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2002 SESSION
SB 199 Burial societies; surety bond requirements.
Introduced by: Yvonne B. Miller | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED:
Insurance regulation. Simplifies and clarifies the responsibilities of burial societies regarding surety bonds, and authorizes the State Corporation Commission to require certification of compliance with these bonding requirements. Other housekeeping amendments (i) make the requirement that foreign or alien fraternal benefit societies file copies of amendments to charters and bylaws optional at the Commission's request; (ii) correct reference to the Investment Company Act of 1940; (iii) delete an obsolete reference to an earnings test; and (iv) simplify filing requirements by allowing attestations to be made by an executive officer rather than by the chief executive officer.
SUMMARY AS INTRODUCED:
Insurance regulation. Simplifies and clarifies the responsibilities of burial societies regarding surety bonds, and authorizes the State Corporation Commission to require certification of compliance with these bonding requirements. Other housekeeping amendments (i) make the requirement that foreign or alien fraternal benefit societies file copies of amendments to charters and by-laws optional at the Commission's request; (ii) correct reference to the Investment Company Act of 1940; (iii) delete an obsolete reference to an earnings test; and (iv) simplify filing requirements by allowing attestations to be made by an executive officer rather than by the chief executive officer.