SENATE BILL REPORT
SB 5189
AS OF FEBRUARY 1, 1993
Brief Description: Changing the process for acquiring insurance holding companies.
SPONSORS: Senator Moore
SENATE COMMITTEE ON LABOR & COMMERCE
Staff: Blaine Gibson (786‑7457)
Hearing Dates: February 3, 1993
BACKGROUND:
Prior to 1983, acquisitions of domestic insurance companies could proceed unless the Insurance Commissioner disapproved them within 20 days. In 1983, the law was changed to require that the Insurance Commissioner approve the acquisition of any domestic insurance company.
SUMMARY:
The pre-1983 law is reinstated. The acquisition of a domestic insurance company may proceed unless the Insurance Commissioner disapproves it within 20 days. In making the determination the Insurance Commissioner is to be guided by the effects on competition, financial stability, insurance availability, and the financial condition, competence, and integrity of the acquirer.
Appropriation: none
Revenue: none
Fiscal Note: none requested