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1994 SESSION

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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.


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