HARRISBURG, Pa., June 30, 2011 /PRNewswire-USNewswire/ -- Governor Tom Corbett today signed into law the following legislation:
Senate Bill 1096: The bill amends the Act of May 17, 1921 (P.L. 682, No. 284) known as The Insurance Company Law of 1921 to implement the Nonadmitted and Reinsurance Reform Act of 2010, which is part of the Dodd-Frank Wall Street Reform and Consumer Protection Act. This legislation amends existing Pennsylvania law relating to the regulation of surplus lines insurance and independently procured insurance. The main objective of these reforms is to streamline surplus lines insurance regulation by giving sole regulatory authority over a surplus lines and independently procured transaction to the home state of the insured. The bill also makes other changes to bring state law in line with federal law.
Senate Bill 1097: This is companion legislation to Senate Bill 1096 and makes an amendment on the subject of premium tax to make it consistent with amendments made to the surplus lines law.
Senate Bill 1055: The bill appropriates necessary funds from the State Employees' Retirement Fund to the State Employees' Retirement Board for board administration expenses for fiscal year 2011-2012, and for the payment of bills remaining unpaid at the close of the fiscal year that ends today.
House Bill 986: The bill amends the Act of August 26, 1971 (P.L. 351, No. 91), known as the State Lottery Law, so that in fiscal years beginning before July 1, 2015, no less than 27 percent of the total revenues accruing from the sale of lottery tickets or shares shall be dedicated to property tax relief or reduced-fare transit service for older adults. After June 30, 2015, the percentage of revenues dedicated for these purposes shall return to the rate of 30 percent as provided in the 1996 amendment to the law. The bill also requires the Department of Revenue to submit annual public reports detailing lottery profits and plans for increasing future profits.
House Bill 385: The bill provides for the adoption of the Honor and Remember Flag, created by Honor and Remember, Inc., as the Commonwealth's emblem of service and sacrifice of the brave men and women of the United States Armed Forces who have given their lives in the line of duty. The bill requires the Department of General Services to permanently place the Honor and Remember Flag on the grounds of Soldiers' Grove at the state Capitol Complex.
To read the full text of the bills signed into law today, visit the General Assembly's website at www.legis.state.pa.us.
Media contact: Kevin Harley, 717-783-1116
SOURCE Pennsylvania Office of the Governor