SEARCH SITE

VIRGINIA LAW PORTAL

SEARCHABLE DATABASES

ACROSS SESSIONS

Developed and maintained by the Division of Legislative Automated Systems.

1995 SESSION

  • | print version

HB 1917 State Corporation Commission; risk retention groups; jurisdiction.

Introduced by: Clifton A. Woodrum | all patrons    ...    notes | add to my profiles

SUMMARY:

State Corporation Commission; risk retention groups; jurisdiction. Declares the Virginia State Corporation Commission (SCC) a court of competent jurisdiction under the Federal Risk Retention Act. The Virginia Supreme Court recently held in National Homes Ins. Co. v. State Corporation Commission, 248 Va. 161 (1994) that the SCC is not such a court for the purposes of this Act. However, in a related case before the Federal District Court for the Eastern District of Virginia, National Home Ins. Co. v. State Corporation Commission, 838 F. Supp. 1104 (E.D. Va. 1993), the federal district court held that the SCC could be a court of competent jurisdiction under the Act. According to the SCC, this bill will clarify its authority to investigate, enjoin and otherwise exercise jurisdiction over risk retention groups that are in a hazardous financial condition or financially impaired.


FULL TEXT

AMENDMENTS

HISTORY