Newspaper article THE JOURNAL RECORD

S&l Bill, Insurance Measures Headed for Bellmon's Desk

Newspaper article THE JOURNAL RECORD

S&l Bill, Insurance Measures Headed for Bellmon's Desk

Article excerpt

Two billsdealing with insurance companies and another on savings and loans are headed to Gov. Henry Bellmon's desk for his signature or veto.

- House Bill 1176, which provides a premium tax credit for out-of-state insurance companies which open regional home offices in Oklahoma, was passed Monday by the Oklahoma Senate. It was authored by Rep. A.C. Holden, D-Dewey.

- The Senate approved House Bill 1225, also authored by Holden, which would force an insurance company to file an application with the Oklahoma State Property and Casualty Board whenever it chose to increase or decrease its premium rates by 15 percent or more.

- The Oklahoma House of Representatives passed a bill which updates the codes for savings and loan institutions and provides that those institutions may use the term "savings bank" in their name.

House Bill 1267, authored by Rep. Harold Hale, D-Yukon, had received some housekeeping amendments in clearing the Senate. The amendments were approved Monday in the House, sending the bill to Bellmon.

Controversy had surrounded the savings bank provision. The Oklahoma League of Savings Institutions, which sponsors the bill, claims that it would provide an additional incentive to federally chartered savings and loans to change to a state chartered institution.

While the Oklahoma Bankers Association has contended the provision would lead to confusion among the public about which institutions are savings and loans and which are banks, Laura Pringle, legal counsel for the association, said the membership has given up on the issue.

Asked if the association would request Bellmon to either veto the bill or send it back to the Legislature with a request remove the savings bank provision, Pringle replied:

"There are other issues important to the membership to be considered this session, and we feel that the Oklahoma Legislature has spoken on what provisions they want included in this bill. …

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