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2007 SESSION
SB 1113 Surplus lines insurance; alien insurer must maintain certain amount in irrevocable trust fund.
Introduced by: Yvonne B. Miller | all patrons ... notes | add to my profiles
SUMMARY AS INTRODUCED:
Surplus lines insurance. Clarifies that an alien insurer cannot be approved as a surplus lines carrier unless it maintains at least $2.5 million in an irrevocable trust fund, in addition to capital and surplus requirements. Other provisions address the authority of the Commission to deem the capital and surplus requirements to be satisfied by an unlicensed insurer possessing less than that amount. The measure clarifies that the reporting date is March 1 unless the insurer's home state establishes a later date and makes several technical changes.
FULL TEXT
- 01/09/07 Senate: Prefiled and ordered printed; offered 01/10/07 070188158 pdf | impact statement
- 02/22/07 Senate: Bill text as passed Senate and House (SB1113ER) pdf | impact statement
- 03/14/07 Governor: Acts of Assembly Chapter text (CHAP0157) pdf
HISTORY
- 01/09/07 Senate: Prefiled and ordered printed; offered 01/10/07 070188158
- 01/09/07 Senate: Referred to Committee on Commerce and Labor
- 01/22/07 Senate: Reported from Commerce and Labor (15-Y 0-N)
- 01/24/07 Senate: Constitutional reading dispensed (40-Y 0-N)
- 01/24/07 Senate: VOTE: (40-Y 0-N)
- 01/25/07 Senate: Read second time and engrossed
- 01/26/07 Senate: Read third time and passed Senate (38-Y 0-N)
- 01/26/07 Senate: VOTE: (38-Y 0-N)
- 01/26/07 Senate: Communicated to House
- 02/06/07 House: Placed on Calendar
- 02/06/07 House: Read first time
- 02/06/07 House: Referred to Committee on Commerce and Labor
- 02/13/07 House: Reported from Commerce and Labor (20-Y 1-N)
- 02/15/07 House: Read second time
- 02/16/07 House: Read third time
- 02/16/07 House: Passed House (98-Y 0-N)
- 02/16/07 House: VOTE: PASSAGE (98-Y 0-N)
- 02/22/07 Senate: Enrolled
- 02/22/07 Senate: Bill text as passed Senate and House (SB1113ER)
- 02/23/07 House: Signed by Speaker
- 02/24/07 Senate: Signed by President
- 03/09/07 Governor: Approved by Governor-Chapter 157 (effective 7/1/07)
- 03/14/07 Governor: Acts of Assembly Chapter text (CHAP0157)