2013 House Bill 5148 / 2014 Public Act 141

Allow insurance reserve Canadian stock and bond investments

Introduced in the House

Nov. 12, 2013

Introduced by Rep. Marcia Hovey-Wright (D-92)

To revise the law governing the amount and type of assets insurance companies are required to maintain as reserves against future claims, so as to explicitly allow preferred stock in Canadian companies.

Referred to the Committee on Insurance

Dec. 10, 2013

Reported without amendment

Without amendment and with the recommendation that the bill pass.

Jan. 23, 2014

Passed in the House 107 to 0 (details)

Received in the Senate

Jan. 28, 2014

Referred to the Committee on Insurance

March 5, 2014

Reported without amendment

With the recommendation that the bill pass.

May 20, 2014

Passed in the Senate 38 to 0 (details)

To revise the law governing the amount and type of assets insurance companies are required to maintain as reserves against future claims, so as to explicitly allow preferred stock in Canadian companies.

Signed by Gov. Rick Snyder

June 3, 2014