SEARCH SITE

VIRGINIA LAW PORTAL

SEARCHABLE DATABASES

ACROSS SESSIONS

Developed and maintained by the Division of Legislative Automated Systems.

1994 SESSION

  • | print version

SB 100 Financial regulation of insurers.

Introduced by: Charles J. Colgan | all patrons    ...    notes | add to my profiles

SUMMARY:

Financial regulation of insurers. Amends insurance provisions relating to financial regulation of insurance companies. The bill amends (i) Chapter 13 of Title 38.2 according to the NAIC Disclosure of Material Transactions Model Act and the NAIC Model Law on Examinations; (ii) current requirements for the filing of annual statements; (iii) statutes pertaining to confidentiality and the SCC's responsibility to make available public findings of financial statements; and (iv) Chapter 18 of Title 38.2 to conform to recent NAIC-approved amendments to the Managing General Agents and Reinsurance Intermediaries Acts (model acts on which the Virginia statutes were based). The bill also provides a new method for valuing subsidiary investments. The bill's purpose, according to the State Corporation Commission, is to maintain Virginia's accreditation by the National Association of Insurance Commissioners.


FULL TEXT

AMENDMENTS

HISTORY