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Senate Bill 0418


 

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Senate Bill 0418

ARCHIVE (2000)

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DIGEST OF SB418 (Updated February 23, 2000 7:52 PM - DI 84)

Intangible assets of an insurance subsidiary. Authorizes the insurance commissioner to increase to an amount not to exceed 20% of an insurer's capital and surplus the current statutory limit on the total value of goodwill, trade names, and other intangible assets that can be recognized as admitted assets if: (1) the insurer's assets include goodwill, trade names, and other intangible assets that are attributable to the insurer's acquisition of another insurer or a health maintenance organization after December 31, 1998; and (2) as of the date of the initial request for an increase, the total adjusted capital of the insurer is at least 400% of the authorized control level risk based capital of the insurer as most recently reported. (The current statutory limit provides that the total value of goodwill, trade names, and other intangible assets of an insurer that can be recognized as admitted assets of the insurer cannot exceed 10% of the insurer's capital and surplus.)
    Current Status:
     Law Enacted
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