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2008 SESSION

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SB 207 Foreign and alien insurers; exemption for insuring industrial insureds.

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

SUMMARY AS INTRODUCED:

Foreign and alien insurers; exemption for insuring industrial insureds.  Revises the criteria for qualifying as an industrial insured.  Certain acts involving insurance contracts issued to an industrial insured are excluded from the acts that constitute transacting the business of insurance in the Commonwealth.  The revisions to the criteria (i) allow the insured to procure insurance by using a licensed insurance consultant, (ii) increase the required amount of annual insurance premiums from $25,000 to $100,000, and (iii) require the insured to have either gross assets in excess of $3 million or annual gross revenues in excess of $5 million.  Other revisions specify that the insured risks do not include life or annuity contracts and that the aggregate annual premiums do not include premiums from life, annuity, and accident and sickness insurance.


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