Foreign insurers; requires SCC to issue a license authorizing insurer to transact business in State. (HB339)

Introduced By

Del. Bob Marshall (R-Manassas)

Progress

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

Description

Foreign insurers; reciprocal licensing.  Requires the State Corporation Commission to issue a license authorizing a foreign insurer to transact the business of insurance in Virginia if the foreign insurer's home state issues licenses to insurers incorporated or organized under Virginia's laws on the same basis, whenever the foreign insurer presents proof that it is currently licensed and is in good standing in its home state, submits a request for licensure and any required fee, and provides the application for licensure that the foreign insurer submitted to its home state. Reciprocal licensure is not contingent upon the other state's laws being substantially similar to the licensure requirements imposed by Virginia on its domestic insurers. A license issued to a foreign insurer under this reciprocal provision authorizes a foreign insurer to write the classes of insurance that it is authorized to write in its home state. The measure authorizes the Commissioner of Insurance to enter into agreements for reciprocal licensure of insurers with his counterparts of other states. A foreign insurer receiving a license under this reciprocity provision will not be required to file, or to receive approval for, policy forms and rates if the supervising insurance official of the foreign insurer's home state certifies that the insurer has received all necessary approvals required under the laws of that state to use the forms and rates in that state, or if the form relates to a product that has been approved by the Interstate Insurance Product Regulation Commission established pursuant to the Interstate Insurance Product Regulation Compact. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/11/2010Prefiled and ordered printed; offered 01/13/10 10101073D
01/11/2010Referred to Committee on Commerce and Labor
01/15/2010Assigned C & L sub: #1
01/25/2010Impact statement from SCC (HB339)
01/26/2010Subcommittee recommends passing by indefinitely
02/16/2010Left in Commerce and Labor