Credit life insurance; reserve standards. (HB1971)

Introduced By

Del. Lee Ware (R-Powhatan)

Progress

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

Description

Credit life insurance reserve standards. Recognizes the 2001 CSO Male Composite Ultimate Mortality Table for use in determining the minimum standard of valuation for credit life insurance reserves, and the 1985 Commissioners' Individual Disability Table A in determining the standard for valuation of reserves for credit accident and sickness plans. The measure also specifies the interest rate and method to be used in determining the minimum standard of valuation. In addition, for credit life and disability contracts in the aggregate, insurers are required to establish an additional reserve liability if the net premium refund liability exceeds the aggregate recorded contract reserve. Read the Bill »

Outcome

Bill Has Passed

History

DateAction
01/13/2009Committee
01/13/2009Prefiled and ordered printed; offered 01/14/09 098467780
01/13/2009Referred to Committee on Commerce and Labor
01/26/2009Impact statement from SCC (HB1971)
01/27/2009Reported from Commerce and Labor (22-Y 0-N) (see vote tally)
01/29/2009Read first time
01/30/2009Read second time and engrossed
02/02/2009Read third time and passed House BLOCK VOTE (97-Y 0-N)
02/02/2009VOTE: BLOCK VOTE PASSAGE (97-Y 0-N) (see vote tally)
02/02/2009Reconsideration of passage agreed to by House
02/02/2009Passed House BLOCK VOTE (98-Y 0-N)
02/02/2009VOTE: BLOCK VOTE PASSAGE (98-Y 0-N) (see vote tally)
02/03/2009Constitutional reading dispensed
02/03/2009Referred to Committee on Commerce and Labor
02/16/2009Reported from Commerce and Labor (15-Y 0-N) (see vote tally)
02/18/2009Constitutional reading dispensed (40-Y 0-N) (see vote tally)
02/19/2009Read third time
02/19/2009Passed Senate (40-Y 0-N) (see vote tally)
02/24/2009Enrolled
02/24/2009Bill text as passed House and Senate (HB1971ER)
02/24/2009Impact statement from SCC (HB1971ER)
02/25/2009Signed by Speaker
02/27/2009Signed by President
03/30/2009G Approved by Governor-Chapter 642 (effective 7/1/09)
03/30/2009G Acts of Assembly Chapter text (CHAP0642)

Video

This bill was discussed on the floor of the General Assembly. Below is all of the video that we have of that discussion, 1 clip in all, totaling 50 seconds.