Risk management by insurance companies; Own Risk and Solvency Assessments. (SB88)

Introduced By

Sen. John Watkins (R-Midlothian) 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

Insurers; Own Risk and Solvency Assessments. Requires insurance companies to maintain a risk management framework to assist with identifying, assessing, monitoring, managing, and reporting on material and relevant risks. As part of this requirement, each nonexempt insurer, or the insurance group to which it is a member, is required regularly to conduct an Own Risk and Solvency Assessment (ORSA). An ORSA is a confidential internal assessment, conducted by an insurer, of the material and relevant risks associated with the insurer's current business plan and the sufficiency of capital resources to support those risks. The measure is based on the ORSA Model Act developed by the National Association of Insurance Commissioners. The ORSA requirements will also apply to mutual insurance holding companies, subsidiaries of insurance companies, producer-controlled property and casualty insurers, and health maintenance organizations. The measure has a delayed effective date of January 1, 2015. Read the Bill »

Outcome

Bill Has Passed

History

DateAction
12/20/2013Prefiled and ordered printed; offered 01/08/14 14101485D
12/20/2013Referred 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 (SB88)
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 (SB88)
02/18/2014Reported from Commerce and Labor (21-Y 0-N) (see vote tally)
02/20/2014Read second time
02/21/2014Read third time
02/21/2014Passed House BLOCK VOTE (97-Y 0-N)
02/21/2014VOTE: BLOCK VOTE PASSAGE (97-Y 0-N) (see vote tally)
02/21/2014Reconsideration of House passage agreed to by House
02/21/2014Passed House BLOCK VOTE (98-Y 0-N)
02/21/2014VOTE: BLOCK VOTE PASSAGE #2 (98-Y 0-N) (see vote tally)
02/25/2014Enrolled
02/25/2014Bill text as passed Senate and House (SB88ER)
02/25/2014Signed by Speaker
02/26/2014Impact statement from SCC (SB88ER)
02/27/2014Signed by President
03/17/2014G Approved by Governor-Chapter 248 (effective 1/1/15)
03/17/2014G Acts of Assembly Chapter text (CHAP0248)

Video

This bill was discussed on the floor of the General Assembly. Below is all of the video that we have of that discussion, 1 clip in all, totaling 35 seconds.