Financial Guaranty Insurance; established. (HB2320)

Introduced By

Del. Bob Marshall (R-Manassas)

Progress

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

Description

Financial guaranty insurance. Establishes requirements for the conduct within the Commonwealth of the business of financial guaranty insurance, which means a surety bond, insurance policy, indemnity contract, or similar guaranty under which loss is payable, upon proof of occurrence of financial loss, to the insured as a result of a payment default under a monetary obligation or a change in an interest rate, a currency exchange rate, or the value of specific assets or indices. Such business is made subject to supervision by the Bureau of Insurance. The measure is based upon New York's financial guaranty insurance article with revisions that address that article's shortfalls, including oversight of credit default swaps, as outlined in a September 2008 circular released by the New York Insurance Department that outlines standards to which the financial guaranty insurance business should adhere. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/14/2009Committee
01/14/2009Prefiled and ordered printed; offered 01/14/09 090106616
01/14/2009Referred to Committee on Commerce and Labor
01/21/2009Assigned C & L sub: 2
01/26/2009Impact statement from SCC (HB2320)
01/29/2009Subcommittee recommends laying on the table by voice vote
02/10/2009Left in Commerce and Labor