AI Summary

The "Risk Retention Groups" bill aims to regulate and provide oversight for insurance entities known as risk retention groups. These groups are formed by businesses with similar insurance needs to collectively self-insure against certain risks. The bill outlines requirements for the formation, operation, and regulation of these groups, including provisions related to capitalization, governance, reporting, and compliance. It also specifies that these groups must adhere to certain solvency standards and regulatory guidelines to ensure financial stability and protect policyholders. The bill's main goal is to promote the availability of insurance coverage for commercial policyholders through risk retention groups while maintaining prudent regulatory oversight.

• 2023-10-18: Filed

• 2023-11-02: Referred to Insurance & Banking Subcommittee

• 2023-11-02: Referred to Commerce Committee

• 2023-11-02: Now in Insurance & Banking Subcommittee

• 2023-12-06: Added to Insurance & Banking Subcommittee agenda

• 2023-12-13: Favorable with CS by Insurance & Banking Subcommittee

• 2023-12-20: Reported out of Insurance & Banking Subcommittee

• 2023-12-21: Laid on Table under Rule 7.18(a)

• 2023-12-21: CS Filed

• 2024-01-03: Referred to Commerce Committee

• 2024-01-03: Now in Commerce Committee

• 2024-01-09: 1st Reading (Original Filed Version)

• 2024-01-09: 1st Reading (Committee Substitute 1)

• 2024-01-19: Added to Commerce Committee agenda

• 2024-01-23: Favorable by Commerce Committee

• 2024-01-24: Reported out of Commerce Committee

• 2024-01-24: Bill released to House Calendar

• 2024-01-24: Added to Second Reading Calendar

• 2024-02-12: Bill added to Special Order Calendar (2/15/2024)

• 2024-02-15: Read 2nd time

• 2024-02-15: Added to Third Reading Calendar

• 2024-02-15: Read 3rd time

• 2024-02-15: CS passed; YEAS 119, NAYS 0

• 2024-02-15: In Messages

• 2024-02-16: Referred to Fiscal Policy

• 2024-02-20: Received

• 2024-03-05: Withdrawn from Fiscal Policy

• 2024-03-05: Placed on Calendar, on 2nd reading

• 2024-03-05: Substituted for CS/SB 846

• 2024-03-05: Read 2nd time

• 2024-03-05: Read 3rd time

• 2024-03-05: CS passed; YEAS 39 NAYS 0

• 2024-03-05: In Messages

• 2024-03-05: Ordered enrolled

• 2024-04-25: Signed by Officers and presented to Governor

• 2024-05-10: Approved by Governor

• 2024-05-13: Chapter No. 2024-172