Bill would update an insurance law citation to the Uniform Commercial Code

The bill would update the Uniform Commercial Code citation in the insurance law provision about collateral allocated to a new insurer. The citation appears in the rule for collateral allocated to a new insurer when an insurer divides. This concerns collateral covered by an effective financing statement. The allocation still does not take effect until a new financing statement naming the new insurer is effective under the Uniform Commercial Code. This bill takes effect only if HB 6347 is enacted into law. The filing requirement applies when the division allocates covered collateral; this bill would take effect only if HB 6347 is enacted into law.