HB1642 Requires the Department of Insurance to adopt regulations governing the valuation of life insurance policies.
Sponsor: Auer, Ron (59) Effective Date:00/00/0000
CoSponsor: LR Number: 4034L.01I
Last Action: COMMITTEE: INSURANCE
02/24/2000 - Executive Session Held (H)
VOTED DO PASS
HB1642
Next Hearing:Hearing not scheduled
Calendar:Bill currently not on calendar
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Available Bill Summaries for HB1642 Copyright(c)
* Committee * Introduced

Available Bill Text for HB1642
* Introduced *

BILL SUMMARIES

COMMITTEE

HB 1642 -- LIFE INSURANCE

SPONSOR:  Auer

COMMITTEE ACTION:  Voted "do pass" by the Committee on Insurance
by a vote of 16 to 1.

This bill requires the Department of Insurance to promulgate
regulations governing the valuation of life insurance policies.
The bill allows the department to adopt model legislation
prepared by the National Association of Insurance
Commissioners.  The bill has an emergency clause.

FISCAL NOTE:  No impact on state funds.

PROPONENTS:  Supporters say that this bill allows the Department
of Insurance to adopt the model valuation formula published by
the National Association of Insurance Commissioners (which is
made up of the directors and staff of the various states'
insurance departments.)  The formula will require life insurance
companies to keep more cash in reserve to cover the term life
policies they have written.  Although term life premiums may
increase, this change is necessary for these companies to remain
actuarially sound.

Testifying for the bill was Representative Auer.

OPPONENTS:  There was no opposition voiced to the committee.

Richard Smreker, Legislative Analyst


INTRODUCED

HB 1642 -- Life Insurance

Sponsor:  Auer

This bill requires the Department of Insurance to promulgate
regulations governing the valuation of life insurance policies.
The bill allows the department to adopt model legislation
prepared by the National Association of Insurance
Commissioners.  The bill has an emergency clause.


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Last Updated October 5, 2000 at 11:34 am