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House approves bill standardizing credit life and disability insurance premium reviews
Summary
House Bill 202, which updates procedures for approving credit life and disability insurance premium rates and gives the insurance commissioner authority to request information and limit agent compensation, passed the House 66–0 and was transmitted to the Senate.
House Bill 202 (credit life and disability insurance premium amendments) was presented to the chamber and adopted on Feb. 24, 1993.
Representative Price explained that the bill consolidates provisions related to approval of credit life and disability insurance premium rates, gives the insurance commissioner authority to consider insurer financial data after notice and hearing, and allows the commissioner to request information from insurers and agents and to limit agent compensation.
After debate and a roll-call, the clerk announced, “House Bill 202, having received 66 yes votes and 0 no votes, passed this body and will be referred to the Senate.” The bill was then transmitted as required.
Next steps: HB202 will proceed to the Senate for consideration.
