Text: HF00139                           Text: HF00141
Text: HF00100 - HF00199                 Text: HF Index
Bills and Amendments: General Index     Bill History: General Index



House File 140

Partial Bill History

Bill Text

PAG LIN
  1  1    Section 1.  Section 515.26, Code 1999, is amended to read
  1  2 as follows:
  1  3    515.26  DIRECTORS.
  1  4    The affairs of a company organized as provided by this
  1  5 chapter shall be managed by a number of directors, of not less
  1  6 than five nor more than twenty-one, all of whom, in case of a
  1  7 stock company, shall be stockholders, or, in.  In the case of
  1  8 a mutual company, all such directors shall be policyholders,
  1  9 or before the company shall effect insurance, be subscribers
  1 10 for stock or for insurance as the case may be.
  1 11    Sec. 2.  Section 515.35, subsection 3, paragraph a,
  1 12 subparagraph (2), subparagraph subdivision (a), Code 1999, is
  1 13 amended to read as follows:
  1 14    (a)  That the loan will be fully collateralized by cash,
  1 15 cash equivalents, or obligations issued or guaranteed by the
  1 16 United States or an agency or an instrumentality of the United
  1 17 States, and that the collateral will be adjusted as necessary
  1 18 each business day during the term of the loan to maintain the
  1 19 required collateralization in the event of market value
  1 20 changes in the loaned securities or collateral.
  1 21    If the loan is fully collateralized by cash, the
  1 22 reinvestment of the cash may be made in either individual
  1 23 securities or a pooled fund comprised of individual
  1 24 securities.  If such reinvestment is made in individual
  1 25 securities, such securities must mature in less than ninety
  1 26 days.  If such reinvestment is made in a pooled fund, the
  1 27 average maturity of the securities comprising such pooled fund
  1 28 must be less than ninety days.  Individual securities and
  1 29 securities comprising the pooled fund shall be investment
  1 30 grade.
  1 31    Sec. 3.  Section 515D.4, subsection 2, Code 1999, is
  1 32 amended by adding the following new paragraph:
  1 33    NEW PARAGRAPH.  d.  The named insured requests the
  1 34 exclusion.
  1 35    Sec. 4.  Section 910.1, subsections 3 and 5, Code 1999, are
  2  1 amended to read as follows:
  2  2    3.  "Pecuniary damages" means all damages to the extent
  2  3 whether or not paid by an insurer, which a victim could
  2  4 recover against the offender in a civil action arising out of
  2  5 the same facts or event, except punitive damages and damages
  2  6 for pain, suffering, mental anguish, and loss of consortium.
  2  7 Without limitation, "pecuniary damages" includes damages for
  2  8 wrongful death and expenses incurred for psychiatric or
  2  9 psychological services or counseling or other counseling for
  2 10 the victim which became necessary as a direct result of the
  2 11 criminal activity.
  2 12    5.  "Victim" means a person who has suffered pecuniary
  2 13 damages as a result of the offender's criminal activities.
  2 14 However, for purposes of this chapter, an insurer is not a
  2 15 victim and does not have a right of subrogation.  The crime
  2 16 victim compensation program is not an insurer for purposes of
  2 17 this chapter, and the right of subrogation provided by section
  2 18 915.92 does not prohibit restitution to the crime victim
  2 19 compensation program.
  2 20    Sec. 5.  NEW SECTION.  910.8A  LIMITATIONS ON RECOVERY AND
  2 21 SUBROGATION.
  2 22    1.  Notwithstanding section 910.8, a victim who is not an
  2 23 insurer shall not recover in any action against the offender
  2 24 amounts paid by an insurer to the victim which are pecuniary
  2 25 damages.
  2 26    2.  An insurer does not have a right of subrogation against
  2 27 a victim who recovers pecuniary damages from an offender.  
  2 28                           EXPLANATION
  2 29    This bill amends provisions related to the management of
  2 30 certain insurance companies, and the rights and duties of
  2 31 certain insurance companies under policies issued in this
  2 32 state.
  2 33    Code section 515.35 is amended to provide that cash used to
  2 34 collateralize a loan of stocks or obligations held by an
  2 35 insurance company may be reinvested in either individual
  3  1 securities or a pooled fund comprised of individual
  3  2 securities.  If the reinvestment is made in individual
  3  3 securities, such securities must mature in less than 90 days.
  3  4 If the reinvestment is made in a pooled fund comprised of
  3  5 securities, the average maturity of such securities must be
  3  6 less than 90 days.  Individual securities and securities
  3  7 comprising a pooled fund must be investment grade.
  3  8    Code section 515.26 is amended to eliminate the requirement
  3  9 that a director of a domestic stock property and casualty
  3 10 insurance company own stock in such company as a prerequisite
  3 11 to becoming and remaining a director.
  3 12    Code section 515D.4 is amended to provide that an
  3 13 individual may be excluded from coverage if the exclusion from
  3 14 coverage is requested by the named insured.
  3 15    Code chapter 910 is amended to provide that an insurance
  3 16 company is a victim for purposes of chapter 910 and therefore
  3 17 eligible for restitution.  The bill provides that a victim who
  3 18 is not an insurer shall not recover in any action against the
  3 19 offender amounts paid by an insurer to the victim which are
  3 20 pecuniary damages.  The bill also provides that an insurer
  3 21 does not have a right of subrogation against a victim who
  3 22 recovers pecuniary damages from an offender.  
  3 23 LSB 1408HH 78
  3 24 mj/gg/8
     

Text: HF00139                           Text: HF00141
Text: HF00100 - HF00199                 Text: HF Index
Bills and Amendments: General Index     Bill History: General Index

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