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2005 SESSION

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SB 1059 Insurance Collateral Assessment Fund; created within state treasury.

Introduced by: Frank W. Wagner | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Insurance collateral deposited with State Treasurer.  Authorizes the State Treasurer to assess a fee, to be determined annually based on estimated expenses, to cover the expenses associated with the safekeeping and handling of securities or surety bonds deposited with the State Treasurer by insurance companies. The fee shall not exceed one-fourth of one percent of the par or face value of the deposited securities or surety bonds. Currently, the State Treasurer may charge a fee of not more than one-tenth of one percent of the par or face value of the deposited securities or surety bonds. The assessments will be deposited in a special, nonreverting fund to be known as the Insurance Collateral Assessment Fund.


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