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1998 SESSION

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SB 247 Insurance; retaliatory payments and reports.

Introduced by: Richard J. Holland | all patrons    ...    notes | add to my profiles

SUMMARY:

Insurance; retaliatory payments and reports. Establishes a March 1 deadline for foreign and alien insurers' annual "retaliatory" report and payment submissions to the Virginia State Corporation Commission (SCC). Additionally, the bill authorizes the SCC to assess penalties and interest for late payment. This report and payment scheme is related to the SCC's current statutory authorization to equalize regulatory costs between Virginia's domestic insurers doing business as foreign or alien insurers in other states, and their foreign or alien insurer counterparts in Virginia.

Current Virginia law requires foreign or alien insurers to annually provide regulatory cost information from their domiciliary states to the SCC for the SCC's use in determining whether Virginia's domestic insurers doing business in other states are subject to comparatively greater regulatory costs in those states. Foreign or alien insurers are assessed "retaliatory" payments by the SCC whenever the SCC determines that such insurers' home states subject Virginia's domestic insurers to greater regulatory costs than would be imposed on a comparable alien or foreign insurer doing business in Virginia. Any payment required from a foreign or alien insurer is the difference between the foreign or alien insurer's Virginia regulatory costs and the regulatory costs imposed on their Virginia-domiciled counterparts by the foreign or alien insurer's home state.


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