SB14-209

Error message

  • Warning: include(embed/votes/vote_summaries.php): failed to open stream: No such file or directory in eval() (line 3 of /home/vasl/webapps/drlegbak/modules/php/php.module(80) : eval()'d code).
  • Warning: include(embed/votes/vote_summaries.php): failed to open stream: No such file or directory in eval() (line 3 of /home/vasl/webapps/drlegbak/modules/php/php.module(80) : eval()'d code).
  • Warning: include(): Failed opening 'embed/votes/vote_summaries.php' for inclusion (include_path='.:/usr/local/share/pear56') in eval() (line 3 of /home/vasl/webapps/drlegbak/modules/php/php.module(80) : eval()'d code).

SB14-209 - Insurer Investments In Real Property NAIC Model

Passed/Signed into Law
Concerning The Requirements For Permissible Investments By Insurers In Loans Secured By Interests In Real Estate.

Current law limits the investments insurers may make in mortgage loans and similar instruments to those secured by property located in the United States and having a loan-to-value ratio of 80% in most cases. The national association of insurance commissioners (NAIC) recommends limitations that differ in certain respects from these requirements. The bill adopts the NAIC's recommendations by:

  • Authorizing investment in loans secured by property in either the United States or Canada;
  • Increasing the allowable loan-to-value ratio to 90% for purchase-money mortgages if the insurer holds the note, 80% for commercial property if the payment schedule meets specified requirements, up to 97% for mortgages on residential property if mortgage insurance applies, and 75% in all other cases; and
  • Repealing portions of current law that conflict with these provisions.
Latest update: June 9, 2014
06/09/2014 Governor Signed
05/12/2014 Sent to the Governor
05/12/2014 Signed by the Speaker of the House
05/12/2014 Signed by the President of the Senate
05/03/2014 House Third Reading Passed - No Amendments
05/02/2014 House Second Reading Special Order - Passed - No Amendments
05/01/2014 House Committee on Business, Labor, Economic, & Workforce Development Refer Unamended to House Committee of the Whole
04/30/2014 Introduced In House - Assigned to Business, Labor, Economic, & Workforce Development
04/30/2014 Senate Third Reading Passed - No Amendments
04/29/2014 Senate Second Reading Special Order - Passed - No Amendments
04/28/2014 Senate Committee on Business, Labor, & Technology Refer Unamended - Consent Calendar to Senate Committee of the Whole
04/22/2014 Introduced In Senate - Assigned to Business, Labor, & Technology