Amendment vs bill House Committee Amendment, #5415, INS, Draft vs Enrolled

Struck = removed from the bill · added = the amendment's new text.

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Regular Session ENROLLED SENATE BILL NO.
HCASB509 4902 5415 HOUSE COMMITTEE AMENDMENTS Regular Session Amendments proposed byHouse Committee on Insurance to Reengrossed Senate Bill No.
509 BY SENATOR CLOUD AN ACT To amend and reenact R.S.
by Senator Cloud AMENDMENT NO.
22:901(C)(2), relative to bank-owned life insurance;
1 On page 2, after line 1, insert the following:
to provide for an insurable interest;
"C.
to provide for the exchange of bank-owned life insurance policies;
Nothinghereinshallbeconstruedtolimitorotherwisealterexisting state or federal consent requirements." Page 1 of 1 CODING:
and to provide for related matters.
Wordsinstruckthroughtypearedeletionsfromexistinglaw;wordsunderscored are additions.
Be it enacted by the Legislature of Louisiana:
Section 1.
R.S.
22:901(C)(2) is hereby amended and reenacted to read as follows:
§901.
Insurable interest required;
personal insurance;
intentional acts exclusion * * * C.
"Insurable interest" as used in this Section and in R.S.
22:856 includes only interest as follows:
* * * (2)(a)Inthecaseofotherpersons,alawfulandsubstantialeconomicinterest in having the life, health or bodily safety of the individual insured continue, as distinguished from an interest which would arise onlyby, or would be enhanced in value by, the death, disablement or injury of the individual insured.
(b)(i) A bank shall be deemed to maintain its insurable interest in a formeremployeeforthepurposesofexchangingonebank-ownedlifeinsurance policy for another.
(b)(ii) The commissioner shall determine the method and manner in which a bank may obtain consent for the exchange.
In making such a determination, the commissioner shall consider whether the life insurance policy is funding benefits afforded to the bank's employees, applicable consent Page 1 of 2 Coding:
Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions.
SB NO.
509 ENROLLED requirements,ifany,underexistinglaw,cybersecuritycontrols,alignmentwith federal and interstate requirements, and the continuity of coverage in connection with policy exchanges.
* * * PRESIDENT OF THE SENATE SPEAKER OF THE HOUSE OF REPRESENTATIVES GOVERNOR OF THE STATE OF LOUISIANA APPROVED:
Page 2 of 2 Coding:
Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions.