MAUTINO-BRADY-MOORE,EUGENE-FEIGENHOLTZ AND HOWARD.
INSURANCE SALES ACT
Synopsis of Bill as introduced:
Creates the Insurance Sales Act. Provides for the regulation of
insurance sales by financial institutions by the Department of
Insurance. Requires financial institutions to establish a separate
subsidiary to act as an insurance registered firm. Prohibits
financial institutions from linking banking products with insurance
products. Establishes disclosure requirements. Prohibits financial
institutions from discriminating against non-affiliated insurance
producers. Requires compliance beginning 180 days after the effective
date. Effective 180 days after becoming law.
FISCAL NOTE (Dept. of Insurance)
The Dept. does not anticipate any increased cost due to HB222.
Last action on Bill: SESSION SINE DIE
Last action date: 99-01-12
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0
END OF INQUIRY
Full Text Bill Status