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

DateAction
01/14/2009Prefiled and ordered printed; offered 01/14/09 090043864
01/14/2009Referred to Committee on Commerce and Labor
01/18/2009Impact statement from SCC (SB1352)
01/19/2009Reported from Commerce and Labor (14-Y 0-N) (see vote tally)
01/21/2009Constitutional reading dispensed (39-Y 0-N) (see vote tally)
01/22/2009Read second time and engrossed
01/23/2009Read third time and passed Senate (40-Y 0-N) (see vote tally)
01/30/2009Placed on Calendar
01/30/2009Read first time
01/30/2009Referred to Committee on Commerce and Labor
02/17/2009Reported from Commerce and Labor (20-Y 0-N) (see vote tally)
02/19/2009Read second time
02/20/2009Passed by for the day
02/23/2009Passed by for the day
02/24/2009Read third time
02/24/2009Passed House BLOCK VOTE (99-Y 0-N)
02/24/2009VOTE: BLOCK VOTE PASSAGE (99-Y 0-N) (see vote tally)
02/28/2009Enrolled
02/28/2009Bill text as passed Senate and House (SB1352ER)
02/28/2009Signed by Speaker
03/03/2009Impact statement from SCC (SB1352ER)
03/04/2009Signed by President
03/30/2009G Approved by Governor-Chapter 717 (effective 7/1/09)
03/30/2009G Acts of Assembly Chapter text (CHAP0717)