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. Amends § 38.2-4123, § 38.2-5500, § 38.2-5501, § 38.2-5503, of the Code of Virginia. Read the Bill »

Outcome

Bill Has Passed

History

DateAction
01/10/2012Prefiled and ordered printed; offered 01/11/12
01/10/2012Prefiled and ordered printed; offered 01/11/12 12103247D
01/10/2012Referred to Committee on Commerce and Labor
01/16/2012Reported from Commerce and Labor (16-Y 0-N) (see vote tally)
01/18/2012Constitutional reading dispensed (39-Y 0-N) (see vote tally)
01/19/2012Read second time and engrossed
01/20/2012Bills placed in block (39-Y 0-N) (see vote tally)
01/20/2012Read third time and passed Senate (38-Y 0-N) (see vote tally)
01/20/2012Reconsideration of passage agreed to by Senate (39-Y 0-N) (see vote tally)
01/20/2012Passed Senate (39-Y 0-N) (see vote tally)
01/29/2012Impact statement from SCC (SB120)
02/13/2012Placed on Calendar
02/13/2012Read first time
02/13/2012Referred to Committee on Commerce and Labor
02/16/2012Reported from Commerce and Labor (22-Y 0-N) (see vote tally)
02/20/2012Read second time
02/21/2012Read third time
02/21/2012Passed House BLOCK VOTE (100-0Y 0-N)
02/21/2012VOTE: BLOCK VOTE PASSAGE (100-Y 0-N) (see vote tally)
02/23/2012Enrolled
02/23/2012Bill text as passed Senate and House (SB120ER)
02/23/2012Impact statement from SCC (SB120ER)
02/23/2012Signed by President
02/23/2012Signed by Speaker
03/07/2012G Approved by Governor-Chapter 156 (effective 7/1/12)
03/07/2012G Acts of Assembly Chapter text (CHAP0156)

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 35 seconds.