Life, Accident & Sickness Insurance Guaranty Association; maximum amount of contractual obligation. (HB2351)

Introduced By

Del. Bob Tata (R-Virginia Beach)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

Virginia Life, Accident and Sickness Insurance Guaranty Association. Provides that a maximum of $250,000 in the present value of annuity benefits is to be considered in calculating the maximum amount of the contractual obligations for which the Virginia Life, Accident and Sickness Insurance Guaranty Association may become liable with respect to any one life. To qualify, an annuity shall be established and maintained as an individual retirement account, Section 457 Plan account, defined contribution plan account, or Keogh Plan account. The measure responds to recent FDIC rules that provide up to $250,000 of protection for bank deposits and accounts utilized for certain self-directed individual retirement accounts. The measure also increases the maximum amount that the Association may be liable to expend in the aggregate with respect to any one individual from $300,000 to $350,000. Read the Bill »

Status

03/19/2007: signed by governor

History

DateAction
01/09/2007Committee
01/09/2007Prefiled and ordered printed; offered 01/10/07 070220524
01/09/2007Referred to Committee on Commerce and Labor
01/17/2007Impact statement from SCC (HB2351)
01/26/2007Assigned C & L sub: Insurance (Hargrove)
02/03/2007Read first time
02/05/2007Read second time and engrossed
02/06/2007Read third time and passed House BLOCK VOTE (99-Y 0-N)
02/06/2007Communicated to Senate
02/07/2007Constitutional reading dispensed
02/07/2007Referred to Committee on Commerce and Labor
02/14/2007Reconsideration of Pass By for the Day agreed to (40-Y 0-N)
02/14/2007Constitutional reading dispensed (40-Y 0-N)
02/14/2007Reconsideration of Passed by for the day agreed to (40-Y 0-N)
02/14/2007VOTE: (40-Y 0-N) (see vote tally)
02/14/2007Passed by for the day
02/15/2007Read third time
02/15/2007Passed Senate (38-Y 0-N)
02/15/2007VOTE: (38-Y 0-N) (see vote tally)
02/21/2007Enrolled
02/21/2007Bill text as passed House and Senate (HB2351ER)
02/22/2007Impact statement from SCC (HB2351ER)
02/22/2007Signed by Speaker
02/23/2007Signed by President
03/19/2007G Approved by Governor-Chapter 482 (effective 7/1/07)
03/27/2007G Acts of Assembly Chapter text (CHAP0482)