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