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2004 SESSION

• | print version

SB 535 Life insurance; issuance of funding agreements.

Introduced by: Walter A. Stosch | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Insurance; funding agreements. Authorizes insurers licensed to write life insurance or annuities in Virginia to issue funding agreements. A funding agreement authorizes the insurer to accept funds and provides for an accumulation of funds for the purpose of making one or more payments in fixed or variable amounts, or both, that are not based on mortality or morbidity contingencies. The issuance of funding agreements constitutes transacting an insurance business in the Commonwealth. In a liquidation of an insurer, the holders of a funding agreement will receive the same priority that is currently accorded to policyholders.

FULL TEXT

• 01/14/04  Senate: Presented & ordered printed, prefiled 01/14/04 040458824  pdf | impact statement
• 03/22/04  Senate: Bill text as passed Senate and House (SB535ER)  pdf | impact statement
• 04/12/04  Governor: Acts of Assembly Chapter text (CHAP0254)  pdf

AMENDMENTS

• House amendments
• House amendments engrossed

HISTORY

• 01/14/04  Senate: Presented & ordered printed, prefiled 01/14/04 040458824
• 01/14/04  Senate: Referred to Committee on Commerce and Labor
• 01/26/04  Senate: Reported from Commerce and Labor (14-Y 0-N)
• 01/28/04  Senate: Constitutional reading dispensed (38-Y 0-N)
• 01/28/04  Senate: VOTE: CONST. RDG. DISPENSED R (38-Y 0-N)
• 01/29/04  Senate: Read second time and engrossed
• 01/30/04  Senate: Read third time and passed Senate (40-Y 0-N)
• 01/30/04  Senate: VOTE: PASSAGE R (40-Y 0-N)
• 01/30/04  Senate: Communicated to House
• 02/03/04  House: Placed on Calendar
• 02/03/04  House: Read first time
• 02/03/04  House: Referred to Committee on Commerce and Labor
• 02/24/04  House: Reported from C. & L. with amendment (21-Y 1-N)
• 02/26/04  House: Read second time
• 02/27/04  House: Read third time
• 02/27/04  House: Committee amendment agreed to
• 02/27/04  House: Engrossed by House as amended
• 02/27/04  House: Passed House with amendment (97-Y 3-N)
• 02/27/04  House: VOTE: PASSAGE (97-Y 3-N)
• 03/02/04  Senate: House amendment agreed to by Senate (39-Y 0-N)
• 03/02/04  Senate: VOTE: CONCUR HOUSE AMENDMENT (39-Y 0-N)
• 03/22/04  Senate: Bill text as passed Senate and House (SB535ER)
• 03/23/04  Senate: Enrolled
• 03/24/04  Senate: Signed by President
• 03/24/04  House: Signed by Speaker
• 03/31/04  Governor: Approved by Governor-Chapter 254 (effective 7/1/04)
• 04/12/04  Governor: Acts of Assembly Chapter text (CHAP0254)