Delaware House Bill 257 (Prior Session Legislation)

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Completed Legislative Action
Spectrum: Partisan Bill (Democrat 5-0)
Status: Passed on August 5 2014 - 100% progression
Action: 2014-08-05 - Signed by Governor
Text: Latest bill text (Engrossed) [HTML]

This bill amends Title 18, Chapter 50, Insurance Holding Company System Registration. The language is substantially similar to the recently amended language within the NAIC Model Law – Insurance Holding Company System Regulatory Act. The primary changes in the bill are (1) that an annual enterprise risk filing requirement is added that will identify the material risks within the insurance holding company system that could pose enterprise risk to the insurer; (2) a filing is added when any controlling person of a domestic insurer seeks to divest its controlling interest in the domestic insurer; (3) the Commissioner may choose to conduct consolidated hearings on a proposed acquisition of control; (4) a statement regarding the function of the insurer’s board of directors and officers; (5) agreements for cost sharing services and management within a holding company system shall include, in addition to provisions now required, such additional provisions as may be required by regulation issued by the Commissioner; (6) a change is made to the procedure of a disclaimer of affiliation filing; (7) clarifying language is added to the transactions which require prior approval; (8) a provision for supervisory colleges is added; and (9) there is expanded language on access to books and records, as well as confidential treatment. These additions promote better insurance regulation by increasing the amount of information available to state insurance regulators about the holding company system and the transactions within that system, both on a national and international level.

An Act To Amend Title 18 Of The Delaware Code Relating To Insurance Holding Company System Registration.

Rep. Bryon Short [D]	Sen. Brian Bushweller [D]	Rep. Helene Keeley [D]	Sen. Charles Paradee [D]
Rep. D.E. Williams [D]

2014-06-30 - Senate - Senate Third Reading (Y: 21 N: 0 NV: 0 Abs: 0) [PASS]
2014-06-18 - House - House Third Reading (Y: 40 N: 0 NV: 0 Abs: 1) [PASS]

Date	Chamber	Action
2014-08-05	House	Signed by Governor
2014-06-30	Senate	Passed by Senate. Votes: Passed 21 YES 0 NO 0 NOT VOTING 0 ABSENT 0 VACANT
2014-06-26	Senate	Reported Out of Committee (INSURANCE) in Senate with 5 On Its Merits
2014-06-19	Senate	Assigned to Insurance Committee in Senate
2014-06-18	House	Passed by House of Representatives. Votes: Passed 40 YES 0 NO 0 NOT VOTING 1 ABSENT 0 VACANT
2014-06-18	House	Amendment HA 2 - Passed in House by Voice Vote
2014-06-18	House	Amendment HA 1 - Passed in House by Voice Vote
2014-06-05	House	Amendment HA 2 - Introduced and Placed With Bill
2014-04-09	House	Reported Out of Committee (ECONOMIC DEVELOPMENT/BANKING/INSURANCE/COMMERCE) in House with 2 Favorable, 6 On Its Merits
2014-04-09	House	Amendment HA 1 - Introduced and Placed With Bill
2014-03-13	House	Introduced and Assigned to Economic Development/Banking/Insurance/Commerce Committee in House

Type	Source
Summary	http://legis.delaware.gov/LIS/lis147.nsf/2bede841c6272c888025698400433a04/01007388236da54285257b570071ec6c?OpenDocument
Text	http://legis.delaware.gov/LIS/lis147.nsf/vwLegislation/HB+257/$file/legis.html?open
Text	http://legis.delaware.gov/LIS/lis147.nsf/EngrossmentsforLookup/HB+257/$file/Engross.html?open
Roll Call	http://legis.delaware.gov/LIS/lis147.nsf/7712cf7cc0e9227a852568470077336f/a94ff7aee1175dbb85257cfb0072d8d9?OpenDocument
Roll Call	http://legis.delaware.gov/LIS/lis147.nsf/7712cf7cc0e9227a852568470077336f/864dd8ce9d1325af85257d0800116bf6?OpenDocument