Insurance plans; provisions regulating hypothecation of assets. (SB748)

Introduced By

Sen. John Watkins (R-Midlothian)

Progress

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

Description

Insurance plans; hypothecation of assets. Applies provisions regulating the hypothecation of assets that currently apply to most insurers to health services plans, health maintenance organizations, and insurers offering dental or optometric services plans. The measure requires insurers to maintain a certain amount of free and unencumbered admitted assets and to report to the State Corporation Commission certain information regarding transactions encumbering assets. The measure also (i) removes inapplicable references to separate account requirements from the "sweep-in" provisions for health services plans and dental or optometric services plans and (ii) removes a moot reference to the licensing of agents from the "sweep-in" provision for legal services plans. Read the Bill »

Outcome

Bill Has Passed

History

DateAction
12/18/2014Prefiled and ordered printed; offered 01/14/15 15101313D
12/18/2014Referred to Committee on Commerce and Labor
01/14/2015Impact statement from SCC (SB748)
01/19/2015Reported from Commerce and Labor (13-Y 0-N) (see vote tally)
01/21/2015Constitutional reading dispensed (38-Y 0-N) (see vote tally)
01/22/2015Read second time and engrossed
01/23/2015Read third time and passed Senate (40-Y 0-N) (see vote tally)
01/30/2015Placed on Calendar
01/30/2015Read first time
01/30/2015Referred to Committee on Commerce and Labor
02/10/2015Reported from Commerce and Labor (22-Y 0-N) (see vote tally)
02/11/2015Read second time
02/12/2015Read third time
02/12/2015Passed House BLOCK VOTE (99-Y 0-N)
02/12/2015VOTE: BLOCK VOTE PASSAGE (99-Y 0-N) (see vote tally)
02/16/2015Enrolled
02/16/2015Bill text as passed Senate and House (SB748ER)
02/16/2015Impact statement from SCC (SB748ER)
02/16/2015Signed by Speaker
02/19/2015Signed by President
02/20/2015Enrolled Bill Communicated to Governor on 2/20/15
02/20/2015G Governor's Action Deadline Midnight, Friday, February 27, 2015
02/26/2015G Approved by Governor-Chapter 14 (effective 7/1/15)
02/26/2015G Acts of Assembly Chapter text (CHAP0014)

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 45 seconds.