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House adopts compromise on insurers’ rehabilitation and liquidation after multiple revisions
Summary
After extensive negotiations and multiple circlings, the House approved a third substitute to HB 263 creating mandatory mediation followed by arbitration, lengthening the trigger period, and balancing reinsurers’ and policyholders’ interests; the third substitute passed 72–0 and is referred to the Senate.
The House passed a third substitute to House Bill 263, which addresses insurers’ rehabilitation and liquidation and the role of reinsurers when an insurer becomes insolvent.
Representative Dunnegan, sponsor of the substitute, described the changes as a compromise between reinsurers and the state liquidator. Key elements include lengthening a previously…
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