Governor vetoes property bill; signs commericial deregulation bill
The Governor vetoed SB 2044, the big property bill, Tuesday night. In his veto message he expressed concern about the change in how mitigation credits and debits would be implemented and the expansion of the expedited rate filing process. The veto does mean that the prohibition against use and file expires on December 31, 2010. This bill contained language providing for new reporting requirements for affiliates.
The Governor signed the commericial deregulation bill (which also contained the language strengthening the regulatory oversight of annuity sales (Save our Seniors)). The deregulation bill significantly reduces rate review for serveral commercial lines of business.