This bill modifies how insurance companies must pay death benefit claims on private placement insurance policies. Instead of requiring payment within two months, insurers can now delay payment if the policy is tied to separate investment accounts that aren't liquid, allowing them to pay out the benefits only when those assets can be converted to cash or distributed according to their terms. The company must verify the fair market value of any assets distributed directly to the beneficiary.
AI-generated summary
Signed by the Governor S.J. 557
Delivered to the Governor S.J. 522
Signed by the Speaker H.J. 583
Signed by the President S.J. 475
House of Representatives Do Pass Passed, YEAS 60, NAYS 6. H.J. 511
House of Representatives Deferred to another day H.J. 497
Commerce and Energy Do Pass Passed, YEAS 12, NAYS 1.
Commerce and Energy Scheduled for hearing
Judiciary Scheduled for hearing
House of Representatives Referred to House Commerce and Energy H.J. 439
Judiciary Recommend Referral to House Commerce and Energy Passed, YEAS 10, NAYS 1.
House of Representatives Referred to House Judiciary H.J. 433
First Reading House H.J. 279
Senate Do Pass Passed, YEAS 20, NAYS 14. S.J. 213
Commerce and Energy Do Pass Passed, YEAS 5, NAYS 1.
Commerce and Energy Scheduled for hearing
First read in Senate and referred to Senate Commerce and Energy S.J. 116
Lee Schoenbeck
Prime sponsor · Sen.
R
Michael Diedrich
Prime sponsor · Rep.
R
Cosponsors
Do Pass
Commerce and Energy — Do Pass
Judiciary — Recommend Referral to
Do Pass
Commerce and Energy — Do Pass