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S.F. No. 1208 - Financial Institutions Technical Bill (first engrossment)
 
Author: Senator Dan Sparks
 
Prepared By:
 
Date: May 6, 2011



 

Section 1 has the effect of extending the "trend test calculation" to property and casualty companies for regulation of risk-based capital.

Sections 2 and 6 remove "farmers mutual fire insurance companies" from the relevant statutes as the last of these companies merged out of existence on January 1, 2010. 

Section 3 removes a sunset provision no longer needed.

Section 4 is a conforming change to a statute repealed in section 7.

Section 5 modifies the statutory premium reserve calculation for title insurers.

Section 7 repeals a rule related to restrictions on capitalization of permanent improvements to certain real estate owned by a bank.

Section 8 repeals statutes related to guaranteed investment contracts issued by insurers, funding agreements issued by insurers, and statutes related to farmers mutual insurance companies. 

CBS:cs

 
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