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Issue

Bill #

Bill Description

Financial Regulation

Security Deposits for Domestic Insurers

House Bill 2973

Allows a domestic insurance company to deposit or arrange for the deposit of securities held in or purchased for its general account and its separate accounts in a clearing corporation or the Federal Reserve book-entry system. Effective 90 days from date of passage on April 5, 2005.

Penalties for Late Tax Returns

Senate Bill 253

Permits the Insurance Commissioner to waive or to reduce penalty for late filing of tax returns. Effective July 1, 2005.

Reinsurance Intermediaires

Senate Bill 254

Relates to reinsurance intermediaries. Passed April 9. Effective 90 days from date of passage.

Reinsurer's Liability in Insolvency

Senate Bill 459

Bill relates to a reinsurer's liability in an insolvency. Passed April 7. Effective 90 days from date of passage.

Franchise, Corporation Net Taxes

Senate Bill 666

Relates to exemptions for certain insurance companies from business franchise tax and corporation net tax. Passed April 9. Effective 90 days from date of passage.

Flood Insurance

Senate Bill 256

Requires insurers that provide fire insurance coverage, including farmer's mutual insurance companies, must notify policyholders that the policy does not cover flood insurance and to make policyholders aware of the National Flood Insurance Program. The bill also clarifies that the Insurance Fraud Prevention Act also applies to farmer's mutual insurance companies. Passed April 7. Effective 90 days from date of passage.

Fraud

House Bill 2878

Allows the fraud unit to investigate the forgery of insurance documents.

Motor Vehicle Insurance

Mandatory Alcohol, Lock Program

House Bill 2444

Requires mandatory participation in the motor vehicle alcohol test and lock program for repeat offenders.

Commercial Driver's License Changes

House Bill 2802

Updates provisions pertaining to commercial driver's licenses to conform with federal law. Passed April 9. Effective 90 days from date of passage.

Cancellation of Motor Vehicle Agreements

Senate Bill 735

Relates to cancellation of motor vehicle agreement. Passed April 9. Effective 90 days from date of passage.

Rate Regulation

Senate Bill 30

Makes numerous changes, including discontinuing use of prior approval system for commercial rates and forms. Passed April 9. Effective 90 days from date of passage.

Tort Reform

Third Party Lawsuits

Senate Bill 418

Eliminates third party bad faith lawsuits and expands powers for the Office of Consumer Advocacy. Passed April 9. Effective 90 days from date of passage.

Joint and Several Liability

Senate Bill 421

Deals with joint and several liability. Passed April 9. Effective 90 days from date of passage.

Joint and Several Liability

Senate Bill 456

Relates to cure offer from merchant or seller to consumer. Passed April 8. Effective 90 days from date of passage.

Joint and Several Liability

Senate Bill 744

Clarifies the criteria for an employee to sustain a lawsuit for intentional injury. Effective July 1, 2005.

Traffic Safety

Senate Bill 414

Amends statute to require the use of child safety booster seats for children under eight years of age unless the child is at least four feet nine inches tall or taller. Passed April 7. Effective 90 days from date of passage.