Credit default insurance; definition. (HB28)

Introduced By

Del. Bob Marshall (R-Manassas)

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

2 votes