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