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- Subject Index: Since 1995
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1996 SESSION
SB 590 Insurance; conversion to domestic stock insurer.
Introduced by: John H. Chichester | all patrons ... notes | add to my profiles
SUMMARY:
Insurance; conversion to domestic stock insurer. Requires the State Corporation Commission to approve a plan of conversion from a domestic mutual insurer to a domestic stock insurer if, after notice and hearing, the SCC finds that (i) the terms and conditions of the plan are fair and equitable to the policyholders of the mutual insurer, (ii) the plan is subject to approval by a more than two-thirds vote by members of the mutual insurer, (iii) the plan allocates and directs that, except as provided in (iv), the entire stock ownership interests be distributed to the mutual insurer's policyholders, and (iv) in the case of a domestic mutual insurer that converted from a health services plan that was in existence prior to December 31, 1987, the conversion plan allocates and distributes to the State Treasurer, in addition to any shares of stock that the Commonwealth may be entitled to receive as a policyholder, shares of stock or cash or both with a value equal to the health services plan's surplus as of December 31, 1987, plus ten million dollars. The plan must also provide for appointment to the initial board of directors to the insurer's parent company one director from a list submitted by the Joint Rules Committee and one director from a list submitted by the Attorney General.
FULL TEXT
- 01/22/96 Senate: Presented & ordered printed w/emg clause 962348629 pdf
- 02/13/96 Senate: Committee substitute printed 964711629-S1 pdf
- 02/16/96 Senate: Printed as engrossed 964711629-ES1 pdf
- 03/09/96 Senate: Bill text as passed Senate and House (SB590ER) pdf
- 04/17/96 Governor: Acts of Assembly Chapter text (CHAP0831) pdf
AMENDMENTS
HISTORY
- 01/22/96 Senate: Presented & ordered printed w/emg clause 962348629
- 01/22/96 Senate: Referred to Committee on Commerce and Labor
- 02/05/96 Senate: Reported from C. & L. with amendments (15-Y 0-N)
- 02/05/96 Senate: Rereferred to Finance
- 02/13/96 Senate: Reported from Finance with substitute (15-Y 1-N 1-A)
- 02/13/96 Senate: Committee substitute printed 964711629-S1
- 02/14/96 Senate: Const. reading disp. (40-Y 0-N), passed by for the day
- 02/14/96 Senate: VOTE: CONST. READING DISPENSED (40-Y 0-N)
- 02/15/96 Senate: Read second time
- 02/15/96 Senate: Reading of substitute waived
- 02/15/96 Senate: Committee substitute agreed to 964711629-S1
- 02/15/96 Senate: Passed by for the day
- 02/15/96 Senate: Reconsidertion of pass by for the day (39-Y 0-N)
- 02/15/96 Senate: VOTE: RECONSIDER (39-Y 0-N)
- 02/15/96 Senate: Engrossed by Senate - comm. sub. 964711629-S1
- 02/16/96 Senate: Engrossment reconsidered by Senate (40-Y 0-N)
- 02/16/96 Senate: VOTE: RECONSIDER (40-Y 0-N)
- 02/16/96 Senate: Reading of amendment waived
- 02/16/96 Senate: Amendment by Mr. Chichester agreed to
- 02/16/96 Senate: Emergency clause deleted
- 02/16/96 Senate: Engrossed by Senate - comm. sub./amdt. 964711629-ES1
- 02/16/96 Senate: Printed as engrossed 964711629-ES1
- 02/16/96 Senate: Constitutional reading dispensed (37-Y 3-N)
- 02/16/96 Senate: VOTE: CONST. READING DISPENSED (37-Y 3-N)
- 02/16/96 Senate: Passed Senate (29-Y 11-N)
- 02/16/96 Senate: VOTE: PASSAGE (29-Y 11-N)
- 02/16/96 Senate: Rec. of passage agreed to by Senate (40-Y 0-N)
- 02/16/96 Senate: VOTE: RECONSIDER (40-Y 0-N)
- 02/16/96 Senate: Passed Senate (29-Y 10-N)
- 02/16/96 Senate: VOTE: PASSAGE (29-Y 10-N)
- 02/16/96 Senate: Communicated to House
- 02/19/96 House: Placed on Calendar
- 02/20/96 House: Read first time
- 02/20/96 House: Referred to Committee on Corporations, Insurance and Banking
- 02/20/96 House: Reported from Corp., Ins. & Banking (22-Y 0-N)
- 02/20/96 House: Referred to Committee on Appropriations
- 02/26/96 House: Reported from Appropriations (16-Y 0-N)
- 02/27/96 House: Read second time
- 02/27/96 House: Constitutional reading dispensed (96-Y 2-N)
- 02/27/96 House: VOTE: (96-Y 2-N)
- 02/27/96 House: Passed House (60-Y 35-N)
- 02/27/96 House: VOTE: PASSAGE (60-Y 35-N)
- 03/09/96 Senate: Bill text as passed Senate and House (SB590ER)
- 03/15/96 Senate: Enrolled
- 03/16/96 House: Signed by Speaker
- 03/18/96 Senate: Signed by President
- 04/08/96 Governor: Approved by Governor-Chapter 831 (effective 7/1/96)
- 04/17/96 Governor: Acts of Assembly Chapter text (CHAP0831)