Credit default insurance; definition. (HB28)

Introduced By

Del. Bob Marshall (R-Manassas)

Progress

√
 Introduced
X
 Passed Committee
☐
 Passed House
☐
 Passed Senate
☐
 Signed by Governor
☐
 Became Law

Description

Credit default insurance.  Establishes requirements for the conduct within the Commonwealth of the business of credit default insurance. The measure prohibits naked credit default swaps and establishes a regulatory framework for covered swaps" and the credit default insurance market. The measure is based on model legislation adopted by the National Conference of Insurance Legislators. Elements include requirements regarding company licensing; contingency, loss, and unearned premium reserves; policy forms and rates; and reinsurance. View Full Text »

Outcome

Bill Has Failed

History

  • 12/18/2009 Committee
  • 12/18/2009 Referred to Committee on Counties, Cities and Towns
  • 12/18/2009 Prefiled and ordered printed; offered 01/13/10 10100494D
  • 12/18/2009 Referred to Committee on Commerce and Labor
  • 01/19/2010 Assigned C & L sub: #2
  • 02/02/2010 Impact statement from SCC (HB28)
  • 02/04/2010 Subcommittee recommends passing by indefinitely (11-Y 0-N)
  • 02/16/2010 Left in Commerce and Labor