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2007 SESSION
HB 2351 Life, Accident & Sickness Insurance Guaranty Association; maximum amount of contractual obligation.
Introduced by: Robert Tata | all patrons ... notes | add to my profiles
SUMMARY AS INTRODUCED:
Virginia Life, Accident and Sickness Insurance Guaranty Association. Provides that a maximum of $250,000 in the present value of annuity benefits is to be considered in calculating the maximum amount of the contractual obligations for which the Virginia Life, Accident and Sickness Insurance Guaranty Association may become liable with respect to any one life. To qualify, an annuity shall be established and maintained as an individual retirement account, Section 457 Plan account, defined contribution plan account, or Keogh Plan account. The measure responds to recent FDIC rules that provide up to $250,000 of protection for bank deposits and accounts utilized for certain self-directed individual retirement accounts. The measure also increases the maximum amount that the Association may be liable to expend in the aggregate with respect to any one individual from $300,000 to $350,000.
FULL TEXT
- 01/09/07 House: Prefiled and ordered printed; offered 01/10/07 070220524 pdf | impact statement
- 02/21/07 House: Bill text as passed House and Senate (HB2351ER) pdf | impact statement
- 03/27/07 Governor: Acts of Assembly Chapter text (CHAP0482) pdf
HISTORY
- 01/09/07 House: Prefiled and ordered printed; offered 01/10/07 070220524
- 01/09/07 House: Referred to Committee on Commerce and Labor
- 01/26/07 House: Assigned C & L sub: Insurance (Hargrove)
- 02/01/07 House: Reported from Commerce and Labor (21-Y 0-N)
- 02/03/07 House: Read first time
- 02/05/07 House: Read second time and engrossed
- 02/06/07 House: Read third time and passed House BLOCK VOTE (99-Y 0-N)
- 02/06/07 House: VOTE: BLOCK VOTE PASSAGE (99-Y 0-N)
- 02/06/07 House: Communicated to Senate
- 02/07/07 Senate: Constitutional reading dispensed
- 02/07/07 Senate: Referred to Committee on Commerce and Labor
- 02/12/07 Senate: Reported from Commerce and Labor (15-Y 0-N)
- 02/14/07 Senate: Constitutional reading dispensed (40-Y 0-N)
- 02/14/07 Senate: VOTE: (40-Y 0-N)
- 02/14/07 Senate: Passed by for the day
- 02/14/07 Senate: Reconsideration of Passed by for the day agreed to (40-Y 0-N)
- 02/14/07 Senate: VOTE: (40-Y 0-N)
- 02/14/07 Senate: Passed by for the day
- 02/15/07 Senate: Read third time
- 02/15/07 Senate: Passed Senate (38-Y 0-N)
- 02/15/07 Senate: VOTE: (38-Y 0-N)
- 02/21/07 House: Enrolled
- 02/21/07 House: Bill text as passed House and Senate (HB2351ER)
- 02/22/07 House: Signed by Speaker
- 02/23/07 Senate: Signed by President
- 03/19/07 Governor: Approved by Governor-Chapter 482 (effective 7/1/07)
- 03/27/07 Governor: Acts of Assembly Chapter text (CHAP0482)