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