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2014 SESSION
HB 466 Insurance companies; permitted investments in foreign securities.
Introduced by: James P. "Jimmie" Massie, III | all patrons ... notes | add to my profiles
SUMMARY AS INTRODUCED:
Insurance companies; permitted investments in foreign securities. Increases the portion of a domestic insurer's total admitted assets that may be invested in permitted securities of a foreign country from 10 to 15 percent. The measure also increases the aggregate amount of securities of a single foreign country in which a domestic insurer may invest from 3 percent to 5 percent of the insurer's admitted assets if the foreign jurisdiction has a sovereign debt rating of SVO 1. If the foreign jurisdiction's sovereign debt rating is not SVO 1, the maximum amount of its securities in which the insurer may invest remains 3 percent. Finally, the measure allows investments in securities of foreign jurisdictions to be payable in currencies of foreign countries if the investment is effectively hedged, substantially in its entirety, against U.S. currency. This bill is identical to SB 406.
FULL TEXT
- 01/06/14 House: Prefiled and ordered printed; offered 01/08/14 14101762D pdf | impact statement
- 02/24/14 House: Bill text as passed House and Senate (HB466ER) pdf | impact statement
- 03/07/14 Governor: Acts of Assembly Chapter text (CHAP0206) pdf
HISTORY
- 01/06/14 House: Prefiled and ordered printed; offered 01/08/14 14101762D
- 01/06/14 House: Referred to Committee on Commerce and Labor
- 01/14/14 House: Reported from Commerce and Labor (21-Y 0-N)
- 01/16/14 House: Read first time
- 01/17/14 House: Read second time and engrossed
- 01/20/14 House: Read third time and passed House BLOCK VOTE (96-Y 0-N)
- 01/20/14 House: VOTE: BLOCK VOTE PASSAGE (96-Y 0-N)
- 01/21/14 Senate: Constitutional reading dispensed
- 01/21/14 Senate: Referred to Committee on Commerce and Labor
- 02/17/14 Senate: Reported from Commerce and Labor (16-Y 0-N)
- 02/19/14 Senate: Constitutional reading dispensed (40-Y 0-N)
- 02/20/14 Senate: Read third time
- 02/20/14 Senate: Passed Senate (40-Y 0-N)
- 02/24/14 House: Enrolled
- 02/24/14 House: Bill text as passed House and Senate (HB466ER)
- 02/24/14 House: Signed by Speaker
- 02/26/14 Senate: Signed by President
- 03/07/14 Governor: Approved by Governor-Chapter 206 (effective 7/1/14)
- 03/07/14 Governor: Acts of Assembly Chapter text (CHAP0206)