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2020 SESSION
HB 154 Reinsurance credits; conforms Virginia's law regarding credits to insurers for reinsurance, etc.
Introduced by: Terry G. Kilgore | all patrons ... notes | add to my profiles
SUMMARY AS PASSED HOUSE: (all summaries)
Reinsurance credits. Conforms Virginia's law regarding credits to insurers for reinsurance ceded to approved assuming insurers to the provisions of the Credit for Reinsurance Model Law of the National Association of Insurance Commissioners. The bill eliminates the reinsurance collateral requirements for assuming insurers that are domiciled in or have their head office in a reciprocal jurisdiction, which is defined in the bill. Under the bill, such assuming insurers are required to maintain a minimum capital and surplus, maintain a minimal solvency or capital ratio, as applicable, and provide notice to the State Corporation Commission in the event of noncompliance of any requirements. The bill requires the Commission to create and publish a list of reciprocal jurisdictions and assuming insurers.
FULL TEXT
- 12/19/19 House: Prefiled and ordered printed; offered 01/08/20 20102589D pdf | impact statement
- 01/16/20 House: Committee substitute printed 20104676D-H1 pdf | impact statement
- 02/25/20 House: Bill text as passed House and Senate (HB154ER) pdf | impact statement
- 03/10/20 Governor: Acts of Assembly Chapter text (CHAP0208) pdf
AMENDMENTS
HISTORY
- 12/19/19 House: Prefiled and ordered printed; offered 01/08/20 20102589D
- 12/19/19 House: Referred to Committee on Labor and Commerce
- 01/16/20 House: Reported from Labor and Commerce with substitute (22-Y 0-N)
- 01/16/20 House: Committee substitute printed 20104676D-H1
- 01/20/20 House: Read first time
- 01/21/20 House: Read second time
- 01/21/20 House: Committee substitute agreed to 20104676D-H1
- 01/21/20 House: Engrossed by House - committee substitute HB154H1
- 01/22/20 House: Read third time and passed House BLOCK VOTE (100-Y 0-N)
- 01/22/20 House: VOTE: (100-Y 0-N)
- 01/23/20 Senate: Constitutional reading dispensed
- 01/23/20 Senate: Referred to Committee on Commerce and Labor
- 02/17/20 Senate: Reported from Commerce and Labor (15-Y 0-N)
- 02/19/20 Senate: Constitutional reading dispensed (39-Y 0-N)
- 02/20/20 Senate: Read third time
- 02/20/20 Senate: Passed Senate (40-Y 0-N)
- 02/25/20 House: Enrolled
- 02/25/20 House: Bill text as passed House and Senate (HB154ER)
- 02/25/20 House: Signed by Speaker
- 02/26/20 Senate: Signed by President
- 03/03/20 House: Enrolled Bill communicated to Governor on March 3, 2020
- 03/03/20 Governor: Governor's Action Deadline 11:59 p.m., March 10, 2020
- 03/10/20 Governor: Approved by Governor-Chapter 208 (effective 7/1/20)
- 03/10/20 Governor: Acts of Assembly Chapter text (CHAP0208)