HCS HB 1198 -- INSURANCE HOLDING COMPANIES

SPONSOR:  Luetkemeyer (Richard)

COMMITTEE ACTION:  Voted "do pass by consent" by the Committee on
Financial Services by a vote of 19 to 0.

This substitute makes holding companies for property and casualty
insurers subject to the same extraordinary dividend restrictions
and requirements as holding companies for life insurers and title
insurers.

FISCAL NOTE:  No impact on state funds.

PROPONENTS:  Supporters say that the bill allows insurance
holding companies to shift their assets more easily to better
utilize their capital.  This helps the company's credit rating
making it better able to compete with insurers in other states.

Testifying for the bill were Representative Richard; Missouri
Insurance Coalition; Safety National Insurance Company; and
Independent Insurance Agents of Missouri.

OPPONENTS:  There was no opposition voiced to the committee.

Richard Smreker, Senior Legislative Analyst

Missouri House of Representatives
92nd General Assembly, 2nd Regular Session
Last Updated September 23, 2004 at 11:14 am