Risk-Based Capital Act; way to measure minimum capital appropriate for insurer based on size & risk. (SB120)
Introduced By
Sen. Yvonne Miller (D-Norfolk)
Progress
✓ |
Introduced |
✓ |
Passed Committee |
✓ |
Passed House |
✓ |
Passed Senate |
✓ |
Signed by Governor |
☐ |
Became Law |
Description
Risk-Based Capital Act. Applies the Risk-Based Capital Act, which provides a way of measuring the minimum amount of capital appropriate for an insurer based on its size and risk profile, to fraternal benefit societies. Other provisions make trend test requirements consistent among life and health, property and casualty, and health organizations. The life and health insurers' trend test is increased from 2.5 to 3.0 to be consistent with the trend tests for property and casualty and health insurers. A trend test is added for health organizations. Read the Bill »
Outcome
Bill Has Passed
History
Date | Action |
---|---|
01/10/2012 | Prefiled and ordered printed; offered 01/11/12 |
01/10/2012 | Prefiled and ordered printed; offered 01/11/12 12103247D |
01/10/2012 | Referred to Committee on Commerce and Labor |
01/16/2012 | Reported from Commerce and Labor (16-Y 0-N) (see vote tally) |
01/18/2012 | Constitutional reading dispensed (39-Y 0-N) (see vote tally) |
01/19/2012 | Read second time and engrossed |
01/20/2012 | Bills placed in block (39-Y 0-N) (see vote tally) |
01/20/2012 | Read third time and passed Senate (38-Y 0-N) (see vote tally) |
01/20/2012 | Reconsideration of passage agreed to by Senate (39-Y 0-N) (see vote tally) |
01/20/2012 | Passed Senate (39-Y 0-N) (see vote tally) |
01/29/2012 | Impact statement from SCC (SB120) |
02/13/2012 | Placed on Calendar |
02/13/2012 | Read first time |
02/13/2012 | Referred to Committee on Commerce and Labor |
02/16/2012 | Reported from Commerce and Labor (22-Y 0-N) (see vote tally) |
02/20/2012 | Read second time |
02/21/2012 | Read third time |
02/21/2012 | Passed House BLOCK VOTE (100-0Y 0-N) |
02/21/2012 | VOTE: BLOCK VOTE PASSAGE (100-Y 0-N) (see vote tally) |
02/23/2012 | Enrolled |
02/23/2012 | Bill text as passed Senate and House (SB120ER) |
02/23/2012 | Impact statement from SCC (SB120ER) |
02/23/2012 | Signed by President |
02/23/2012 | Signed by Speaker |
03/07/2012 | G Approved by Governor-Chapter 156 (effective 7/1/12) |
03/07/2012 | G Acts of Assembly Chapter text (CHAP0156) |