Insurance contracts; principle-based reserve basis, use of valuation manual. (HB631)
Introduced By
Del. Terry Kilgore (R-Gate City)
Progress
✓ |
Introduced |
✓ |
Passed Committee |
✓ |
Passed House |
✓ |
Passed Senate |
✓ |
Signed by Governor |
☐ |
Became Law |
Description
Insurance contracts; principle-based reserve basis; use of valuation manual. Requires insurance companies to use (i) a principle-based reserve basis for life, annuity, and accident and health insurance contracts and (ii) a Valuation Manual adopted by the National Association of Insurance Commissioners (NAIC). The measure implements the NAIC's revised Standard Valuation Law model (SVL). The revised model authorizes a principle-based reserve (PBR) basis for life, annuity, and accident and health contracts. A PBR valuation is a reserve valuation that uses one or more methods or one or more assumptions determined by the insurer pursuant to requirements contained in the SVL and the Valuation Manual. The NAIC's Valuation Manual contains both PBR and non-PBR requirements and requirements regarding actuarial opinions and corporate governance. The Valuation Manual will become effective on January 1 of the first calendar year for which certain requirements have been met by July 1 of that year, including a condition that at least 42 states or other U.S. jurisdictions have enacted the revised SVL or substantially similar terms and provisions. The measure has a delayed effective date of January 1, 2015. Read the Bill »
Outcome
History
Date | Action |
---|---|
01/07/2014 | Prefiled and ordered printed; offered 01/08/14 14101484D |
01/07/2014 | Referred to Committee on Commerce and Labor |
01/16/2014 | Reported from Commerce and Labor with amendments (21-Y 0-N) (see vote tally) |
01/20/2014 | Impact statement from SCC (HB631) |
01/20/2014 | Read first time |
01/21/2014 | Read second time |
01/21/2014 | Committee amendments agreed to |
01/21/2014 | Engrossed by House as amended HB631E |
01/21/2014 | Printed as engrossed 14101484D-E |
01/22/2014 | Read third time and passed House BLOCK VOTE (97-Y 0-N) |
01/22/2014 | VOTE: BLOCK VOTE PASSAGE (97-Y 0-N) (see vote tally) |
01/23/2014 | Impact statement from SCC (HB631) |
01/23/2014 | Constitutional reading dispensed |
01/23/2014 | Referred to Committee on Commerce and Labor |
01/23/2014 | Impact statement from SCC (HB631E) |
02/24/2014 | Reported from Commerce and Labor (16-Y 0-N) (see vote tally) |
02/26/2014 | Constitutional reading dispensed (38-Y 0-N) |
02/27/2014 | Read third time |
02/27/2014 | Passed Senate (40-Y 0-N) |
03/04/2014 | Enrolled |
03/04/2014 | Bill text as passed House and Senate (HB631ER) |
03/04/2014 | Signed by Speaker |
03/05/2014 | Impact statement from SCC (HB631ER) |
03/07/2014 | Signed by President |
04/04/2014 | G Approved by Governor-Chapter 571 (effective 1/1/15) |
04/04/2014 | G Acts of Assembly Chapter text (CHAP0571) |