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2011 SESSION
SB 1482 Virginia Life, Accident and Sickness Insurance Guaranty Association; surplus funds.
Introduced by: Frank W. Wagner | all patrons ... notes | add to my profiles
SUMMARY AS INTRODUCED:
Virginia Life, Accident and Sickness Insurance Guaranty Association; surplus funds. Establishes a procedure for the Virginia Life, Accident and Sickness Insurance Guaranty Association to dispose of surplus funds on hand with respect to the insolvency of an insurer. This measure requires the Association to use such surplus funds to reimburse member insurers for assessment costs not otherwise amortized and offset and then to pay the remaining surplus to the State Corporation Commission for deposit to the general fund. A member insurer that contends that it is entitled to any portion of the surplus refunded to the Commonwealth may present evidence of such entitlement to the Commission. If the Commission determines that the member insurer is entitled to a portion of the surplus, the State Treasurer is directed to pay such amount to the member insurer. These provisions replace existing requirements that the Association's board refund to member insurers the amount by which the assets of the account exceed the amount necessary to carry out the Association's obligations by an equitable method established in the plan of operation in proportion to the contribution of each insurer to that account.
FULL TEXT
- 01/27/11 Senate: Presented and ordered printed 11104691D pdf | impact statement
- 03/03/11 Senate: Bill text as passed Senate and House (SB1482ER) pdf | impact statement
- 03/26/11 Governor: Acts of Assembly Chapter text (CHAP0682) pdf
HISTORY
- 01/27/11 Senate: Unanimous consent to introduce
- 01/27/11 Senate: Presented and ordered printed 11104691D
- 01/27/11 Senate: Referred to Committee on Commerce and Labor
- 02/07/11 Senate: Reported from Commerce and Labor (15-Y 0-N)
- 02/08/11 Senate: Constitutional reading dispensed (39-Y 0-N)
- 02/08/11 Senate: Read second time and engrossed
- 02/08/11 Senate: Constitutional reading dispensed (40-Y 0-N)
- 02/08/11 Senate: Passed Senate (40-Y 0-N)
- 02/09/11 House: Placed on Calendar
- 02/09/11 House: Read first time
- 02/09/11 House: Referred to Committee on General Laws
- 02/15/11 House: Referred from General Laws by voice vote
- 02/15/11 House: Referred to Committee on Commerce and Labor
- 02/17/11 House: Reported from Commerce and Labor (22-Y 0-N)
- 02/21/11 House: Read second time
- 02/22/11 House: Read third time
- 02/22/11 House: Passed House BLOCK VOTE (97-Y 0-N)
- 02/22/11 House: VOTE: BLOCK VOTE PASSAGE (97-Y 0-N)
- 03/03/11 Senate: Enrolled
- 03/03/11 Senate: Bill text as passed Senate and House (SB1482ER)
- 03/03/11 House: Signed by Speaker
- 03/06/11 Senate: Signed by President
- 03/26/11 Governor: Approved by Governor-Chapter 682 (effective 7/1/11)
- 03/26/11 Governor: Acts of Assembly Chapter text (CHAP0682)