Insurance holding companies; revises requirements applicable to companies. (HB109)

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 ascertain the financial condition of the insurer. The bill (i) requires the ultimate controlling person of an insurance holding company system to submit a confidential Enterprise Risk filing; (ii) requires the parent company seeking to divest its interest in an insurance company subsidiary to provide notice to the domestic regulator prior to the divestiture; (iii) requires the insurer's board of directors to make statements regarding the corporate governance and internal control responsibilities within the registration statement; (iv) subjects the cost-sharing services and management agreements among affiliated entities to minimum reporting requirements; and (v) adds confidentiality protections for information shared. The State Corporation Commission will be authorized to participate in supervisory colleges, which will be used by regulators to coordinate supervision of an insurance holding company system that has national and international operations. The measure also makes dental and optometric services plans subject to the insurance holding company provisions, and dental plan organizations subject to requirements regarding risk-based capital. The holding companies requirements in effect on June 30, 2014, will continue to apply to any insurance holding company transaction commenced prior to January 1, 2015, unless otherwise provided. Read the Bill »


Bill Has Passed


12/16/2013Prefiled and ordered printed; offered 01/08/14 14103059D
12/16/2013Referred to Committee on Commerce and Labor
01/14/2014Reported from Commerce and Labor with amendment (21-Y 0-N) (see vote tally)
01/16/2014Read first time
01/17/2014Read second time
01/17/2014Committee amendment agreed to
01/17/2014Engrossed by House as amended HB109E
01/17/2014Printed as engrossed 14103059D-E
01/20/2014Impact statement from SCC (HB109)
01/20/2014Read third time and passed House BLOCK VOTE (96-Y 0-N)
01/20/2014VOTE: BLOCK VOTE PASSAGE (96-Y 0-N) (see vote tally)
01/21/2014Impact statement from SCC (HB109E)
01/21/2014Constitutional reading dispensed
01/21/2014Referred to Committee on Commerce and Labor
01/23/2014Impact statement from SCC (HB109)
01/23/2014Impact statement from SCC (HB109E)
02/24/2014Reported from Commerce and Labor (16-Y 0-N) (see vote tally)
02/26/2014Constitutional reading dispensed (38-Y 0-N)
02/27/2014Read third time
02/27/2014Passed Senate (40-Y 0-N)
03/04/2014Bill text as passed House and Senate (HB109ER)
03/04/2014Signed by Speaker
03/05/2014Impact statement from SCC (HB109ER)
03/07/2014Signed by President
03/27/2014G Approved by Governor-Chapter 309 (effective 7/1/14)
03/27/2014G Acts of Assembly Chapter text (CHAP0309)