|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
VETOES
|
|
|
|
|
S.B. 580
|
|
|
|
|
|
|
|
|
|
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
June 1, 2005.
|
|
|
|
|
|
|
|
|
|
May 26, 2005
The Honorable Thomas V. Mike Miller, Jr.
President of the Senate
State House
Annapolis, MD 21401
Dear Mr. President:
In accordance with Article II, Section 17 of the Maryland Constitution, today I have
vetoed Senate Bill 580 - Insurance - Delinquency Proceedings Against Insolvent
Insurers - Financial Contracts.
This bill provides that a person may not be stayed or otherwise prohibited from
exercising specified rights in delinquency proceedings brought under specified
provisions of law against specified insurers and requires specified net or settlement
amounts due to an insurer subject to a specified delinquency proceeding to be
transferred to or on the order of the receiver for the insurer. It also specifies the
manner in which a receiver in a delinquency proceeding must transfer specified
netting agreements and qualified financial contracts.
House Bill 666, which was passed by the General Assembly and signed by me,
accomplishes the same purpose. Therefore, it is not necessary for me to sign Senate
Bill 580.
Very truly yours,
Robert L. Ehrlich, Jr.
Governor
Senate Bill No. 580
AN ACT concerning
Insurance - Delinquency Proceedings Against Insolvent Insurers - Financial
Contracts
FOR the purpose of providing that a person may not be stayed or otherwise prohibited
from exercising certain rights under certain circumstances in certain
delinquency proceedings against certain insurers; requiring certain net or
settlement amounts due to an insurer subject to a certain delinquency
proceeding to be transferred to or on the order of the receiver for the insurer;
specifying the manner in which a receiver in a certain delinquency proceeding
must transfer certain netting agreements and qualified financial contracts;
requiring a receiver for an insurer to give notice to parties to certain netting
agreements and qualified financial contracts under certain circumstances;
prohibiting a receiver for an insurer from avoiding a transfer of certain money
or other property under certain circumstances; requiring a receiver to exercise
certain powers to disaffirm or repudiate certain netting agreements and
|
|
|
|
|
|
|
|
|
|
- 3730 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
 |
