Legislative Session number- 81

Bill Name: SF3203

E Relating to insurance; conforming state statutes to the national association
of insurance commissioners model legislation providing for uniform accounting
principles; modifying a certain provision providing for domestic insurance
company investments in personal property under lease, providing for the
nonadmission of leases associated with nonadmitted assets in certain cases;
simplifying a certain provision providing for the calculation of loss reserves;
defining contractual terms and permanently impaired relating to commercial
mortgage loans and modifying the definition of mortgage loan in foreclosure for
valuation procedures establishment purposes and modifying the procedure for
valuation of the loans, requiring recognition of direct write-downs as realized
losses and the establishment of a new cost basis in distressed or delinquent
mortgage loan cases determined to be permanently impaired; modifying certain
requirements for annual audit financial statement notes; requiring the approval
of the commissioner of commerce before accrual for or payment of dividends to
mutual fire and casualty insurance company guaranty fund certificate holders;
modifying certain provisions relating to title insurance companies; modifying
authorized investments, specifying certain admitted assets standards relating to
investments in title plants; modifying reserve requirements; expanding the
exemption from securities registration requirements for securities offered by
cooperatives; repealing certain provisions relating to valuation and
admissibility of life insurance company assets, valuation of evidences of
indebtedness, unearned premiums reserve, liability and workers compensation
reserves subjection to increase and experience inclusion in annual statements,
charges taken for independent appraisals of certain real estate under
foreclosure and the use of asset valuation reserves (mk, ja)