Insurance holding companies; SCC to approve any ordinary dividend by a registered insurer. (SB1352)
Introduced By
Sen. Frank Wagner (R-Virginia Beach)
Progress
✓ |
Introduced |
✓ |
Passed Committee |
✓ |
Passed House |
✓ |
Passed Senate |
✓ |
Signed by Governor |
☐ |
Became Law |
Description
Insurance holding companies. Authorizes the State Corporation Commission to approve any ordinary dividend or other distribution by a registered insurer that is a member of an insurance holding company system to its shareholders within 30 days of receiving written notice of the declaration. Currently, the insurer is required to provide written notice as to all dividends and other distributions at least 30 days prior to payment. The measure also clarifies the Commissions authority to request additional information in making determinations regarding filings of disclaimers of affiliation. Amends § 38.2-1329, of the Code of Virginia. Read the Bill »
Outcome
Bill Has Passed
History
| Date | Action |
|---|---|
| 01/14/2009 | Prefiled and ordered printed; offered 01/14/09 090043864 |
| 01/14/2009 | Referred to Committee on Commerce and Labor |
| 01/18/2009 | Impact statement from SCC (SB1352) |
| 01/19/2009 | Reported from Commerce and Labor (14-Y 0-N) (see vote tally) |
| 01/21/2009 | Constitutional reading dispensed (39-Y 0-N) (see vote tally) |
| 01/22/2009 | Read second time and engrossed |
| 01/23/2009 | Read third time and passed Senate (40-Y 0-N) (see vote tally) |
| 01/30/2009 | Placed on Calendar |
| 01/30/2009 | Read first time |
| 01/30/2009 | Referred to Committee on Commerce and Labor |
| 02/17/2009 | Reported from Commerce and Labor (20-Y 0-N) (see vote tally) |
| 02/19/2009 | Read second time |
| 02/20/2009 | Passed by for the day |
| 02/23/2009 | Passed by for the day |
| 02/24/2009 | Read third time |
| 02/24/2009 | Passed House BLOCK VOTE (99-Y 0-N) |
| 02/24/2009 | VOTE: BLOCK VOTE PASSAGE (99-Y 0-N) (see vote tally) |
| 02/28/2009 | Enrolled |
| 02/28/2009 | Bill text as passed Senate and House (SB1352ER) |
| 02/28/2009 | Signed by Speaker |
| 03/03/2009 | Impact statement from SCC (SB1352ER) |
| 03/04/2009 | Signed by President |
| 03/30/2009 | G Approved by Governor-Chapter 717 (effective 7/1/09) |
| 03/30/2009 | G Acts of Assembly Chapter text (CHAP0717) |