Insurance holding companies; applicability to certain plans. (HB2195)

Introduced By

Del. Lee Ware (R-Powhatan)


Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law


Insurance holding companies. Revises the requirements applicable to insurance holding companies to conform to the National Association of Insurance Commissioners Insurance Holding Company System Regulatory Act and Insurance Holding Company System Model Regulation. The measure expands insurance regulators' examination authority to include all entities within the insurance holding company system to ascertain the financial condition of the insurer. The State Corporation Commission will be authorized to use supervisory colleges, which will be used by regulators (i) to coordinate supervision of an insurance holding company system that has national and international operations and (ii) to assess the company's business strategy, financial position, legal and regulatory position, risk exposure, risk management, and governance processes. The measure also makes dental and optometric services plans subject to the insurance holding companies provisions. The holding companies requirements in effect on June 30, 2013, will continue to apply to any insurance holding company transaction commenced prior to January 1, 2014, unless otherwise provided. Read the Bill »


Bill Has Failed


01/10/2013Presented and ordered printed 13101061D
01/10/2013Referred to Committee on Commerce and Labor
01/17/2013Stricken from docket by Commerce and Labor
01/21/2013Impact statement from SCC (HB2195)