HB4273 H B&I AM 2-10 #1
The Committee on Banking and Insurance moves to amend the bill on Page 4, Section 4, line 10, by striking all of subsection (a) and inserting in lieu thereof the following:
"(a) The operation of a PEO constitutes the "transaction of insurance" within the meaning of, as defined in and for the purposes of article forty-four of this chapter. A PEO operating in this state without a license issued in accordance with this article is an "unauthorized insurer" within the meaning of and as defined in article forty-four of this chapter. Any person who operates a PEO without a license issued in accordance with this article is an unauthorized insurer and is engaging in the transaction of insurance without a license in violation of section four, article forty-four of this chapter, and is subject to the all of the criminal, civil and administrative penalties as provided in article forty-four of this chapter for the unauthorized transaction of insurance."
Adopted
Rejected