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H0059aaS.....................................................by MR. SPEAKER
Requested by: Department of Insurance
INSURERS - Amends existing law to clarify that certain loan interest
amounts shall not be treated as assets; to provide that insurers may invest
funds in foreign corporations whose stock is publicly traded on United
States stock exchanges; to set forth investment limitations for insurers in
trust securities; to provide that the fair market value for property must
be determined by an independent appraiser; and to provide retroactive
application of provisions relating to investment by insurance companies in
time deposits in Idaho branches of certain financial institutions.
01/06 House intro - 1st rdg - to printing
Rpt prt - to Bus
01/28 Rpt out - rec d/p - to 2nd rdg
01/29 2nd rdg - to 3rd rdg
01/31 3rd rdg - PASSED - 62-2-6
AYES -- Andersen, Barraclough, Bauer, Bell, Bieter, Black, Block,
Boe, Bolz, Bradford, Campbell, Cannon, Clark, Collins, Cuddy, Deal,
Denney, Douglas, Eberle, Edmunson, Ellsworth, Eskridge, Field(18),
Field(23), Gagner, Garrett, Harwood, Jones, Kellogg, Lake, Langford,
Martinez, McGeachin, Meyer, Miller, Mitchell, Moyle, Nacarrato,
Nielsen, Raybould, Ridinger, Ring, Ringo, Roberts, Robison, Rydalch,
Sali, Sayler, Schaefer, Shepherd, Shirley, Skippen, Smith(30),
Smith(24), Smylie, Snodgrass, Stevenson, Tilman, Trail, Wills, Wood,
Mr. Speaker
NAYS -- Kulczyk, McKague
Absent and excused -- Barrett, Bedke, Crow, Henbest, Jaquet,
Langhorst
Floor Sponsor - Gagner
Title apvd - to Senate
02/03 Senate intro - 1st rdg - to Com/HuRes
03/05 Rpt out - to 14th Ord
03/10 Rpt out amen - to 1st rdg as amen
03/11 1st rdg - to 2nd rdg as amen
03/12 2nd rdg - to 3rd rdg as amen
03/13 3rd rdg as amen - PASSED - 34-0-1
AYES -- Andreason(Rouse), Bailey, Brandt, Bunderson, Burkett,
Burtenshaw, Cameron, Compton, Darrington, Davis, Gannon, Geddes,
Goedde, Hill, Ingram, Kennedy, Keough, Little, Lodge, Malepeai,
Marley, McKenzie, McWilliams, Noble, Noh, Pearce, Richardson,
Schroeder, Sorensen, Stegner, Stennett, Sweet, Werk, Williams
NAYS -- None
Absent and excused -- Calabretta
Floor Sponsor - Cameron
Title apvd - to House
03/14 Held at Desk
03/19 House concurred in Senate amens - to engros
03/20 Rpt engros - 1st rdg - to 2nd rdg as amen
03/21 2nd rdg - to 3rd rdg as amen
03/27 3rd rdg as amen - PASSED - 68-0-2
AYES -- Andersen, Barraclough, Barrett, Bauer, Bell, Bieter, Black,
Block, Boe, Bolz, Bradford, Campbell, Cannon, Clark, Collins, Cuddy,
Deal, Denney, Douglas, Eberle, Edmunson, Ellsworth, Eskridge,
Field(18), Field(23), Gagner, Garrett, Harwood, Henbest(Bray),
Jaquet, Jones, Kellogg, Kulczyk, Lake, Langford, Langhorst, Martinez,
McGeachin, McKague, Meyer, Miller, Mitchell, Moyle, Nacarrato,
Nielsen, Raybould, Ridinger, Ring, Ringo, Roberts, Robison, Rydalch,
Sali, Sayler, Schaefer, Shepherd, Shirley, Skippen, Smith(30),
Smith(24), Smylie, Snodgrass, Stevenson, Tilman, Trail, Wills, Wood,
Mr. Speaker
NAYS -- None
Absent and excused -- Bedke, Crow
Floor Sponsor - Gagner
Title apvd - to enrol
03/28 Rpt enrol - Sp signed
03/31 Pres signed
04/01 To Governor
04/04 Governor signed
Session Law Chapter 219
Effective: 01/01/95
|||| LEGISLATURE OF THE STATE OF IDAHO |||| Fifty-seventh Legislature First Regular Session - 2003IN THE HOUSE OF REPRESENTATIVES HOUSE BILL NO. 59 BY MR. SPEAKER Requested by: Department of Insurance 1 AN ACT 2 RELATING TO INSURANCE; AMENDING SECTION 41-601, IDAHO CODE, TO CLARIFY THAT 3 INTEREST DUE OR ACCRUED ON A LOAN IN DEFAULT SHALL NOT BE TREATED AS AN 4 ASSET AND TO MAKE TECHNICAL CORRECTIONS; AMENDING SECTION 41-714, IDAHO 5 CODE, TO PROVIDE THAT INSURERS MAY INVEST FUNDS IN FOREIGN CORPORATIONS 6 WHOSE STOCK IS PUBLICLY TRADED ON UNITED STATES STOCK EXCHANGES AND TO 7 MAKE TECHNICAL CORRECTIONS; AMENDING SECTION 41-716, IDAHO CODE, TO PRO- 8 VIDE THAT INVESTMENT LIMITATIONS FOR INSURERS IN TRUST SECURITIES ARE TO 9 BE DETERMINED BASED ON THE LOWER OF THE COST OF THE SECURITY OR THE MARKET 10 VALUE OF THE SECURITY; AND AMENDING SECTION 41-723, IDAHO CODE, TO PROVIDE 11 THAT THE FAIR MARKET VALUE FOR PROPERTY MUST BE DETERMINED BY AN INDEPEN- 12 DENT APPRAISER AND TO MAKE TECHNICAL CORRECTIONS. 