Saturday, September 6, 2008
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Tracking Virginia’s General Assembly
since 2007.
SB207: Foreign and alien insurers; exemption for insuring industrial insureds.
Chief Patron
Sen.
Walter Stosch (R-12)
Walter Stosch
(R-12)
Suite 110 Glen Allen, VA
Served: 1992–
Progress
 |
Introduced |
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Passed Committee |
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Passed House |
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Passed Senate |
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Signed by Governor |
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Became Law |
Status
03/02/2008: signed by governor
Summary
Foreign and alien insurers; exemption for insuring industrial insureds. Revises the criteria for qualifying as an industrial insured. Certain acts involving insurance contracts issued to an industrial insured are excluded from the acts that constitute transacting the business of insurance in the Commonwealth. The revisions to the criteria (i) allow the insured to procure insurance by using a licensed insurance consultant, (ii) increase the required amount of annual insurance premiums from $25,000 to $100,000, and (iii) require the insured to have either gross assets in excess of $3 million or annual gross revenues in excess of $5 million. Other revisions specify that the insured risks do not include life or annuity contracts and that the aggregate annual premiums do not include premiums from life, annuity, and accident and sickness insurance.
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Votes were cast on this bill on the following dates for which Richmond Sunlight has video: 01/17/2008, 01/22/2008, 01/22/2008, 02/11/2008, 02/18/2008, 02/18/2008, 02/19/2008, 02/19/2008, 02/20/2008, 02/22/2008, 02/22/2008 and 02/25/2008.
Poll Results
No Richmond Sunlight visitors voted on this bill while voting was open.
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Bill Text
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