SEARCH SITE

VIRGINIA LAW PORTAL

SEARCHABLE DATABASES

ACROSS SESSIONS

Developed and maintained by the Division of Legislative Automated Systems.

1998 SESSION

  • | print version

SB 447 Controlled subsidiary; transaction of insurance business.

Introduced by: Thomas K. Norment, Jr. | all patrons    ...    notes | add to my profiles

SUMMARY:

Controlled subsidiary; transaction of insurance business. Permits controlled subsidiary corporations, subject to conditions imposed by the State Corporation Commission, to underwrite reinsurance of mortgage guaranty insurance on real estate loans made or purchased by the controlled subsidiary's affiliates or by banks owning such controlled subsidiary. "Controlled subsidiary corporations" are defined as domestic or foreign corporations whose majority voting stock is owned directly or indirectly by (i) a bank organized under the laws of the United States, (ii) a bank organized under the laws of Virginia or any other state, or (iii) a bank holding company owning a bank in Virginia or any other state.


FULL TEXT

HISTORY