Introduced
by
To establish a valuation formula for an insurance company (such as Jackson National Life Insurance Company, the main proponent of the bill) that acquires another insurance company's life insurance business. The law requires insurers to hold a certain amount of assets from which future claims will be paid, and how the value of those assets is determined affects whether the amount meets state standards.
Referred to the Committee on Insurance
Reported without amendment
Without amendment and with the recommendation that the bill pass.
Amendment offered
by
To require insurers to annually test the value of certain assets.
The amendment passed by voice vote
Amendment offered
by
To require the insurance company to get prior approval from the state insurance commissioner regarding the admissability of an asset, and place more stringent limits on the extent to which acquired assets may be included in determinations of whether the insurer has adequate assets.
The amendment failed by voice vote
Passed in the House 94 to 10 (details)
Referred to the Committee on Banking and Financial Institutions
Reported without amendment
With the recommendation that the substitute (S-3) be adopted and that the bill then pass.
Substitute offered
To replace the previous version of the bill with one that revises details but does not change the substance of the bill as previously described.
The substitute passed by voice vote
Passed in the Senate 37 to 0 (details)
To establish a valuation formula for an insurance company (such as Jackson National Life Insurance Company, the main proponent of the bill) that acquires another insurance company's life insurance business. The law requires insurers to hold a certain amount of assets from which future claims will be paid, and how the value of those assets is determined affects whether the amount meets state standards.
To concur with the Senate-passed version of the bill.
Passed in the House 100 to 7 (details)
