on: MARCH 13, 1997 at: 10:27 Status: Adopted