Bill Status of HB5534  102nd General Assembly


Short Description:  INS BUSINESS TRANSFER ACT

House Sponsors
Rep. Thaddeus Jones, Bob Morgan, Dan Brady, Rita Mayfield, Anthony DeLuca and Frances Ann Hurley

Senate Sponsors
(Sen. Bill Cunningham)

Last Action
DateChamber Action
  3/7/2022SenateReferred to Assignments

Statutes Amended In Order of Appearance
New Act


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".

Actions 
DateChamber Action
  1/28/2022HouseFiled with the Clerk by Rep. Thaddeus Jones
  1/31/2022HouseFirst Reading
  1/31/2022HouseReferred to Rules Committee
  2/9/2022HouseAssigned to Insurance Committee
  2/15/2022HouseDo Pass / Short Debate Insurance Committee; 016-000-000
  2/16/2022HousePlaced on Calendar 2nd Reading - Short Debate
  3/1/2022HouseAdded Co-Sponsor Rep. Bob Morgan
  3/1/2022HouseAdded Co-Sponsor Rep. Dan Brady
  3/1/2022HouseAdded Co-Sponsor Rep. Rita Mayfield
  3/1/2022HouseAdded Co-Sponsor Rep. Anthony DeLuca
  3/1/2022HouseHouse Floor Amendment No. 1 Filed with Clerk by Rep. Thaddeus Jones
  3/1/2022HouseHouse Floor Amendment No. 1 Referred to Rules Committee
  3/1/2022HouseAdded Co-Sponsor Rep. Frances Ann Hurley
  3/2/2022HouseHouse Floor Amendment No. 1 Rules Refers to Insurance Committee
  3/2/2022HouseSecond Reading - Short Debate
  3/2/2022HouseHeld on Calendar Order of Second Reading - Short Debate
  3/3/2022HouseHouse Floor Amendment No. 1 Recommends Be Adopted Insurance Committee; 017-000-000
  3/4/2022HouseHouse Floor Amendment No. 1 Adopted
  3/4/2022HousePlaced on Calendar Order of 3rd Reading - Short Debate
  3/4/2022HouseThird Reading - Short Debate - Passed 103-000-001
  3/7/2022SenateArrive in Senate
  3/7/2022SenatePlaced on Calendar Order of First Reading
  3/7/2022SenateChief Senate Sponsor Sen. Bill Cunningham
  3/7/2022SenateFirst Reading
  3/7/2022SenateReferred to Assignments