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Developed and maintained by the Division of Legislative Automated Systems.
1998 SESSION
HB 855 Life and health insurance policies; delivery requirements.
Introduced by: Harvey B. Morgan | all patrons ... notes | add to my profiles
SUMMARY:
Group life and group accident and sickness insurance policies; delivery requirements. Amends the requirements for delivery or issue for delivery of certain group life and group accident and sickness insurance policies. Group life and group accident and sickness insurance policies which are issued outside of the Commonwealth but cover Virginia residents must meet certain requirements if the policy is issued to a group other than one of the following: an employer, a creditor, a labor union or similar employee organization, certain trusts and associations, or a credit union. Group life and group accident and sickness insurance policies which are issued out-of-state to groups other than those listed above and which cover Virginia residents shall not be delivered in this Commonwealth unless the State Corporation Commission (SCC) finds that (i) the issuance of such group policy is not contrary to Virginia's public policy and is in the best interest of the citizens of this Commonwealth; (ii) the issuance of the group policy would result in economies of acquisition or administration; and (iii) the benefits are reasonable in relation to the premium charged. An insurer which files a certification with the SCC that another state has made a determination that such requirements have been met may issue the policy. Group life and group accident and sickness insurance policies which are issued to a type of group other than those listed above and which do not meet the above requirements shall be subject to the statutory requirements of Title 38.2. Such policies failing to meet these provisions may only be marketed by agents holding a valid insurance agent license. The SCC may review the records of any insurer to determine compliance with the requirements of this bill.
FULL TEXT
- 01/26/98 House: Presented & ordered printed 982737828 pdf
- 02/14/98 House: Printed as engrossed 982737828-E pdf
- 02/27/98 House: Bill text as passed House and Senate (HB855ER) pdf
- 03/23/98 Governor: Acts of Assembly Chapter text (CHAP0154) pdf
AMENDMENTS
HISTORY
- 01/26/98 House: Presented & ordered printed 982737828
- 01/26/98 House: Referred to Committee on Corporations, Insurance and Banking
- 02/05/98 House: Assigned to C. I. B. sub-committee: 3
- 02/12/98 House: Reported from C. I. B. w/amds. (26-Y 0-N)
- 02/13/98 House: Read first time
- 02/14/98 House: Read second time
- 02/14/98 House: Committee amendments agreed to
- 02/14/98 House: Engrossed by House as amended
- 02/14/98 House: Printed as engrossed 982737828-E
- 02/15/98 House: Read third time and passed House (Block Vote) (99-Y 0-N)
- 02/15/98 House: VOTE: BLOCK VOTE PASSAGE (99-Y 0-N)
- 02/15/98 House: Communicated to Senate
- 02/16/98 Senate: Constitutional reading dispensed
- 02/16/98 Senate: Referred to Committee on Commerce and Labor
- 02/23/98 Senate: Reported from Commerce and Labor (14-Y 0-N)
- 02/24/98 Senate: Const. reading disp., passed by for the day (39-Y 0-N)
- 02/24/98 Senate: VOTE: CONST. RDG. DISPENSED R (39-Y 0-N)
- 02/25/98 Senate: Read third time
- 02/25/98 Senate: Passed Senate (39-Y 0-N)
- 02/25/98 Senate: VOTE: PASSAGE R (39-Y 0-N)
- 02/25/98 Senate: Rec. of Sen. passage agreed to by Senate (40-Y 0-N)
- 02/25/98 Senate: VOTE: RECONSIDER R (40-Y 0-N)
- 02/25/98 Senate: Passed Senate (40-Y 0-N)
- 02/25/98 Senate: VOTE: PASSAGE R (40-Y 0-N)
- 02/27/98 House: Bill text as passed House and Senate (HB855ER)
- 03/05/98 House: Enrolled
- 03/05/98 House: Signed by Speaker
- 03/06/98 Senate: Signed by President
- 03/16/98 Governor: Approved by Governor-Chapter 154 (effective 7/1/98)
- 03/23/98 Governor: Acts of Assembly Chapter text (CHAP0154)