Credit default insurance; definition. (HB28)

Introduced By

Del. Bob Marshall (R-Manassas)

Progress

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

Description

Credit default insurance.  Establishes requirements for the conduct within the Commonwealth of the business of credit default insurance. The measure prohibits naked credit default swaps and establishes a regulatory framework for covered swaps" and the credit default insurance market. The measure is based on model legislation adopted by the National Conference of Insurance Legislators. Elements include requirements regarding company licensing; contingency, loss, and unearned premium reserves; policy forms and rates; and reinsurance. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
12/18/2009Committee
12/18/2009Referred to Committee on Counties, Cities and Towns
12/18/2009Prefiled and ordered printed; offered 01/13/10 10100494D
12/18/2009Referred to Committee on Commerce and Labor
01/19/2010Assigned C & L sub: #2
02/02/2010Impact statement from SCC (HB28)
02/04/2010Subcommittee recommends passing by indefinitely (11-Y 0-N)
02/16/2010Left in Commerce and Labor