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Bills · 2015-2016 Regular Session

SB 537

Died at session end Official bill text Atom feed

Relating to: rights under certain agreements or qualified financial contracts.

Contracts Insurance

  1. Introduced, stopped here
  2. Passes Senate, not reached
  3. Passes Assembly, not reached
  4. Governor signs, not reached
  5. Law, not reached

Unfamiliar terms? Glossary

What this bill does

Plain-language analysis by the nonpartisan Legislative Reference Bureau

This bill prohibits the staying or prevention of a person from exercising certain

rights related to certain agreements and qualified financial contracts. After the

appointment of a receiver in a rehabilitation or liquidation action against an insurer,

current law prohibits the staying or prohibition from exercising certain rights under

a qualified financial contract unless the person is notified that the contract has been

sold or transferred under certain circumstances. The bill maintains that no person

may be stayed or prohibited from exercising those specified rights but eliminates the

specification on the time period and the exception for notification that the contract

has been sold or transferred. The bill specifies that the prohibition on staying or

preventing the exercise of those rights takes precedence over other rehabilitation

and liquidation provisions in the statutes.

Sponsors

Introduced by: Bewley (D) , Harris Dodd (D) , Lasee (R) , Olsen (R) , Roth (R)

2 cosponsors

Petersen (R) , Steffen (R)

Votes

Senate: Report passage recommended by Committee on Insurance, Housing, and Trade, Ayes 5, Noes 0

Passed 5–0 Feb 2, 2016 official source full page

No individual roll call was recorded for this vote. Committee votes and some older sessions record totals only.

Full history

  1. Jan 8, 2016 · Senate

    Introduced by Senators Lasee, Olsen, Roth, Harris Dodd and Bewley; cosponsored by Representative Petersen

  2. Jan 8, 2016 · Senate

    Read first time and referred to Committee on Insurance, Housing, and Trade

  3. Jan 14, 2016 · Senate

    Representative Steffen added as a cosponsor

  4. Jan 27, 2016 · Senate

    Public hearing held

  5. Jan 27, 2016 · Senate

    Executive action taken

  6. Feb 2, 2016 · Senate

    Report passage recommended by Committee on Insurance, Housing, and Trade, Ayes 5, Noes 0

  7. Feb 2, 2016 · Senate

    Available for scheduling

  8. Apr 13, 2016 · Senate

    Failed to pass pursuant to Senate Joint Resolution 1