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