Insurance holding companies; SCC to approve any ordinary dividend by a registered insurer. (SB1352)
Introduced By
Sen. Frank Wagner (R-Virginia Beach)
Progress
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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 |
Description
Insurance holding companies. Authorizes the State Corporation Commission to approve any ordinary dividend or other distribution by a registered insurer that is a member of an insurance holding company system to its shareholders within 30 days of receiving written notice of the declaration. Currently, the insurer is required to provide written notice as to all dividends and other distributions at least 30 days prior to payment. The measure also clarifies the Commissions authority to request additional information in making determinations regarding filings of disclaimers of affiliation. Amends § 38.2-1329 (“Registration of insurers that are members of holding company system.”), of the Code of Virginia. View Full Text »
