HB 1568 -- INSURANCE

SPONSOR:  Luetkenhaus

COMMITTEE ACTION:  Voted "do pass by consent" by the Committee on
Insurance by a vote of 15 to 0.

This bill makes a technical change in the provision that limits
the amount of money an insurance company may spend on its real
property in relation to its capital stock, surplus, or assets.
The bill limits the amount of money that may be invested in the
property.  Current law limits the value of the property.

FISCAL NOTE:  No impact on state funds.

PROPONENTS:  Supporters say that the bill merely allows insurance
companies to use the current value of their real estate in
listing their assets, rather than the value of the property when
they first bought it, which could have been a long time ago.
Usually, the value of real property will increase over time, so
this allows for more accurate accounting.

Testifying for the bill was Representative Luetkenhaus.

OPPONENTS:  There was no opposition voiced to the committee.

Richard Smreker, Senior Legislative Analyst

Missouri House of Representatives
Last Updated October 11, 2002 at 9:01 am