| HB 0664 | Relating to the Liquidation Process |
| Sponsor: | AUER | Handling House Bill: | |
| Committee: | INSC | LR Number: | L1543.01I |
| Last Action: | 02/22/95 - Referred H Insurance Committee | ||
| Title: | |||
| Effective Date: | |||
HB0664 Auer, Ron
P R E F I L E D
HB 664 -- Insurer Insolvencies
The bill establishes a 7-member Insolvency Commission to set standards and certify insolvency practitioners. Members are appointed by the Governor and include a public member and persons with expertise in insurance insolvencies, law, and accounting.
The bill requires the court to appoint insolvency practitioners as liquidators in insurance insolvency cases. Currently, the court is required to appoint the Director of Insurance as liquidator.
In addition, the bill allows the court to appoint a creditors committee. The creditors committee is representative of all classes of creditors. The liquidator is required to report to the court or the creditors committee, if the court appoints a creditors committee. The report is a public record and is required to include various financial data.