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2004 SESSION

• | print version

SB 355 Insurance; domestic reciprocals.

Introduced by: Charles J. Colgan | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Insurance; domestic reciprocals. Requires prior written approval of material transactions, and timely disclosure of most other transactions, between a domestic reciprocal and a related party and, when the transaction is material to the reciprocal, between any two or more of the reciprocal's related parties. The measure requires the annual filing of a related parties summary and that a reciprocal's surplus, following any dividends or distribution to any of the reciprocal's related parties, shall be reasonable in relation to the reciprocal's outstanding liabilities and adequate to its financial needs.

FULL TEXT

• 01/14/04  Senate: Presented & ordered printed, prefiled 01/14/04 040426158  pdf | impact statement
• 03/12/04  Senate: Bill text as passed Senate and House (SB355ER)  pdf | impact statement
• 03/25/04  Governor: Acts of Assembly Chapter text (CHAP0174)  pdf

HISTORY

• 01/14/04  Senate: Presented & ordered printed, prefiled 01/14/04 040426158
• 01/14/04  Senate: Referred to Committee on Commerce and Labor
• 01/26/04  Senate: Reported from Commerce and Labor (15-Y 0-N)
• 01/28/04  Senate: Constitutional reading dispensed (38-Y 0-N)
• 01/28/04  Senate: VOTE: CONST. RDG. DISPENSED R (38-Y 0-N)
• 01/29/04  Senate: Read second time and engrossed
• 01/30/04  Senate: Read third time and passed Senate (40-Y 0-N)
• 01/30/04  Senate: VOTE: PASSAGE R (40-Y 0-N)
• 01/30/04  Senate: Communicated to House
• 02/03/04  House: Placed on Calendar
• 02/03/04  House: Read first time
• 02/03/04  House: Referred to Committee on Commerce and Labor
• 02/19/04  House: Reported from Commerce and Labor (21-Y 0-N)
• 02/23/04  House: Read second time
• 02/24/04  House: Read third time
• 02/24/04  House: Passed House (97-Y 0-N)
• 02/24/04  House: VOTE: PASSAGE (97-Y 0-N)
• 03/12/04  Senate: Bill text as passed Senate and House (SB355ER)
• 03/12/04  Senate: Enrolled
• 03/12/04  Senate: Signed by President
• 03/12/04  House: Signed by Speaker
• 03/19/04  Governor: Approved by Governor-Chapter 174 (effective 7/1/04)
• 03/25/04  Governor: Acts of Assembly Chapter text (CHAP0174)