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House narrowly approves bill preserving TIAA CREF exemption and expanding its market in Utah
Summary
After extended debate and an unsuccessful motion to remove key sections, the Utah House passed HB 148 to preserve an exemption for nonprofit insurers tied to TIAA CREF and to broaden the entities it may serve; opponents pressed for more study and the state insurance commissioner urged airing the issue further.
The Utah House of Representatives passed House Bill 148 on second reading after extended floor debate, approving a measure that preserves an exemption in the Utah insurance code historically applied to the College Retirement Equities Fund (CREF) and expands the scope of entities that may be served under that exemption.
Representative Afton Bradshaw, sponsor of HB 148, told the House the amendment being offered at the microphone simply inserts the words "educational or" to preserve the statutory exemption for what she described as a specialized, nonprofit educational insurer and to clarify that the exemption applies to educational or entity insurers. "CREF is registered with the US Securities and Exchange Commission…
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