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2002 SESSION

• | print version

SB 187 Credit life and credit accident and sickness insurance.

Introduced by: Walter A. Stosch | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED: (all summaries)

Credit life and credit accident and sickness insurance. Recognizes the 1980 Standard Ordinary Mortality Table as an acceptable basis for the establishment of reserves for credit life insurance policies. The actuarial method is established as the minimum standard for calculating the gross unearned premium reserve for credit accident and sickness insurance policies. Insurers are authorized to use a flexible valuation interest rate schedule. Refund formulas for credit accident and sickness insurance policies are required to be at least as favorable to the debtor as such refunds would be if based on the actuarial method. Other changes confirm that use of the Rule of 78 is not appropriate in determining reserves and refunds.

FULL TEXT

• 01/09/02  Senate: Presented & ordered printed, prefiled 01/08/02 025423254  pdf | impact statement
• 02/21/02  Senate: Bill text as passed Senate and House (SB187ER)  pdf | impact statement
• 03/06/02  Governor: Acts of Assembly Chapter text (CHAP0072)  pdf

HISTORY

• 01/09/02  Senate: Presented & ordered printed, prefiled 01/08/02 025423254
• 01/09/02  Senate: Referred to Committee on Commerce and Labor
• 01/14/02  Senate: Reported from Commerce and Labor (15-Y 0-N)
• 01/16/02  Senate: Constitutional reading dispensed (40-Y 0-N)
• 01/16/02  Senate: VOTE: CONST. RDG. DISPENSED R (40-Y 0-N)
• 01/17/02  Senate: Read second time and engrossed
• 01/18/02  Senate: Read third time and passed Senate (39-Y 0-N)
• 01/18/02  Senate: VOTE: PASSAGE R (39-Y 0-N)
• 01/18/02  Senate: Communicated to House
• 01/28/02  House: Placed on Calendar
• 01/28/02  House: Read first time
• 01/28/02  House: Referred to Committee on Commerce and Labor
• 02/14/02  House: Reported from Commerce and Labor (22-Y 0-N)
• 02/18/02  House: Read second time
• 02/19/02  House: Read third time
• 02/19/02  House: Passed House BLOCK VOTE (100-Y 0-N)
• 02/19/02  House: VOTE: BLOCK VOTE PASSAGE (100-Y 0-N)
• 02/21/02  Senate: Bill text as passed Senate and House (SB187ER)
• 02/22/02  Senate: Enrolled
• 02/22/02  House: Signed by Speaker
• 02/22/02  Senate: Signed by President
• 03/04/02  Governor: Approved by Governor-Chapter 72 (effective 7/1/02)
• 03/06/02  Governor: Acts of Assembly Chapter text (CHAP0072)