0001|                    SENATE JOINT MEMORIAL 41
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0002|     42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION,
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0003|     1996
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0004|                         INTRODUCED BY
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0005|                            DON KIDD
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0006|     
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0007|     
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0008|     
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0009|     
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0010|     
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0011|                        A JOINT MEMORIAL
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0012|     REQUESTING SELECTION OF A COMMITTEE OF BANKING AND INSURANCE
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0013|     INDUSTRY REPRESENTATIVES TO STUDY THE ISSUE OF INSURANCE SALES
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0014|     BY FINANCIAL INSTITUTIONS AND REPORT ITS FINDINGS AND
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0015|     RECOMMENDATIONS REGARDING CHANGES IN THE NEW MEXICO INSURANCE
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0016|     CODE AND THE BANKING ACT TO THE FIRST SESSION OF THE FORTY-THIRD
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0017|     LEGISLATURE.
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0018|     
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0019|       WHEREAS, financial institutions are convinced that to
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0020|     continue to be competitive it is essential to expand into
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0021|     financial services areas from which they traditionally have been
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0022|     restricted; and
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0023|       WHEREAS, there have been consistent objections to financial
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0024|     institution expansion into the insurance field; and
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0025|       WHEREAS, conflicting views have resulted in a patchwork of
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0001|     federal and state statutes and regulations concerning the
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0002|     insurance activities in which bank holding companies and banks
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0003|     may engage; and
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0004|       WHEREAS, federal reserve board and comptroller of the
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0005|     currency interpretations expanding the insurance powers of
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0006|     financial institutions have been met by litigation;
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0007|       NOW, THEREFORE, BE IT RESOLVED BY THE LEGISLATURE OF THE
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0008|     STATE OF NEW MEXICO that the director of the financial
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0009|     institutions division of the regulation and licensing department
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0010|     and the superintendent of insurance select a committee of
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0011|     banking and insurance industry representatives to study issues
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0012|     concerning insurance sales by financial institutions and to
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0013|     report its findings and recommendations regarding changes in the
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0014|     New Mexico Insurance Code and the Banking Act to the first
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0015|     session of the forty-third legislature; and
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0016|       BE IT FURTHER RESOLVED that a copy of this memorial be
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0017|     transmitted to the director of the financial institutions
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0018|     division of the regulation and licensing department and the
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0019|     superintendent of insurance.
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0020|                              
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0021|           
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0022|   
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0023|                    FORTY-SECOND LEGISLATURE
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0024|                      SECOND SESSION, 1996
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0025|   
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0001|   
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0002|                                              February 6, 1996
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0003|   
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0004|   Mr. President:
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0005|   
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0006|     Your RULES COMMITTEE, to whom has been referred
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0007|   
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0008|                    SENATE JOINT MEMORIAL 41
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0009|   
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0010|   has had it under consideration and reports same with
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0011|   recommendation that it DO PASS, and thence referred to the
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0012|   CORPORATIONS AND TRANSPORTATION COMMITTEE.
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0013|   
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0014|                              Respectfully submitted,
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0015|   
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0016|   
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0017|   
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0018|                              __________________________________
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0019|                              Gloria Howes, Chairman 
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0020|   
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0021|   
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0022|   
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0023|   Adopted_______________________ Not Adopted_______________________
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0024|             (Chief Clerk)                          (Chief Clerk)
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0025|   
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0001|   
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0002|   
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0003|                     Date ________________________
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0004|   
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0005|   
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0006|   The roll call vote was <u> 7 </u> For <u> 0 </u> Against
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0007|   Yes:  7
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0008|   No:        0
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0009|   Excused:   EJennings, Aragon
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0010|   Absent:    0
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0011|   
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0012|   
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0013|   SJ041RU1
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0014|                          State of New Mexico
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0015|                    House of Representatives
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0016|   
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0017|                    FORTY-SECOND LEGISLATURE
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0018|                      SECOND SESSION, 1996
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0019|   
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0020|   
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0021|                                             February 13, 1996
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0022|   
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0023|   
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0024|   Mr. Speaker:
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0025|   
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0001|    Your CONSUMER AND PUBLIC AFFAIRS COMMITTEE, to
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0002|   whom has been referred
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0003|   
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0004|                   SENATE JOINT MEMORIAL 41
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0005|                                
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0006|                                 has had it under consideration and reports same with
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0007|   recommendation that it DO PASS.
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0008|   
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0009|                             Respectfully submitted,
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0010|   
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0011|   
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0012|   
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0013|                             <u>                                 
</u>    |
<u></u>0014| <u>  </u>                              Gary K. King, Chairman
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0015|   
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0016|   
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0017|   Adopted <u>                    </u> Not Adopted <u>                     
</u>    |
<u></u>0018| <u>  </u>
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0019|         (Chief Clerk)                       (Chief Clerk)
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0020|   
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0021|                      Date <u>            </u>
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0022|   
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0023|   The roll call vote was<u> 7 </u> For<u> 0 </u> Against
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0024|   Yes:       7         
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0025|   Excused:   Charley, Marquardt, Sandel, Vigil
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0001|   Absent:    None
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0002|   
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0003|   
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0004|                                                              
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0005|   SJ041CP1
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