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Legislative Year: 2021 Change
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Bill Detail: HB21-1013

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Title Division Of Domestic Stock Insurer
Status House Committee on Business Affairs & Labor Refer Amended to Appropriations (02/24/2021)
Bill Subjects
  • Health Care & Health Insurance
  • Insurance
House Sponsors K. Van Winkle (R)
M. Snyder (D)
Senate Sponsors C. Kolker (D)
House Committee Business Affairs and Labor
Senate Committee
Date Introduced 02/16/2021
Summary

The bill states that a domestic stock insurer (dividing insurer) may
divide into 2 or more resulting insurers pursuant to a plan of division. A
plan of division must include:
  • The name of the dividing insurer;
  • The name of each resulting insurer created by the proposed
division and, for each resulting insurer, a copy of proposed

articles of incorporation and proposed bylaws;
  • The manner of allocating assets and liabilities, including
policy liabilities, between or among all resulting insurers;
  • The manner of distributing shares in the resulting insurers
to the dividing insurer or the dividing insurer's
shareholders;
  • A reasonable description of all liabilities and all assets that
the dividing insurer proposes to allocate to each resulting
insurer, including the manner by which the dividing insurer
proposes to allocate all reinsurance contracts;
  • All terms and conditions required by the laws of this state
and the articles of incorporation and bylaws of the dividing
insurer; and
  • All other terms and conditions required by the division.
A plan of division must include additional provisions, the nature
of which depends on whether the dividing insurer will survive the
division.
A dividing insurer shall file a plan of division with the
commissioner of insurance (commissioner) only after the plan of division
has been approved in accordance with all provisions of the dividing
insurer's articles of incorporation and bylaws. The commissioner shall
approve the plan of division if, after considering certain criteria, the
commissioner finds that certain requirements are met. If the
commissioner approves a plan of division, an officer or duly authorized
representative of the dividing insurer shall sign a certificate of division
that sets forth certain information concerning the division.
The bill establishes procedures for amending and abandoning plans
of division.
The bill provides for the protection of confidential information,
documents, and materials that are submitted to, obtained by, or disclosed
to the commissioner in connection with a plan of division or in
contemplation of a plan of division.

Committee Reports
with Amendments
Full Text
Full Text of Bill (pdf) (most recent)
Fiscal Notes Fiscal Notes (02/22/2021) (most recent)  
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