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2008 SESSION
HB 549 Insurance accounts; funding agreements.
Introduced by: Samuel A. Nixon, Jr. | all patrons ... notes | add to my profiles
SUMMARY AS INTRODUCED:
Insurance; funding agreements. Provides that the assets of a separate account to which an insurer has allocated assets under a funding agreement shall not be chargeable with liabilities arising out of any other business that the insurer conducts. If a separate account is not chargeable with liabilities arising out of such other business, a risk charge will be payable from the separate account to the insurer's general account. The measure also provides that funding agreement assets held in the insurer’s general account, and other obligations due under the funding agreement from the general account, will be treated as an insurance contract. In addition, a domestic insurer that has established separate accounts for funding agreements and has allocated funds to such separate accounts shall file with the State Corporation Commission any prescribed periodic or special reports. An insurer shall not make an agreement providing for the allocation of funding agreement amounts to a separate account until a statement as to its methods of operation has been approved by the Commission.
FULL TEXT
- 01/07/08 House: Prefiled and ordered printed; offered 01/09/08 080111656 pdf | impact statement
- 02/25/08 House: Bill text as passed House and Senate (HB549ER) pdf | impact statement
- 03/06/08 Governor: Acts of Assembly Chapter text (CHAP0216) pdf
HISTORY
- 01/07/08 House: Prefiled and ordered printed; offered 01/09/08 080111656
- 01/07/08 House: Referred to Committee on Commerce and Labor
- 01/22/08 House: Reported from Commerce and Labor (22-Y 0-N)
- 01/24/08 House: Read first time
- 01/25/08 House: Read second time and engrossed
- 01/28/08 House: Read third time and passed House BLOCK VOTE (99-Y 0-N)
- 01/28/08 House: VOTE: BLOCK VOTE PASSAGE (99-Y 0-N)
- 01/28/08 House: Communicated to Senate
- 01/29/08 Senate: Constitutional reading dispensed
- 01/29/08 Senate: Referred to Committee on Commerce and Labor
- 02/18/08 Senate: Reported from Commerce and Labor (15-Y 0-N)
- 02/20/08 Senate: Constitutional reading dispensed (40-Y 0-N)
- 02/21/08 Senate: Read third time
- 02/21/08 Senate: Passed Senate (39-Y 0-N)
- 02/21/08 Senate: Reconsideration of Senate passage agreed to by Senate (39-Y 0-N)
- 02/21/08 Senate: Passed Senate (40-Y 0-N)
- 02/25/08 House: Enrolled
- 02/25/08 House: Bill text as passed House and Senate (HB549ER)
- 02/25/08 House: Signed by Speaker
- 02/26/08 Senate: Signed by President
- 03/03/08 Governor: Approved by Governor-Chapter 216 (effective 7/1/08)
- 03/06/08 Governor: Acts of Assembly Chapter text (CHAP0216)