insurance producer
licensing; conforming changes
DPA |
Committee on Financial Institutions and insurance |
|
|
DPA |
Caucus and COW |
|
|
dpa |
Third Read |
|
|
X |
As Passed the House |
|
SB 1196 numerous conforming changes to statute relating to insurance producers
SB 1196 passed the House amended to eliminate the prohibition against the payment of bonuses, commissions or dividends to officers and employees of service corporations. Directors would still be prohibited from receiving bonuses.
Laws 2001 (Chapter 205) contained numerous conforming provisions for compliance with the Gramm-Leach-Bliley Act. In particular, states were required to adopt reciprocal or uniform agency licensing laws. Since enactment of this legislation, Legislative Council was directed to identify areas in statute that required drafting changes to conform to the new insurance procedure laws. SB 1196 makes these technical and conforming changes.