SECOND LEGISLATIVE UPDATE
Following is our second update for this year on reinsurance-related activity in the state legislatures. All three of the bills described in this post were previously described in our March 10, 2008 post.
- Captive insurers: Michigan SB 1016 was signed by the governor March 13, 2008, and became effective March 18, 2008. Meanwhile, the final version of HB 55, the Utah amendments to its Captive Insurance Companies Act, which include the enactment of a new Chapter, Chapter 37a, titled Special Purpose Financial Captive Insurance Company Act, was signed by the governor March 18, and will become effective May 5, 2008.
- Financial requirements: Utah SB 143 was signed by the governor March 17, and will become effective July 1, 2008. The final version of this bill modifies the requirements for when a domestic or a foreign ceding insurer is allowed credit for reinsurance and modifies the restrictions on investments by insurers.
This post written by Rollie Goss.
