SB 187 Credit life and credit accident and sickness insurance.
Walter A. Stosch | all patrons    ...    notes
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Summary as passed: (all summaries)
Credit life and credit accident and sickness insurance. Recognizes the 1980 Standard Ordinary Mortality Table as an acceptable basis for the establishment of reserves for credit life insurance policies. The actuarial method is established as the minimum standard for calculating the gross unearned premium reserve for credit accident and sickness insurance policies. Insurers are authorized to use a flexible valuation interest rate schedule. Refund formulas for credit accident and sickness insurance policies are required to be at least as favorable to the debtor as such refunds would be if based on the actuarial method. Other changes confirm that use of the Rule of 78 is not appropriate in determining reserves and refunds.

Full text:
01/09/02  Senate: Presented & ordered printed, prefiled 01/08/02 025423254  pdf | impact statement
02/21/02  Senate: Bill text as passed Senate and House (SB187ER)  pdf | impact statement
03/06/02  Governor: Acts of Assembly Chapter text (CHAP0072)  pdf

Status:
01/09/02  Senate: Presented & ordered printed, prefiled 01/08/02 025423254
01/09/02  Senate: Referred to Committee on Commerce and Labor
01/14/02  Senate: Reported from Commerce and Labor (15-Y 0-N)
01/16/02  Senate: Constitutional reading dispensed (40-Y 0-N)
01/16/02  Senate: VOTE: CONST. RDG. DISPENSED R (40-Y 0-N)
01/17/02  Senate: Read second time and engrossed
01/18/02  Senate: Read third time and passed Senate (39-Y 0-N)
01/18/02  Senate: VOTE: PASSAGE R (39-Y 0-N)
01/18/02  Senate: Communicated to House
01/28/02  House: Placed on Calendar
01/28/02  House: Read first time
01/28/02  House: Referred to Committee on Commerce and Labor
02/14/02  House: Reported from Commerce and Labor (22-Y 0-N)
02/18/02  House: Read second time
02/19/02  House: Read third time
02/19/02  House: Passed House BLOCK VOTE (100-Y 0-N)
02/19/02  House: VOTE: BLOCK VOTE PASSAGE (100-Y 0-N)
02/21/02  Senate: Bill text as passed Senate and House (SB187ER)
02/22/02  Senate: Enrolled
02/22/02  House: Signed by Speaker
02/22/02  Senate: Signed by President
03/04/02  Governor: Approved by Governor-Chapter 72 (effective 7/1/02)
03/06/02  Governor: Acts of Assembly Chapter text (CHAP0072)