Insurance companies; permitted investments in foreign securities. (SB406)

Introduced By

Sen. Steve Newman (R-Forest) with support from co-patron Sen. Jeff McWaters (R-Virginia Beach)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

Insurance companies; permitted investments in foreign securities. Increases the portion of a domestic insurer's total admitted assets that may be invested in permitted securities of a foreign country from 10 to 15 percent. The measure also increases the aggregate amount of securities of a single foreign country in which a domestic insurer may invest from 3 percent to 5 percent of the insurer's admitted assets if the foreign jurisdiction has a sovereign debt rating of SVO 1. If the foreign jurisdiction's sovereign debt rating is not SVO 1, the maximum amount of its securities in which the insurer may invest remains 3 percent. Finally, the measure allows investments in securities of foreign jurisdictions to be payable in currencies of foreign countries if the investment is effectively hedged, substantially in its entirety, against U.S. currency. Amends § 38.2-1414, § 38.2-1433, of the Code of Virginia. Read the Bill »

Outcome

Bill Has Passed

History

DateAction
01/07/2014Prefiled and ordered printed; offered 01/08/14 14102348D
01/07/2014Referred to Committee on Commerce and Labor
01/13/2014Reported from Commerce and Labor (14-Y 0-N) (see vote tally)
01/15/2014Constitutional reading dispensed (38-Y 0-N)
01/16/2014Read second time and engrossed
01/17/2014Read third time and passed Senate (38-Y 0-N)
01/20/2014Impact statement from SCC (SB406)
01/23/2014Placed on Calendar
01/23/2014Read first time
01/23/2014Referred to Committee on Commerce and Labor
01/23/2014Impact statement from SCC (SB406)
02/13/2014Reported from Commerce and Labor (20-Y 0-N) (see vote tally)
02/17/2014Read second time
02/18/2014Read third time
02/18/2014Passed House BLOCK VOTE (97-Y 0-N)
02/18/2014VOTE: BLOCK VOTE PASSAGE (97-Y 0-N) (see vote tally)
02/20/2014Enrolled
02/20/2014Bill text as passed Senate and House (SB406ER)
02/20/2014Impact statement from SCC (SB406ER)
02/20/2014Signed by Speaker
02/22/2014Signed by President
03/05/2014G Approved by Governor-Chapter 159 (effective 7/1/14)
03/05/2014G Acts of Assembly Chapter text (CHAP0159)