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ACROSS SESSIONS
- Subject Index: Since 1995
- Bills & Resolutions: Since 1994
- Summaries: Since 1994
Developed and maintained by the Division of Legislative Automated Systems.
1994 SESSION
SB 134 Insurance; financial regulation provisions.
Introduced by: Richard J. Holland | all patrons ... notes | add to my profiles
SUMMARY:
Insurance; financial regulation provisions; licensing fee for health, dental or optometric plan. Amends general financial regulation provisions in the insurance code (Title 38.2). The bill: (i) clarifies that claims under surplus notes issued pursuant to § 38.2-1034 be subordinated to policyholder, claimant and beneficiary claims as well as debts owed to all other classes of creditors and that insurers must obtain approval from the State Corporation Commission prior to making payments of interest on principal advanced under such notes; (ii) requires that the SCC approve repayment of principal or payment of interest on the principal of funds advanced to a domestic reciprocal; (iii) authorizes the SCC to require property and casualty insurers to establish additional reserves pertaining to policy obligations and deficiencies in the unearned premium reserve; and (iv) applies a definition for "admitted assets" when the investment restrictions on insurer investments prescribed by Chapter 14 of Title 38.2 are imposed upon an insurer's investments. The bill also requires persons seeking licenses as health, dental and optometric plans to pay a $500 application fee.
FULL TEXT
- 01/19/94 Senate: Presented and ordered printed pdf
- 03/21/94 Senate: Bill text as passed Senate and House (SB134ER) pdf
- 04/12/94 Governor: Acts of Assembly Chapter text (CHAP0503) pdf
AMENDMENTS
HISTORY
- 01/19/94 Senate: Presented and ordered printed
- 01/19/94 Senate: Referred to Committee on Commerce and Labor
- 01/31/94 Senate: Reported from Commerce and Labor (15-Y 0-N)
- 02/01/94 Senate: Constitutional reading dispensed (39-Y 0-N)
- 02/01/94 Senate: VOTE: CONST. READING DISPENSED (39-Y 0-N)
- 02/02/94 Senate: Read second time
- 02/02/94 Senate: Passed by for the day
- 02/03/94 Senate: Read second time and engrossed
- 02/03/94 Senate: Constitutional reading dispensed (36-Y 0-N)
- 02/03/94 Senate: VOTE: CONST. READING DISPENSED (36-Y 0-N)
- 02/03/94 Senate: Passed Senate (36-Y 0-N)
- 02/03/94 Senate: VOTE: PASSAGE (36-Y 0-N)
- 02/03/94 Senate: Communicated to House
- 02/04/94 House: Placed on Calendar
- 02/07/94 House: Read first time
- 02/07/94 House: Referred to Committee on Corporations, Insurance and Banking
- 03/01/94 House: Reported from C. I. B. w/amds. (15-Y 1-N)
- 03/02/94 House: Read second time
- 03/03/94 House: Read third time
- 03/03/94 House: Committee amendment #1 agreed to
- 03/03/94 House: Committee amendment #2 rejected
- 03/03/94 House: Engrossed by House as amended
- 03/03/94 House: Passed House with amendment (93-Y 1-N)
- 03/03/94 House: VOTE: PASSAGE (93-Y 1-N)
- 03/07/94 Senate: Reading of amendment waived
- 03/07/94 Senate: House amendment agreed to by Senate (40-Y 0-N)
- 03/07/94 Senate: VOTE: CONCUR HOUSE AMENDMENT (40-Y 0-N)
- 03/21/94 Senate: Bill text as passed Senate and House (SB134ER)
- 03/28/94 Senate: Enrolled
- 03/29/94 House: Signed by Speaker
- 03/30/94 Senate: Signed by President
- 04/09/94 Governor: Approved by Governor-Chapter 503 (effective 7/1/94)
- 04/12/94 Governor: Acts of Assembly Chapter text (CHAP0503)