13 Be It Enacted by the Legislature of the State of Idaho: 14 SECTION 1. That Section 41-601, Idaho Code, be, and the same is hereby 15 amended to read as follows: 16 41-601. "ASSETS" DEFINED. In any determination of the financial condition 17 of an insurer, there shall be allowed as assets only such assets as are owned 18 by the insurer and which consist of: 19 (1) Cash in the possession of the insurer, or in transit under its con- 20 trol, and including the true balance of any deposit in a solvent bank or trust 21 company. 22 (2) Investments, securities, properties and loans acquired or held in 23 accordance with this code, and in connection therewith the following items: 24 (a) Interest due or accrued on any bond or evidence of indebtedness which 25 is not in default and which is not valued on a basis including accrued 26 interest. 27 (b) Declared and unpaid dividends on stock and shares, unless such amount 28 has otherwise been allowed as an asset. 29 (c) Interest due or accrued upon a collateral loan in an amount not to 30 exceed one (1) year's interest thereon. 31 (d) Interest due or accrued on deposits in solvent banks and trust compa- 32 nies, and interest due or accrued on other assets, if such interest is in 33 the judgment of the director a collectible asset. 34 (e) Interest due or accrued on a mortgage loan, not in default pursuant 35 to the contractual terms of the loan, in an amount not exceeding in any 36 event the amount, if any, of the excess of the value of the property less 37 delinquent taxes thereon over the unpaid principal; but in no event shall 38 interest accrued for a period in excess of eighteen (18) months be allowed 39 as an asset. 40 (f) Rent due or accrued on real property if such rent is not in arrears 41 for more than three (3) months, and rent more than three (3) months in 42 arrears if the payment of such rent be adequately secured by property held 43 in the name of the tenant and conveyed to the insurer as collateral. 2 1 (g) The unaccrued portion of taxes paid prior to the due date on real 2 property. 3 (3) Premium notes, policy loans, and other policy assets and liens on 4 policies and certificates of life insurance and annuity contracts and accrued 5 interest thereon, in an amount not exceeding the legal reserve and other pol- 6 icy liabilities carried on each individual policy. 7 (4) The net amount of uncollected and deferred premiums and annuity con- 8 siderations in the case of a life insurer. 9 (5) Premiums in the course of collection, other than for life insurance, 10 not more than three (3) months past due, less commissions payable thereon. The 11 foregoing limitation shall not apply to premiums payable directly or indi- 12 rectly by the state of Idaho, any department, board, agency, or institution 13 thereof, or any other political subdivision of the state of Idaho, including 14 municipalities or specially chartered subdivisions, or by the United States 15 government or by any of its instrumentalities. 16 (6)InstalmentInstallment premiums other than life insurance premiums to 17 the extent of the unearned premium reserve carried on the policy to which pre- 18 miums apply. 19 (7) Notes and like written obligations not past due, taken for premiums 20 other than life insurance premiums, on policies permitted to be issued on such 21 basis, to the extent of the unearned premium reserves carried thereon. 22 (8) The full amount of reinsurance recoverable by a ceding insurer from a 23 solvent reinsurer and which reinsurance is authorized under section 41-511, 24 Idaho Code. 25 (9) Amounts receivable by an assuming insurer representing funds withheld 26 by a solvent ceding insurer under a reinsurance treaty. 27 (10) Deposits or equities recoverable from underwriting associations, 28 syndicates and reinsurance funds, or from any suspended banking institution, 29 to the extent deemed by the director available for the payment of losses and 30 claims and at values to be determined by him. 31 (11) Electronic and mechanical machines constituting a data processing and 32 accounting system if the cost of such system is at least twenty-five thousand 33 dollars ($25,000), which cost shall be amortized in full over a period not to 34 exceed ten (10) calendar years. 