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