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- Subject Index: Since 1995
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2000 SESSION
HB 716 Credit property and credit involuntary unemployment insurance.
Introduced by: Clifton A. (Chip) Woodrum | all patrons ... notes | add to my profiles
SUMMARY AS PASSED: (all summaries)
Credit property and credit involuntary unemployment insurance. Provides for the regulation of credit property insurance as a separate line of insurance, and expands credit involuntary unemployment insurance (IUI) to allow coverage for debtors placed on an unpaid leave of absence. Credit property insurance is insurance against direct physical damage to personal household property (other than motor vehicles, mobile homes, and watercraft) used as collateral in a credit transaction. Provisions applicable to credit IUI are generally made applicable to credit property insurance. Forms for both types of insurance must provide for the refund of unearned premiums on a pro rata basis if the insurance is terminated prior to the scheduled maturity date of the indebtedness. The Bureau of Insurance is given jurisdiction over insurance certificates for credit property insurance and credit IUI delivered or issued for delivery in Virginia where the group policy is delivered in another state. The rates for credit property insurance and credit IUI are made subject to the "prior approval" provisions, rather than the "file and use" provisions. Minimum loss ratios are established for credit property insurance and credit IUI rates to start at 40 percent in January 1, 2001, and increase to 45 percent on January 1, 2003, and 50 percent on January 1, 2005.
FULL TEXT
- 01/21/00 House: Presented & ordered printed 003308254 pdf
- 02/10/00 House: Committee substitute printed 003396996-H1 pdf
- 03/01/00 House: Bill text as passed House and Senate (HB716ER) pdf
- 04/18/00 Governor: Acts of Assembly Chapter text (CHAP0526) pdf
HISTORY
- 01/21/00 House: Presented & ordered printed 003308254
- 01/21/00 House: Referred to Committee on Corporations, Insurance and Banking
- 01/26/00 House: Assigned to C. I. B. sub-committee: 2
- 02/10/00 House: Reported from C. I. B. w/sub (25-Y 0-N)
- 02/10/00 House: Committee substitute printed 003396996-H1
- 02/11/00 House: Read first time
- 02/12/00 House: Read second time
- 02/12/00 House: Committee substitute agreed to 003396996-H1
- 02/12/00 House: Engrossed by House - com. sub. 003396996-H1
- 02/14/00 House: Read third time and passed House (Block Vote) (98-Y 0-N)
- 02/14/00 House: VOTE: BLOCK VOTE PASSAGE (98-Y 0-N)
- 02/14/00 House: Communicated to Senate
- 02/15/00 Senate: Constitutional reading dispensed
- 02/15/00 Senate: Referred to Committee on Commerce and Labor
- 02/21/00 Senate: Reported from Commerce and Labor (13-Y 0-N)
- 02/22/00 Senate: Const. reading disp., passed by for the day (39-Y 0-N)
- 02/22/00 Senate: VOTE: CONST. RDG. DISPENSED R (39-Y 0-N)
- 02/23/00 Senate: Read third time
- 02/23/00 Senate: Passed Senate (39-Y 0-N)
- 02/23/00 Senate: VOTE: PASSAGE R (39-Y 0-N)
- 03/01/00 House: Bill text as passed House and Senate (HB716ER)
- 03/07/00 House: Enrolled
- 03/07/00 House: Signed by Speaker
- 03/08/00 Senate: Signed by President
- 04/06/00 Governor: Approved by Governor-Chapter 526 (effective 7/1/00)
- 04/18/00 Governor: Acts of Assembly Chapter text (CHAP0526)