35 (12) All office equipment, office furniture, private passenger automo- 36 biles, deemed necessary for conduct of insurance business, the aggregate 37 amount of which shall not at any one time exceed oneper centpercent (1%) of 38 the other assets of the insurer. 39 (13) All assets, whether or not consistent with the provisions of this 40 section, as may be allowed pursuant to the annual statement form approved by 41 the director for the kinds of insurance to be reported upon therein. 42 (14) Other assets, not inconsistent with the provisions of this section, 43 deemed by the director to be available for the payment of losses and claims, 44 at values to be determined by him. 45 SECTION 2. That Section 41-714, Idaho Code, be, and the same is hereby 46 amended to read as follows: 47 41-714. COMMON STOCKS. After satisfying the requirements of section 48 41-706(3) and (4), Idaho Code, (investment of capital and life reserves), an 49 insurer may invest funds in an aggregate amount not in excess of fifteenper50centpercent (15%) of its assets in common shares of stock of any solvent 51 institution existing under the laws of the United States or of any state, dis- 52 trict or territory thereof, or a foreign corporation publicly traded on United 53 States stock exchanges, that qualify as a sound investment, in addition to the 3 1 shares of a substantially owned or wholly owned subsidiary corporation. 2 For the purpose of determining the investment limitation imposed by this 3 section, the insurer shall value securities subject to the provisions of this 4 section at the cost of the security or at the market value of the security, 5 whichever is lower. However, investments in the shares of subsidiaries or com- 6 panion insurance companies shall be governed by sections 41-715 and 41-3801B, 7 Idaho Code. 8 The limitations as to investment in common stocks as provided herein shall 9 not apply to nor limit the right of investments in investment trust securities 10 as provided for in section 41-716, Idaho Code. 11 SECTION 3. That Section 41-716, Idaho Code, be, and the same is hereby 12 amended to read as follows: 13 41-716. INVESTMENT TRUST SECURITIES. (1) An insurer may invest in the 14 securities of any open-end management type investment company or investment 15 trust registered with the federal securities and exchange commission under the 16 Investment Company Act of 1940 as from time to time amended, if such invest- 17 ment company or trust has been organized for not less than three (3) years and 18 has assets of not less than twenty-five million dollars ($25,000,000) as at 19 the date of investment by the insurer. The aggregate amount invested under 20 this section shall not exceed twenty-five percent (25%) of the insurer's 21 assets with limitations of five percent (5%) of the insurer's assets in any 22 one (1) fund and ten percent (10%) of the insurer's assets in any one (1) fund 23 family. 24 (2) For the purpose of determining the investment limitation imposed by 25 this section, the insurer shall value securities subject to the provisions of 26 this section at the cost of the security or at the market value of the secu- 27 rity, whichever is lower. 28 SECTION 4. That Section 41-723, Idaho Code, be, and the same is hereby 29 amended to read as follows: 30 41-723. APPRAISAL -- LIMIT OF AMOUNT LOANED. (1) The fair value of prop- 31 erty shall be determined by appraisal by a competent independent appraiser at 32 the time of the making or acquisition of a mortgage loan or investing in a 33 contract for the deed thereon; except, that as to bonds or notes secured by 34 mortgage or trust deed guaranteed or insured by the federal housing adminis- 35 tration, or guaranteed or insured as to principal in full or in part by the 36 administrator of veterans'affairs, or guaranteed or insured by the farmers 37 home administration, the valuation made by such administration or administra- 38 tor shall be deemed to have been made by a competent appraiser for the pur- 39 poses of this subsection. 40 (2) An insurer shall not make or acquire a loan or loans upon the secu- 41 rity of any one (1) parcel of real property in aggregate amount in excess of 42 ten thousand dollars ($10,000) or more than the amount permissible under sec- 43 tion 41-706(1), Idaho Code, (investment in securities, etc., of any one per- 44 son), whichever is the greater.
