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