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1998 SESSION
SB 64 Property and Casualty Insurance Guaranty Association.
Introduced by: John H. Chichester | all patrons ... notes | add to my profiles
SUMMARY:
Property and Casualty Insurance Guaranty Association. Authorizes Virginia's Property and Casualty Insurance Guaranty Association ("the Association"), whose membership is comprised of insurers writing property and casualty insurance within the Commonwealth, to obtain commitments or lines of credit, and to secure borrowings by pledging future assessments. The bill does, however, limit the amount of Association borrowings, while establishing related approvals required from the Virginia State Corporation Commission (SCC) and providing clarifications in provisions governing the operation of the Association's Safety Fund. The proposed lines of credit could be drawn on only in the event of insurer insolvency following a natural disaster. These funds would enable the Association to respond promptly to claims under policies underwritten by a suddenly insolvent insurer--such as could occur in the event of widespread casualty and property losses from a particularly severe multi-state or coastal hurricane. In addition, the amendments clarify in Chapter 16 of Title 38.2 that guaranty fund coverage is not available for risks insured by risk retention groups.
FULL TEXT
- 01/14/98 Senate: Presented & ordered printed 983783845 pdf
- 03/10/98 Senate: Bill text as passed Senate and House (SB64ER) pdf
- 04/09/98 Governor: Acts of Assembly Chapter text (CHAP0230) pdf
AMENDMENTS
HISTORY
- 01/14/98 Senate: Presented & ordered printed 983783845
- 01/14/98 Senate: Referred to Committee on Commerce and Labor
- 01/19/98 Senate: Reported from Commerce and Labor (15-Y 0-N)
- 01/20/98 Senate: Constitutional reading dispensed (38-Y 0-N)
- 01/20/98 Senate: VOTE: (38-Y 0-N)
- 01/21/98 Senate: Read second time and engrossed
- 01/22/98 Senate: Read third time and passed Senate (38-Y 0-N)
- 01/22/98 Senate: VOTE: PASSAGE R (38-Y 0-N)
- 01/22/98 Senate: Communicated to House
- 01/23/98 House: Placed on Calendar
- 01/26/98 House: Read first time
- 01/26/98 House: Referred to Committee on Corporations, Insurance and Banking
- 02/24/98 House: Reported from C. I. B. w/amd. (24-Y 0-N)
- 02/25/98 House: Read second time
- 02/26/98 House: Read third time
- 02/26/98 House: Committee amendment agreed to
- 02/26/98 House: Engrossed by House as amended
- 02/26/98 House: Passed House with amendment (Block Vote) (100-Y 0-N)
- 02/26/98 House: VOTE: BLOCK VOTE PASSAGE (100-Y 0-N)
- 03/02/98 Senate: Reading of amendment waived
- 03/02/98 Senate: House amendment agreed to by Senate (40-Y 0-N)
- 03/02/98 Senate: VOTE: CONCUR HOUSE AMENDMENT R (40-Y 0-N)
- 03/10/98 Senate: Bill text as passed Senate and House (SB64ER)
- 03/16/98 Senate: Enrolled
- 03/16/98 House: Signed by Speaker
- 03/17/98 Senate: Signed by President
- 04/02/98 Governor: Approved by Governor-Chapter 230 (effective 7/1/98)
- 04/09/98 Governor: Acts of Assembly Chapter text (CHAP0230)