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Senate Commerce Committee Statement - Senate Bill No. 4270, New Jersey (December 16, 2021)

Summary

Senate Commerce Committee statement to Senate, No. 4270, State of New Jersey, dated December 16, 2021, reporting favorably Senate Bill No. 4270. The bill makes certain changes to the law concerning insurance holding companies. It adds a distinct presumption of control when a person solicits proxies to elect directors representing 10 percent or more of the board members, and adds a definition of "own" or "owned". The bill also adds circumstances under which a person must file information with the Department of Banking and Insurance and obtain approval. The statement says these provisions enable the Commissioner of Banking and Insurance to review any acquisition of control of a domestic insurer.

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Cite this document

“Senate Commerce Committee Statement - Senate Bill No. 4270, New Jersey (December 16, 2021).” Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2021-12-16-scm-s4270-s1-1a15b4640c/, SHA-256 625236fe6907526e731412c2fb9dcffd135a73e3cd83fc08480ec35217462baa.

Full text

     SENATE COMMERCE COMMITTEE

                    STATEMENT TO

                  SENATE, No. 4270

 STATE OF NEW JERSEY
                  DATED: DECEMBER 16, 2021

   The Senate Commerce Committee reports favorably Senate Bill
No. 4270.
   This bill makes certain changes to the law concerning insurance
holding companies.
   This bill adds a distinct presumption of control when a person
solicits proxies for the purpose of electing directors representing 10
percent or more of the board members and adds a definition of
“own” or “owned” to include all voting securities underlying
convertible securities, options, securities futures contracts, and
aggregating shares “owned” by persons acting in concert.
   The bill adds to the law additional circumstances under which a
person is required to file information with the Department of
Banking and Insurance and obtain approval and requires additional
information to be included in the filing. The bill clarifies that the
purpose of these provisions is to enable the Commissioner of
Banking and Insurance to review any acquisition of control of a
domestic insurer or of any other person controlling a domestic
insurer in order to determine whether or not the acquisition of
control would be adverse to the public interest or protection of the
existing and future policyholders of the company or is being sought
by persons who would utilize such control adversely to the public
interest or protection of policyholders, and to enable the
commissioner to make the findings required pursuant to the law.

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