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CS/HB 1211: Credit for Reinsurance

GENERAL BILL by Commerce Committee ; Jones ; (CO-INTRODUCERS) Jacquet

Credit for Reinsurance; Transfers specified powers & duties of Commissioner of Insurance Regulation to OIR; requires credits for reinsurance to be allowed to ceding insurers; provides requirements for assuming insurers in order for such credits to be allowed; requires assuming insurers to have & maintain on ongoing basis minimum capital & surplus, or its equivalent, and, if applicable, minimum capital & surplus equivalents & central fund; requires assuming insurers to have & maintain on ongoing basis minimum solvency or capital ratio; requires assuming insurers to provide security in specified amount; authorizes ceding insurers & their representatives to seek orders requiring assuming insurers to post security for certain liabilities; authorizes office to revoke & suspend eligibility of assuming insurers under specified circumstance.

Effective Date: 1/1/2021
Last Action: 2/21/2020 House - Placed on Calendar -HJ 638
Bill Text: PDF



Bill History

Date Chamber Action
1/9/2020 House • Filed
1/14/2020 House • Introduced -HJ 108
1/17/2020 House • Referred to Insurance and Banking Subcommittee; Government Operations and Technology Appropriations Subcommittee; Commerce Committee -HJ 399
1/24/2020 House • On Committee agenda-- Insurance and Banking Subcommittee, 01/28/20, 3:30 pm, Sumner Hall
1/28/2020 House • Favorable by Insurance and Banking Subcommittee; YEAS 13 NAYS 0 -HJ 463
• Now in Government Operations and Technology Appropriations Subcommittee -HJ 463
1/31/2020 House • On Committee agenda-- Government Operations and Technology Appropriations Subcommittee, 02/04/20, 12:00 pm, Morris Hall
2/4/2020 House • Favorable by Government Operations and Technology Appropriations Subcommittee; YEAS 11 NAYS 0 -HJ 505
• Now in Commerce Committee -HJ 505
2/18/2020 House • On Committee agenda-- Commerce Committee, 02/20/20, 9:00 am, Webster Hall
2/20/2020 House • CS by- Commerce Committee; YEAS 22 NAYS 0 -HJ 629
• Pending review of CS -under Rule 7.18(c)
• CS by Commerce Committee read 1st time -HJ 626
2/21/2020 House • Placed on Calendar -HJ 638