| SB 0344 | Allows the estimation of contingent liabilities in order to fix the creditor's claim in a liquidation estate |
| Sponsor: | Rohrbach | |||
| LR Number: | 1282S.05P | Fiscal Note: | 1282-05 | |
| Committee: | Insurance and Housing | |||
| Last Action: | 04/17/01 - HCS Voted Do Pass H Insurance Committee | Journal page: | ||
| Title: | SCS SB 344 | |||
| Effective Date: | Emergency Clause | |||
SCS/SB 344 - This act repeals and reenacts section 375.1220. This section allows the estimation of contingent liabilities for the purpose of fixing a creditor's claim in a liquidation estate. The act also allows the liquidator to negotiate a voluntary commutation or release of all obligations arising from reinsurance contracts. The estimation of contingent liabilities provided by subsection three shall not apply to formal delinquency proceedings in which, prior to August 28, 1999, the court issued any decree applying the provisions of this section. The estimation of contingent liabilities provided by subsection three will terminate on December 31, 2005.
The provisions of this act are also contained in HB 459.
This act has an emergency clause.
STEPHEN WITTE