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 7 For 0 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|
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0014| Gary K. King, Chairman
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0015|
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0016|
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0017| Adopted Not Adopted
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0018|
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0019| (Chief Clerk) (Chief Clerk)
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0020|
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0021| Date
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0022|
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0023| The roll call vote was 7 For 0 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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