HB189 Alabama 2012 Session
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Bill Summary
Sponsors
Session
Regular Session 2012
Title
Insurance, domestic insurers, investments of, prohibited activities with certain exceptions, financial institutions authorized in the state in lieu of assets, except deposits for outside of state, removing or concealing assets or records, prohibited, using custodial arrangements for holding securities, prohibited, investment activities further regulated, Secs. 27-27-26, 27-27-29, 27-41-5, 27-41-27 am'd
Description
<p class="bill_description"> Under existing law, a domestic insurer may
not be pecuniarily interested in certain investment
activities, and may maintain its principal place of
business outside of this state if it maintains a
complete duplicate set of records and keeps an
office in this state managed by one or more
officers of the insurer in this state</p><p class="bill_description">
This bill would provide certain exemptions
from pecuniary interests to certain officers or
directors, or members of a committee or employees
of a domestic insurer who are charged with the duty
of investing or handling the funds of the insurer</p><p class="bill_description">
This bill would require a domestic insurer
to maintain its assets in a financial institution
conducting business in this state</p><p class="bill_description">
This bill would allow domestic insurers to
deposit assets of the insurer outside this state
for purposes of safekeeping or for the convenient
operation of the insurer</p><p class="bill_description">
This bill would allow securities of an
insurer to be segregated or commingled with
securities owned by other insurers if the
arrangement is approved by the Commissioner of the
Department of Insurance</p><p class="bill_description">
This bill would allow a domestic insurer to
invest in securities or other investments located
in countries other than the United States or
Canada</p><p class="bill_description">
This bill would limit investments or loans
relating to an insurer's admitted assets</p><p class="bill_entitled_an_act"> To amend Sections 27-27-26, 27-27-29, 27-41-5, and
27-41-27, Code of Alabama 1975, to provide certain exemptions
to certain officers or directors, members of a committee, or
employees of a domestic insurer who are charged with the duty
of handling the funds of the insurer; to require domestic
insurers to maintain its assets in financial institutions
conducting business in this state; to allow domestic insurers
to deposit assets outside this state for purposes of
safekeeping or for the convenient operation of the insurer; to
allow securities of an insurer to be segregated or commingled
with securities owned by other insurers if the arrangement is
approved by the Commissioner of the Department of Insurance;
to allow a domestic insurer to invest in securities or other
investments located in countries other than the United States
or Canada; and to limit investments or loans relating to an
insurer's admitted assets.
</p>
Subjects
Insurance
Bill Actions
| Action Date | Chamber | Action |
|---|---|---|
| April 17, 2012 | Pending third reading on day 18 Favorable from Banking and Insurance | |
| April 17, 2012 | HB189 Brooks, B.I.R., Lost | |
| March 15, 2012 | Read for the first time and referred to the Senate committee on Banking and Insurance | |
| April 5, 2012 | Read for the second time and placed on the calendar | |
| March 6, 2012 | Engrossed | |
| March 6, 2012 | Motion to Read a Third Time and Pass adopted Roll Call 231 | |
| March 6, 2012 | Motion to Adopt adopted Roll Call 230 | |
| March 6, 2012 | Insurance Amendment Offered | |
| March 6, 2012 | Third Reading Passed | |
| February 16, 2012 | Read for the second time and placed on the calendar 1 amendment | |
| February 7, 2012 | Read for the first time and referred to the House of Representatives committee on Insurance |
Bill Text
Bill Votes
Bill Documents
| Type | Link |
|---|---|
| Bill Text | HB189 Alabama 2012 Session - Introduced |
| Bill Text | HB189 Alabama 2012 Session - Engrossed |