Insurance; SCC to require person to make restitution if improperly withholds money. (HB260)

Introduced By

Sen. Jennifer McClellan (D-Richmond)

Progress

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

Description

Insurance; restitution Authorizes the State Corporation Commission to require a person to make restitution in the amount of the direct actual financial loss if the person improperly withholds, misappropriates, or converts any money or property received in the course of conducting business. Currently, the Commission's authority to order restitution is limited to cases where an insurer charges an excessive rate or discriminatory premium or fails to pay undisputed amounts required under an insurance contract. Amends § 38.2-218, of the Code of Virginia. Read the Bill »

Outcome

Bill Has Passed

History

DateAction
01/11/2010Committee
01/11/2010Prefiled and ordered printed; offered 01/13/10 10100732D
01/11/2010Referred to Committee on Commerce and Labor
01/19/2010Reported from Commerce and Labor (22-Y 0-N) (see vote tally)
01/20/2010Read first time
01/21/2010Read second time and engrossed
01/22/2010Read third time and passed House BLOCK VOTE (99-Y 0-N)
01/22/2010VOTE: BLOCK VOTE PASSAGE (99-Y 0-N) (see vote tally)
01/25/2010Constitutional reading dispensed
01/25/2010Referred to Committee on Commerce and Labor
02/02/2010Impact statement from SCC (HB260)
02/22/2010Reported from Commerce and Labor (15-Y 0-N) (see vote tally)
02/24/2010Constitutional reading dispensed (40-Y 0-N) (see vote tally)
02/25/2010Read third time
02/25/2010Passed Senate (40-Y 0-N) (see vote tally)
03/03/2010Enrolled
03/03/2010Bill text as passed House and Senate (HB260ER)
03/03/2010Signed by Speaker
03/04/2010Impact statement from SCC (HB260ER)
03/06/2010Signed by President
04/07/2010G Approved by Governor-Chapter 226 (effective 7/1/10)
04/07/2010G Acts of Assembly Chapter text (CHAP0226)

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.