Legislation Quick Search
03/28/2024 07:27 PM
Pennsylvania House of Representatives
https://www.legis.state.pa.us/cfdocs/Legis/CSM/showMemoPublic.cfm?chamber=H&SPick=20130&cosponId=14849
Share:
Home / House Co-Sponsorship Memoranda

House Co-Sponsorship Memoranda

Subscribe to PaLegis Notifications
NEW!

Subscribe to receive notifications of new Co-Sponsorship Memos circulated

By Member | By Date | Keyword Search


House of Representatives
Session of 2013 - 2014 Regular Session

MEMORANDUM

Posted: June 9, 2014 03:47 PM
From: Representative Eli Evankovich
To: All House members
Subject: Establish Parity with Federal Law for Federal Home Loan Bank
 
In the near future, I intend to introduce legislation to amend Article V of the Insurance Department Law, which provides protection of the interests of insured’s, creditors, and the public generally.

My legislation seeks to establish parity under state law with federal law as it relates to allowing a chartered Federal Home Loan Bank (FHLB) to be a secured creditor to insurance companies. The legislation clarifies collateral valuation and FHLB access to collateral in the event of an insurance company’s failure.

This legislation follows National Association of Insurance Commissioners (NAIC) recommendations. Similar legislation has passed in Delaware, Iowa, Colorado, Kansas, Oklahoma, Nebraska, Michigan, and Indiana.

I believe that achieving parity with federal law, PA domiciled insurance companies will have improved access and terms to the long term low cost funding the FHLB provides.

I hope you will join me in cosponsoring this important piece of legislation.



Introduced as HB2353