From TMRO:

Insurance Commissioner Kim Holland warned the House Economic Development and Financial Services Committee that an amendment proposed by Republican Rep. Greg Piatt, R-Ardmore, and apparently supported by the House GOP leadership, opens “the door for companies that are marginal to come into Oklahoma.”

The amendment, supported by the Gene Phillips family insurance companies lobbyist Bobby Stem, sets a 20 percent cap on how much money insurance companies can invest in real estate construction loans. Holland wants the limit set at 2 percent. She said real estate construction loans are “speculative and risky,” and that only three insurance companies, all tied to the Phillips family, want the change. Read more…