|||| LEGISLATURE OF THE STATE OF IDAHO ||||
Fifty-seventh Legislature First Regular Session - 2003
Moved by Davis
Seconded by Cameron
IN THE SENATE
SENATE AMENDMENTS TO H.B. NO. 59
1 AMENDMENT TO SECTION 1
2 On page 1 of the printed bill, in line 34, following "default" insert: "of
3 the contractual principal payments and the contractual interest payments,".
4 AMENDMENTS TO SECTION 3
5 On page 3, in line 25, following "section" insert: "41-716, Idaho Code";
6 and in line 26, following "section" insert: "41-716, Idaho Code,".
7 AMENDMENT TO THE BILL
8 On page 3, following line 44, insert:
9 "SECTION 5. That Chapter 183, Laws of 2000, be, and the same is hereby
10 amended by the addition thereto of a NEW SECTION, to read as follows:
11 SECTION 2. An emergency existing therefor, which emergency is hereby
12 declared to exist, this act shall be in full force and effect on and after its
13 passage and approval, and retroactively to January 1, 1995.".
14 CORRECTIONS TO TITLE
15 On page 1, in line 10, delete "AND"; and in line 12, following
16 "CORRECTIONS" insert: "; AND AMENDING CHAPTER 183, LAWS OF 2000, BY THE ADDI-
17 TION OF A NEW SECTION TO DECLARE AN EMERGENCY AND TO PROVIDE RETROACTIVE
18 APPLICATION".
|||| LEGISLATURE OF THE STATE OF IDAHO |||| Fifty-seventh Legislature First Regular Session - 2003IN THE HOUSE OF REPRESENTATIVES HOUSE BILL NO. 59, As Amended in the Senate BY MR. SPEAKER Requested by: Department of Insurance 1 AN ACT 2 RELATING TO INSURANCE; AMENDING SECTION 41-601, IDAHO CODE, TO CLARIFY THAT 3 INTEREST DUE OR ACCRUED ON A LOAN IN DEFAULT SHALL NOT BE TREATED AS AN 4 ASSET AND TO MAKE TECHNICAL CORRECTIONS; AMENDING SECTION 41-714, IDAHO 5 CODE, TO PROVIDE THAT INSURERS MAY INVEST FUNDS IN FOREIGN CORPORATIONS 6 WHOSE STOCK IS PUBLICLY TRADED ON UNITED STATES STOCK EXCHANGES AND TO 7 MAKE TECHNICAL CORRECTIONS; AMENDING SECTION 41-716, IDAHO CODE, TO PRO- 8 VIDE THAT INVESTMENT LIMITATIONS FOR INSURERS IN TRUST SECURITIES ARE TO 9 BE DETERMINED BASED ON THE LOWER OF THE COST OF THE SECURITY OR THE MARKET 10 VALUE OF THE SECURITY; AMENDING SECTION 41-723, IDAHO CODE, TO PROVIDE 11 THAT THE FAIR MARKET VALUE FOR PROPERTY MUST BE DETERMINED BY AN INDEPEN- 12 DENT APPRAISER AND TO MAKE TECHNICAL CORRECTIONS; AND AMENDING CHAPTER 13 183, LAWS OF 2000, BY THE ADDITION OF A NEW SECTION TO DECLARE AN EMER- 14 GENCY AND TO PROVIDE RETROACTIVE APPLICATION. 15 Be It Enacted by the Legislature of the State of Idaho: 16 SECTION 1. That Section 41-601, Idaho Code, be, and the same is hereby 17 amended to read as follows: 18 41-601. "ASSETS" DEFINED. In any determination of the financial condition 19 of an insurer, there shall be allowed as assets only such assets as are owned 20 by the insurer and which consist of: 21 (1) Cash in the possession of the insurer, or in transit under its con- 22 trol, and including the true balance of any deposit in a solvent bank or trust 23 company. 24 (2) Investments, securities, properties and loans acquired or held in 25 accordance with this code, and in connection therewith the following items: 26 (a) Interest due or accrued on any bond or evidence of indebtedness which 27 is not in default and which is not valued on a basis including accrued 28 interest. 29 (b) Declared and unpaid dividends on stock and shares, unless such amount 30 has otherwise been allowed as an asset. 31 (c) Interest due or accrued upon a collateral loan in an amount not to 32 exceed one (1) year's interest thereon. 33 (d) Interest due or accrued on deposits in solvent banks and trust compa- 34 nies, and interest due or accrued on other assets, if such interest is in 35 the judgment of the director a collectible asset. 36 (e) Interest due or accrued on a mortgage loan, not in default of the 37 contractual principal payments and the contractual interest payments, pur- 38 suant to the contractual terms of the loan, in an amount not exceeding in 39 any event the amount, if any, of the excess of the value of the property 40 less delinquent taxes thereon over the unpaid principal; but in no event 41 shall interest accrued for a period in excess of eighteen (18) months be 42 allowed as an asset. 