House of Representatives

SB 1196

insurance producer licensing; conforming changes

Sponsors: Senator Cirillo

 

DPA

Committee on Financial Institutions and insurance

DPA

Caucus and COW

dpa

Third Read

 

DPA

As Passed the House

X

As Transmitted to the Governor

 

SB 1196 numerous conforming changes to statute relating to insurance producers

 

History

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.  

 

Provisions

·        Contains technical and conforming changes relating to insurance procedures.

 

·        Eliminates the prohibition against the payment of bonuses, commissions or dividends to officers and employees of service corporations. 

 

·        Maintains that directors would still be prohibited from receiving bonuses.

 

 

 

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45th Legislature                    

Second Regular Session        2          April 30, 2002

 

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