Text: SSB01014 Text: SSB01016 Text: SSB01000 - SSB01099 Text: SSB Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 508.31A, subsection 3, Code 1999, is 1 2 amended to read as follows: 1 3 3. A funding agreement is a class32 claim under section 1 4 507C.42, subsection32. 1 5 Sec. 2. RETROACTIVE APPLICABILITY AND EFFECTIVE DATE. 1 6 1. This Act applies retroactively to July 1, 1998. 1 7 2. This Act, being deemed of immediate importance, takes 1 8 effect upon enactment. 1 9 EXPLANATION 1 10 This bill provides that a funding agreement issued by a 1 11 life insurance company is a class 2 claim for purposes of the 1 12 distribution of claims from the assets of an insurer under 1 13 Code chapter 507C, relating to the supervision, 1 14 rehabilitation, and liquidation of an insurer. The issuance 1 15 of funding agreements by life insurance companies was 1 16 specifically authorized during the 1998 regular session. 1 17 Under the 1998 legislation, funding agreements were classified 1 18 as a class 3 claim under Code section 507C.42. Class 3 claims 1 19 under that section are certain claims of the federal 1 20 government. Class 2 claims are claims under insurance 1 21 policies. 1 22 The bill takes effect upon enactment and applies 1 23 retroactively to July 1, 1998, the effective date of the 1998 1 24 legislation. 1 25 LSB 1634SC 78 1 26 mj/jw/5
Text: SSB01014 Text: SSB01016 Text: SSB01000 - SSB01099 Text: SSB Index Bills and Amendments: General Index Bill History: General Index
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