SCS SB 241 -- INSURANCE

SPONSOR:  Rohrbach (Ward)

COMMITTEE ACTION:  Voted "do pass by consent" by the Committee
on Insurance by a vote of 12 to 0.

This substitute allows the Department of Insurance to approve a
merger of mutual insurance companies once approval is obtained
from policyholders as required by the acquiring company's bylaws.

FISCAL NOTE:  No impact on state funds.

PROPONENTS:  Supporters say that the bill applies only to the
larger of the two merging companies.  For the policyholders of
the larger company, acquiring control of the smaller company is
typically of little importance.  The bill will establish a more
practical merger process.

Testifying for the bill were Senator Rohrbach; and Missouri
Insurance Coalition.

OPPONENTS:  There was no opposition voiced to the committee.

Richard Smreker, Senior Legislative Analyst

Missouri House of Representatives
Last Updated November 26, 2001 at 11:47 am