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S 2442

Enacts the small insurer protection act prohibiting the filing of an application for an order of rehabilitation or liquidation of a small insurer on certain grounds unless such order is based on certain findings

2025 Regular Session Introduced by Leroy Comrie and 5 co-sponsors

Overview: S 2442, the Enacts the small insurer protection act prohibiting the filing of an application for an order of rehabilitation or liquidation of a small insurer on certain g

REFERRED TO INSURANCE
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WeVote Research Nonpartisan
Bill Summary · S 2442

Overview: S 2442, the Enacts the small insurer protection act prohibiting the filing of an application for an order of rehabilitation or liquidation of a small insurer on certain grounds unless such order is based on certain findings, was introduced in the Senate on July 24, 2025 and referred to the Committee on Insurance.

Purpose and Intent: The bill aims to protect small insurance companies from being placed into rehabilitation or liquidation proceedings unless certain specific findings are made, in order to maintain the availability of insurance coverage for consumers.

Key Provisions:
- Prohibits the filing of an application for an order of rehabilitation or liquidation of a small insurer unless the order is based on:
- The insurer's inability to pay its obligations as they come due
- Grounds of insolvency as defined in state law
- Grounds that the continued operation of the insurer would be hazardous to its policyholders, creditors, or the public
- Defines a "small insurer" as one with less than $50 million in direct written premiums

Affected Parties and Impacts: The bill would protect small insurance companies and their policyholders from potentially disruptive rehabilitation or liquidation proceedings, ensuring the continued availability of insurance coverage in local markets.

Procedural and Timeline Considerations: The bill has been referred to the Senate Committee on Insurance and is awaiting further consideration and potential action.

Compiled from official sources — confirm details with the bill’s official record.

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