Foreign title insurance companies; unearned premium reserves. (HB116)

Introduced By

Del. Lee Ware (R-Powhatan)


Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law


Foreign title insurance companies; unearned premium reserves. Authorizes foreign title insurance companies to establish and maintain unearned premium reserves on title insurance policies issued on Virginia properties pursuant to the reserving laws of the companies' domiciliary regulator, if the domiciliary regulator is accredited under the National Association of Insurance Commissioner's Financial Regulation Standards and Accreditation Program. Currently, foreign title insurance companies are required to maintain unearned premium reserves at the higher of the amount required of domestic title insurance companies or the amount required in the jurisdiction of domicile. Read the Bill »


Bill Has Passed


12/17/2007Prefiled and ordered printed; offered 01/09/08 084493780
12/17/2007Referred to Committee on General Laws
01/17/2008Assigned GL sub: Housing
01/22/2008Referred from General Laws
01/22/2008Referred to Committee on Commerce and Labor
01/22/2008Impact statement from SCC (HB116)
01/29/2008Reported from Commerce and Labor (21-Y 0-N) (see vote tally)
01/31/2008Read first time
02/01/2008Read second time and engrossed
02/04/2008Read third time and passed House BLOCK VOTE (98-Y 0-N)
02/04/2008VOTE: BLOCK VOTE PASSAGE (98-Y 0-N) (see vote tally)
02/04/2008Communicated to Senate
02/05/2008Constitutional reading dispensed
02/05/2008Referred to Committee on Commerce and Labor
02/18/2008Reported from Commerce and Labor (15-Y 0-N)
02/20/2008Constitutional reading dispensed (40-Y 0-N)
02/21/2008Read third time
02/21/2008Passed Senate (39-Y 0-N)
02/21/2008Reconsideration of Senate passage agreed to by Senate (39-Y 0-N)
02/21/2008Passed Senate (40-Y 0-N) (see vote tally)
02/25/2008Bill text as passed House and Senate (HB116ER)
02/25/2008Signed by Speaker
02/26/2008Signed by President
02/27/2008Impact statement from SCC (HB116ER)
03/04/2008G Approved by Governor-Chapter 246 (effective 7/1/08)
03/04/2008G Approved by Governor-Chapter 248 (effective 7/1/08)
03/06/2008G Acts of Assembly Chapter text (CHAP0248)