Bill Status of HB5534 102nd General Assembly
Short Description: INS BUSINESS TRANSFER ACT
Rep. Thaddeus Jones, Bob Morgan, Dan Brady, Rita Mayfield, Anthony DeLuca and Frances Ann Hurley
(Sen. Bill Cunningham)
| 3/7/2022||Senate||Referred to Assignments|
Statutes Amended In Order of Appearance
Synopsis As Introduced
Creates the Insurance Business Transfer Act. Provides that notwithstanding any other provision of law, a court may issue any order, process, or judgment that is necessary or appropriate to carry out the provisions of this Act. Sets forth provisions concerning notice requirements, application procedure, application to a court for approval of a plan, approval and denial of insurance business transfer plans, and fees and costs. Provides that the Department of Insurance shall adopt rules that are consistent with the provisions and that no insurance business transfer plan shall be approved in the State unless and until such rules are adopted. Provides that the portion of the application for an insurance business transfer that would otherwise be confidential, including any documents, materials, communications, or other information submitted to the Director of Insurance in contemplation of an application, shall not lose such confidentiality. Provides that insurers consent to the jurisdiction of the Director with regard to ongoing oversight of operations, management, and solvency relating to the transferred business. Defines terms.
House Floor Amendment No. 1
In provisions concerning the independent expert's report and the approval of an insurance transfer plan, changes references from "policyholders and claimants" to "policyholders, reinsurers, and claimants", and "policyholders or claimants" to "policyholders, reinsurers, or claimants".
|Date||Chamber|| Action|| 1/28/2022||House||Filed with the Clerk by Rep. Thaddeus Jones|| 1/31/2022||House||First Reading|| 1/31/2022||House||Referred to Rules Committee|| 2/9/2022||House||Assigned to Insurance Committee|| 2/15/2022||House||Do Pass / Short Debate Insurance Committee; 016-000-000|| 2/16/2022||House||Placed on Calendar 2nd Reading - Short Debate|| 3/1/2022||House||Added Co-Sponsor Rep. Bob Morgan|| 3/1/2022||House||Added Co-Sponsor Rep. Dan Brady|| 3/1/2022||House||Added Co-Sponsor Rep. Rita Mayfield|| 3/1/2022||House||Added Co-Sponsor Rep. Anthony DeLuca|| 3/1/2022||House||House Floor Amendment No. 1 Filed with Clerk by Rep. Thaddeus Jones|| 3/1/2022||House||House Floor Amendment No. 1 Referred to Rules Committee|| 3/1/2022||House||Added Co-Sponsor Rep. Frances Ann Hurley|| 3/2/2022||House||House Floor Amendment No. 1 Rules Refers to Insurance Committee|| 3/2/2022||House||Second Reading - Short Debate|| 3/2/2022||House||Held on Calendar Order of Second Reading - Short Debate|| 3/3/2022||House||House Floor Amendment No. 1 Recommends Be Adopted Insurance Committee; 017-000-000|| 3/4/2022||House||House Floor Amendment No. 1 Adopted|| 3/4/2022||House||Placed on Calendar Order of 3rd Reading - Short Debate|| 3/4/2022||House||Third Reading - Short Debate - Passed 103-000-001|| 3/7/2022||Senate||Arrive in Senate|| 3/7/2022||Senate||Placed on Calendar Order of First Reading|| 3/7/2022||Senate||Chief Senate Sponsor Sen. Bill Cunningham|| 3/7/2022||Senate||First Reading|| 3/7/2022||Senate||Referred to Assignments|