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2018 SESSION

  • print version
(SB755)

GOVERNOR'S RECOMMENDATION

 

    1. Line 27, enrolled

      strike

        all of lines 27 through 35

      insert

        B. On or after July 1, 2018, no retirement annuity contract shall be transferred to or assumed by another insurer unless:

        1. The transfer is made to an assuming insurer that has a rating equivalent of A or better from two or more nationally recognized rating agencies; or

        2. The transfer to the assuming insurer is approved by the Commission, which approval shall not be granted unless the assuming insurer meets all of the requirements of § 38.2-1024.