Banking, Insurance, and Financial Services

LEXINGTON, Ky.-The National Center for Interstate Compacts helped create language for a new insurance compact endorsed by the National Conference of Insurance Legislators, or NCOIL, at a state summit in Austin Sunday. The National Center is part of The Council of State Governments, the nation's only organization serving all three branches of state government.

The compact is called SLIMPACT-Lite--the Surplus Lines Insurance Multi-State Compliance Compact. The surplus lines industry provides an insurance market for hard-to-...

The November Question of the Month provides a brief overview of state laws in the Midwest regulating the short-term lending industry.

CSG, along with NAST, NACO, NASACTNLC and USCM, has signed a letter calling for the Build America Bonds to be extended  Please read the letter below:

 

 

Council of State Governments
National Association of...

NOW, THEREFORE BE IT RESOLVED that The Council of State Governments urges that the United States Congress and the President of the United States maintain and enhance the ability of the states to protect the investors and consumers residing in their states taking no action that would jeopardize, diminish, or preempt the existing authority of the states to investigate and prosecute investment fraud and other illegal investment activities by broker-dealers, investment advisers, their agents and representatives, financial planners, and any other persons or entities, whether licensed or unlicensed, engaged in activities in connection with the offer and sale of securities within a state.

BE IT FURTHER RESOLVED that a copy of this resolution shall be forwarded to each member of the United States Congress and to the President of the United States.
 

CSG South

The Black Belt is a string of counties that stretches from east Texas, through the deep South, and up into eastern Virginia. While definitions vary, the region typically is considered to encompass upwards of 623 counties across 11 states, mostly rural, crossing several smaller regions, including parts of the Mississippi Delta, Coastal Plain, and the Piedmont. Booker T. Washington famously used the term “black belt” in his 1901 work Up from Slavery, noting the earliest meaning may have been a reference to the dark, rich soil of the region, but also acknowledging the later racial distinction of where black residents exceeded whites.

The Black Belt also is home to more poverty, substandard housing, unemployment and underemployment than any other region in the country. Educational attainment is lower in the Black Belt as well, particularly among the black population, and there is an exceptionally high number of female-headed households. Financial institution penetration in the region is low, even when compared to other rural communities. Health services are sparse and the ratio of residents to primary care providers is unusually high. Each of these factors contributes to the next and creates a circle of interdependence that is confounding in its complexity.

This Regional Resource examines some of the key obstacles to access to capital in the Black Belt, as well as emerging financing tools that may help this often-overlooked region. It also discusses ways in which state government can foster greater investment in this part of the country, and highlights a handful of successful programs that may serve as examples.

Suggested State Legislation: According to a Florida legislative bill analysis, Florida Chapter 2008-66 makes major changes to state insurance law.

BE IT THEREFORE RESOLVED, that The Council of State Governments supports and encourages state actions to preserve the preeminence of state-regulated insurance systems and seeks to alert and educate state officials about the continuing efforts to preempt state regulatory authority with a movement toward an optional federal charter.
 

BE IT NOW RESOLVED, that The Council of State Governments does hereby endorse and support the efforts of the National Association of State Treasurers to establish an effective system of returning matured, unredeemed savings bonds to their rightful owners.
 

NOW, THEREFORE BE IT RESOLVED, that The Council of State Governments opposes preemption of state and local finance authority and state oversight of the debt issuance process through revision or repeal of the Tower Amendment or enactment of legislation to subject state and local government issuers to federal disclosure laws.

BE IT FURTHER RESOLVED, that The Council of State Governments supports the self-regulatory structure of the municipal market, and the commitment of all issuers of municipal securities with federal and state laws and Securities and Exchange Commission rules.
 

State Suggested Legislation: All business entities created by the filing of organizational documents with the Secretary of State are required to have registered agents for service of process. The intent of this legislation is to make all statutory provisions for registered agents the same, whether the registered agent is acting for a corporation, a limited liability company, or any form of formally-organized partnership. It also applies to unincorporated nonprofit associations.

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