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2007 SESSION

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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.


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