43 (f) Rent due or accrued on real property if such rent is not in arrears 2 1 for more than three (3) months, and rent more than three (3) months in 2 arrears if the payment of such rent be adequately secured by property held 3 in the name of the tenant and conveyed to the insurer as collateral. 4 (g) The unaccrued portion of taxes paid prior to the due date on real 5 property. 6 (3) Premium notes, policy loans, and other policy assets and liens on 7 policies and certificates of life insurance and annuity contracts and accrued 8 interest thereon, in an amount not exceeding the legal reserve and other pol- 9 icy liabilities carried on each individual policy. 10 (4) The net amount of uncollected and deferred premiums and annuity con- 11 siderations in the case of a life insurer. 12 (5) Premiums in the course of collection, other than for life insurance, 13 not more than three (3) months past due, less commissions payable thereon. The 14 foregoing limitation shall not apply to premiums payable directly or indi- 15 rectly by the state of Idaho, any department, board, agency, or institution 16 thereof, or any other political subdivision of the state of Idaho, including 17 municipalities or specially chartered subdivisions, or by the United States 18 government or by any of its instrumentalities. 19 (6)InstalmentInstallment premiums other than life insurance premiums to 20 the extent of the unearned premium reserve carried on the policy to which pre- 21 miums apply. 22 (7) Notes and like written obligations not past due, taken for premiums 23 other than life insurance premiums, on policies permitted to be issued on such 24 basis, to the extent of the unearned premium reserves carried thereon. 25 (8) The full amount of reinsurance recoverable by a ceding insurer from a 26 solvent reinsurer and which reinsurance is authorized under section 41-511, 27 Idaho Code. 28 (9) Amounts receivable by an assuming insurer representing funds withheld 29 by a solvent ceding insurer under a reinsurance treaty. 30 (10) Deposits or equities recoverable from underwriting associations, 31 syndicates and reinsurance funds, or from any suspended banking institution, 32 to the extent deemed by the director available for the payment of losses and 33 claims and at values to be determined by him. 34 (11) Electronic and mechanical machines constituting a data processing and 35 accounting system if the cost of such system is at least twenty-five thousand 36 dollars ($25,000), which cost shall be amortized in full over a period not to 37 exceed ten (10) calendar years. 38 (12) All office equipment, office furniture, private passenger automo- 39 biles, deemed necessary for conduct of insurance business, the aggregate 40 amount of which shall not at any one time exceed oneper centpercent (1%) of 41 the other assets of the insurer. 42 (13) All assets, whether or not consistent with the provisions of this 43 section, as may be allowed pursuant to the annual statement form approved by 44 the director for the kinds of insurance to be reported upon therein. 45 (14) Other assets, not inconsistent with the provisions of this section, 46 deemed by the director to be available for the payment of losses and claims, 47 at values to be determined by him. 48 SECTION 2. That Section 41-714, Idaho Code, be, and the same is hereby 49 amended to read as follows: 50 41-714. COMMON STOCKS. After satisfying the requirements of section 51 41-706(3) and (4), Idaho Code, (investment of capital and life reserves), an 52 insurer may invest funds in an aggregate amount not in excess of fifteenper53centpercent (15%) of its assets in common shares of stock of any solvent 3 1 institution existing under the laws of the United States or of any state, dis- 2 trict or territory thereof, or a foreign corporation publicly traded on United 3 States stock exchanges, that qualify as a sound investment, in addition to the 4 shares of a substantially owned or wholly owned subsidiary corporation. 