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Minutes for SB21 - Committee on Financial Institutions and Insurance
Short Title
Requiring that third party administrators maintain separate fiduciary accounts for individual payors and not contain funds collected or held on behalf of multiple payors and requiring that third party administrators disclose to the commissioner of insurance any bankruptcy petition filed by or on behalf of such administrator pursuant to chapter 9 or chapter 11 of the United States bankruptcy code.
Minutes Content for Wed, Feb 5, 2025
Chairperson Dietrich opened the floor for SB 21 to be worked. Revisor Eileen Ma provided a synopsis and stood for questions from the Committee. Senator Warren offered an amendment to the bill to clarify language and explained it. (Attachment 1)
Senator Warren moved amendment for approval. Senator Fagg seconded. Motion passed.
Senator Gossage moved that SB 21 be passed favorably out of committee as amended. Senator Argabright seconded. Motion passed.
