Foreign and alien insurers; exemption for insuring industrial insureds. (SB207)

Introduced By

Sen. Walter Stosch (R-Glen Allen)

Progress

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

Description

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. Read the Bill »

Outcome

Bill Has Passed

History

DateAction
01/07/2008Prefiled and ordered printed; offered 01/09/08 080078864
01/07/2008Referred to Committee on Commerce and Labor
01/14/2008Reported from Commerce and Labor (14-Y 0-N) (see vote tally)
01/16/2008Constitutional reading dispensed (39-Y 0-N) (see vote tally)
01/17/2008Read second time and engrossed
01/18/2008Read third time and passed Senate (39-Y 0-N) (see vote tally)
01/18/2008Communicated to House
01/22/2008Impact statement from SCC (SB207)
02/11/2008Placed on Calendar
02/11/2008Read first time
02/11/2008Referred to Committee on Commerce and Labor
02/14/2008Reported from Commerce and Labor (19-Y 2-N)
02/18/2008Read second time
02/19/2008Read third time
02/19/2008Passed House (94-Y 3-N)
02/19/2008VOTE: --- PASSAGE (94-Y 3-N)
02/20/2008Enrolled
02/20/2008Bill text as passed Senate and House (SB207ER)
02/20/2008Signed by Speaker
02/22/2008Signed by President
02/25/2008Impact statement from SCC (SB207ER)
03/02/2008G Approved by Governor-Chapter 94 (effective 7/1/08)
03/02/2008G Approved by Governor-Chapter 95 (effective 7/1/08)
03/04/2008G Acts of Assembly Chapter text (CHAP0095)