5 For the purpose of determining the investment limitation imposed by this 6 section, the insurer shall value securities subject to the provisions of this 7 section at the cost of the security or at the market value of the security, 8 whichever is lower. However, investments in the shares of subsidiaries or com- 9 panion insurance companies shall be governed by sections 41-715 and 41-3801B, 10 Idaho Code. 11 The limitations as to investment in common stocks as provided herein shall 12 not apply to nor limit the right of investments in investment trust securities 13 as provided for in section 41-716, Idaho Code. 14 SECTION 3. That Section 41-716, Idaho Code, be, and the same is hereby 15 amended to read as follows: 16 41-716. INVESTMENT TRUST SECURITIES. (1) An insurer may invest in the 17 securities of any open-end management type investment company or investment 18 trust registered with the federal securities and exchange commission under the 19 Investment Company Act of 1940 as from time to time amended, if such invest- 20 ment company or trust has been organized for not less than three (3) years and 21 has assets of not less than twenty-five million dollars ($25,000,000) as at 22 the date of investment by the insurer. The aggregate amount invested under 23 this section shall not exceed twenty-five percent (25%) of the insurer's 24 assets with limitations of five percent (5%) of the insurer's assets in any 25 one (1) fund and ten percent (10%) of the insurer's assets in any one (1) fund 26 family. 27 (2) For the purpose of determining the investment limitation imposed by 28 this section 41-716, Idaho Code, the insurer shall value securities subject to 29 the provisions of this section 41-716, Idaho Code, at the cost of the security 30 or at the market value of the security, whichever is lower. 31 SECTION 4. That Section 41-723, Idaho Code, be, and the same is hereby 32 amended to read as follows: 33 41-723. APPRAISAL -- LIMIT OF AMOUNT LOANED. (1) The fair value of prop- 34 erty shall be determined by appraisal by a competent independent appraiser at 35 the time of the making or acquisition of a mortgage loan or investing in a 36 contract for the deed thereon; except, that as to bonds or notes secured by 37 mortgage or trust deed guaranteed or insured by the federal housing adminis- 38 tration, or guaranteed or insured as to principal in full or in part by the 39 administrator of veterans'affairs, or guaranteed or insured by the farmers 40 home administration, the valuation made by such administration or administra- 41 tor shall be deemed to have been made by a competent appraiser for the pur- 42 poses of this subsection. 43 (2) An insurer shall not make or acquire a loan or loans upon the secu- 44 rity of any one (1) parcel of real property in aggregate amount in excess of 45 ten thousand dollars ($10,000) or more than the amount permissible under sec- 46 tion 41-706(1), Idaho Code, (investment in securities, etc., of any one per- 47 son), whichever is the greater. 48 SECTION 5. That Chapter 183, Laws of 2000, be, and the same is hereby 49 amended by the addition thereto of a NEW SECTION, to read as follows: 4 1 SECTION 2. An emergency existing therefor, which emergency is hereby 2 declared to exist, this act shall be in full force and effect on and after its 3 passage and approval, and retroactively to January 1, 1995.
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STATEMENT OF PURPOSE
RS 12344
This bill amends portions of Chapters 6 and 7 of Title 41 regarding
limitations on how insurers may account for certain types of
investments and assets for regulatory filings. The amendments
clarify that interest due or accrued on a mortgage loan for a
period of up to 18 months may be treated as an admitted asset only
if the loan is not in default, allow insurers to report as an asset
investments in stock of a foreign corporation that is publicly
traded on U.S. stock exchanges, provide that insurers' investments
in trust securities be valued at the lower of cost or market for
purposes of calculating the percentage limitation on these types of
investments, and require that the fair value of property which is
the basis of a mortgage loan be determined by an independent
appraiser.
FISCAL IMPACT
There is no fiscal impact to the state's General Fund.
Contact: Shad D. Priest
Insurance, Dept. of
334-4250
STATEMENT OF PURPOSE/FISCAL NOTE H 5