MGA Regulation Amendment Fails on Voice Vote Today

Mar 25, 2010


An amendment relating to the regulation of managing general agencies that was filed to HB 159 by State Representative Pat Patterson failed on a voice vote in the House Insurance, Business and Financial Affairs Policy Committee today, March 25, 2010.

The amendment would have provided that companies affiliated with a domestic insurer may not issue a dividend or distribute cash or other property to shareholders unless the dividend or distribution is from that part of the available and accumulated surplus funds derived from realized net operating profits on insurer business and net realized capital gains.

Representing the Property Casualty Insurers Association of America, William Stander testified against the amendment.  


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