Insurance accounts; funding agreements. (HB549)

Introduced By

Del. Sam Nixon (R-Richmond)


Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law


Insurance; funding agreements. Provides that the assets of a separate account to which an insurer has allocated assets under a funding agreement shall not be chargeable with liabilities arising out of any other business that the insurer conducts. If a separate account is not chargeable with liabilities arising out of such other business, a risk charge will be payable from the separate account to the insurer's general account. The measure also provides that funding agreement assets held in the insurers general account, and other obligations due under the funding agreement from the general account, will be treated as an insurance contract. In addition, a domestic insurer that has established separate accounts for funding agreements and has allocated funds to such separate accounts shall file with the State Corporation Commission any prescribed periodic or special reports. An insurer shall not make an agreement providing for the allocation of funding agreement amounts to a separate account until a statement as to its methods of operation has been approved by the Commission. Read the Bill »


Bill Has Passed


01/07/2008Prefiled and ordered printed; offered 01/09/08 080111656
01/07/2008Referred to Committee on Commerce and Labor
01/22/2008Reported from Commerce and Labor (22-Y 0-N) (see vote tally)
01/24/2008Read first time
01/25/2008Read second time and engrossed
01/28/2008Read third time and passed House BLOCK VOTE (99-Y 0-N)
01/28/2008VOTE: BLOCK VOTE PASSAGE (99-Y 0-N) (see vote tally)
01/28/2008Communicated to Senate
01/29/2008Constitutional reading dispensed
01/29/2008Referred to Committee on Commerce and Labor
02/05/2008Impact statement from SCC (HB549)
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 (HB549ER)
02/25/2008Signed by Speaker
02/26/2008Signed by President
02/27/2008Impact statement from SCC (HB549ER)
03/03/2008G Approved by Governor-Chapter 215 (effective 7/1/08)
03/03/2008G Approved by Governor-Chapter 216 (effective 7/1/08)
03/06/2008G Acts of Assembly Chapter text (CHAP0216)