SB1113: Surplus lines insurance; alien insurer must maintain certain amount in irrevocable trust fund.

Chief Patron

Sen. Yvonne Miller (D-5)

Yvonne Miller (D-5)
Served: 1988–

Progress

	Introduced
	Passed Committee
	Passed House
	Passed Senate
	Signed by Governor
	Became Law

Status

03/09/2007: signed by governor

View Entire History

Summary

Surplus lines insurance.  Clarifies that an alien insurer cannot be approved as a surplus lines carrier unless it maintains at least $2.5 million in an irrevocable trust fund, in addition to capital and surplus requirements. Other provisions address the authority of the Commission to deem the capital and surplus requirements to be satisfied by an unlicensed insurer possessing less than that amount. The measure clarifies that the reporting date is March 1 unless the insurer's home state establishes a later date and makes several technical changes.