Banking and Insurance Committee
11/8/04
The Senate Banking
and Insurance Committee met on Monday, November 8, 2004 and reported the
following bill:
As Amended
(unanimously)
House Bill 552 (PN
4587) This bill was proposed to amend the Pennsylvania Securities
Act to provide for the recovery of short swing profits. The bill was
amended by the Banking and Insurance Committee to remove all house
language. The bill amends the Pennsylvania Securities Act to further
provide for exempt transactions and adds a section to provide for a
variety of fees.
Banking and Insurance Committee
10/4/04
The Senate Banking and
Insurance Committee met on Monday, October 4, 2004 and reported out the
following bills:
As Committed (unanimously):
House Bill 547 (PN 805) (Gannon) This bill amends the Pennsylvania
Securities Act of 1972 to increase certain administrative assesments for
violations of the Act.
House Bill 553 (PN 655) (Turzai) This bill amends the Pennsylvania
Securities Act of 1972 by granting the Pennsylvania Securities
Commission the ability to escrow extraordinary paypments for a maximum
of 90 days pending the determination of possible violations of
securities laws.
House Bill 561 (PN 663) (Nickol) This bill amends the Pennsylvania
Securities Act of 1972 by adding to existing law disclosure requirements
relating to advisors.
House Bill 595 (PN 697) (Stetler) This bill amends the Pennsylvania
Securities Act of 1972 by further providing for the Securities
Commission to seek reimbursement for work services provided to a
trustee, receiver, or conservator provided the reimbursement does not
exceed 10% of the funds held by the trustee.
House Bill 599 (PN 1483) (Manderino) This bill amends the Pennsylvania
Securities Act of 1972 by further providing for time limitations
consistent with the federal Act.
House Bill 600 (PN 702) (Pallone) This bill amends the Pennsylvania
Securities Act of 1972 to permit the Securities Commission to deny a
registration statement if the issuer loaned money to company insiders
that has not been repaid.
House Bill 604 (PN 1484) (Browne) This bill amends the Pennsylvania
Securities Act of 1972 by further providing for registration sanctions
and for criminal penalties.
Banking and Insurance Committee
6/22/04
The Senate Banking and Insurance Committee met on
Tuesday, June 22, 2004 and unanimously reported out
Senate Bill 1111
which would exempt certain reimbursements, contributions, and interest
to a health savings account from taxation and imposes certain
restrictions on high deductible plans.
Banking and Insurance Committee
6/15/04
The Senate Banking and Insurance Committee met on Tuesday, June 15, 2004
and took the following actions:
Reported from Committee as amended
Senate Bill 1096 which amends
the Insurance Company Law of 1921 (Act 284 of 1921) by providing for nonforfeiture law and for individual deferred annuities.
Banking and Insurance Committee11/17/03
The Senate Banking and Insurance Committee
met on Monday, November 17, 2003 and took the following action
Unanimously reported out
Nominations of Richard Gerber and Robert M. Lam to the Pennsylvania
Securities Commission with favorable recommendations.
Banking and Insurance Committee
9/22/03
The Senate Banking and Insurance Committee met on
September 22, 2003 and reported out the following bill as amended:
Senate Bill 815 (D. White) (11-2 vote) This bill amends the Insurance
Department Act as it relates to large deductible insurance policies and
exempts certain collateral from qualifying as an asset of the estate of
an insolvent insurer.
A3509 (D. White) (12-1 vote) This amendment increases the amount of
time a policyholder has to pay amounts due to reimburse the guaranty
association from 30 days to 60 days.
There was also a motion by Senator Wagner to table the bill. The motion
failed by an 8-5 vote.
Banking and Insurance Committee 6/17/03
The Senate
Banking and Insurance Committee met on Wednesday, June 11, 2003 and
reported out the following nomination with a favorable recommendation:
M. Diane Koken
as state Insurance Commissioner. The nomination passed by a 12-1 vote (1
abstention).
