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1996 SESSION

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SB 225 Domestic insurance reciprocals.

Introduced by: Richard J. Holland | all patrons    ...    notes | add to my profiles

SUMMARY:

Insurance; domestic reciprocals. Requires a domestic reciprocal or its affiliates to obtain the prior written approval of the State Corporation Commission when making a material transaction with certain other parties when the transaction involves more than five percent of the reciprocal's admitted assets. The bill defines "material transaction" and "affiliate." Under the bill's provisions, all other material transactions involving more than 0.5 percent of the reciprocal's admitted assets between such parties must be disclosed to the SCC within 15 days after the end of the month in which the transaction occurs. The bill also requires domestic reciprocals to provide confidential audited reports of their attorney's financial position.


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