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A01473 Summary:

BILL NOA01473
 
SAME ASSAME AS S03671
 
SPONSORPerry
 
COSPNSRRichardson, Cook, Hyndman, Dickens, Darling, Simon
 
MLTSPNSR
 
Add §7402-a, Ins L
 
Enacts the small insurer protection act prohibiting the filing of an application for an order of rehabilitation or liquidation of a small insurer on certain grounds unless such order is based on: (i) the superintendent's adoption of a report on examination finding the company insolvent; or (ii) the annual or quarterly financial statements of the company, which show that the company's admitted assets do not exceed its liabilities and surplus to policyholders if the company does not maintain reserves in an amount determined reasonable by its independent loss reserve specialist or its appointed actuary.
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