Virginia Life, Accident and Sickness Insurance Guaranty Association; notice to policy owners. (SB916)

Introduced By

Sen. Ryan McDougle (R-Mechanicsville)

Progress

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

Description

Virginia Life, Accident and Sickness Insurance Guaranty Association; advertisements.  Exempts displays of the logo of the Virginia Life, Accident and Sickness Insurance Guaranty Association on letterheads and signs, plaques, and posters within the office or other place of business of an agent of a member insurer from the prohibition on any advertisement that uses the existence of the Association for the purpose of selling or soliciting covered insurance. The measure also permits agents to display or distribute pamphlets that state the types of policies for which guaranty funds will provide coverage and the maximum amount of such coverage. Amends § 38.2-1715, of the Code of Virginia. Read the Bill »

Outcome

Bill Has Passed

History

DateAction
01/10/2011Prefiled and ordered printed; offered 01/12/11 11100971D
01/10/2011Referred to Committee on Commerce and Labor
01/31/2011Reported from Commerce and Labor with substitute (14-Y 0-N) (see vote tally)
01/31/2011Committee substitute printed 11104742D-S1
02/02/2011Constitutional reading dispensed (40-Y 0-N) (see vote tally)
02/03/2011Read second time
02/03/2011Reading of substitute waived
02/03/2011Committee substitute agreed to 11104742D-S1
02/03/2011Engrossed by Senate - committee substitute SB916S1
02/04/2011Read third time and passed Senate (37-Y 0-N) (see vote tally)
02/07/2011Impact statement from SCC (SB916S1)
02/08/2011Placed on Calendar
02/08/2011Read first time
02/08/2011Referred to Committee on Commerce and Labor
02/15/2011Reported from Commerce and Labor (22-Y 0-N) (see vote tally)
02/17/2011Read second time
02/18/2011Read third time
02/18/2011Passed House BLOCK VOTE (95-Y 0-N)
02/18/2011VOTE: BLOCK VOTE PASSAGE (95-Y 0-N) (see vote tally)
02/24/2011Enrolled
02/24/2011Bill text as passed Senate and House (SB916ER)
02/24/2011Impact statement from SCC (SB916ER)
02/24/2011Signed by Speaker
02/24/2011Signed by President
03/20/2011G Approved by Governor-Chapter 306 (effective 7/1/11)
03/20/2011G Acts of Assembly Chapter text (CHAP0306)

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 30 seconds.

Comments

Liberty writes:

Bad idea since the Guaranty Association does not act like the FDIC. Receiverships and Liquidations can go on for years. Do not mislead the public but instead have them or their agent evaluate the financial strength of their insurer.