Insurance rates; authority of an insurer to limit decreases. (HB324)

Introduced By

Del. Terry Kilgore (R-Gate City)

Progress

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

Description

Insurance rates; authority to limit decreases. Authorizes an insurer to file rate or supplementary rate information that allows the insurer to limit for its renewal policies any rate decrease that would otherwise be applicable to such policies. Currently, an insurer may file such information allowing the insurer to limit rate increase otherwise applicable to renewal policies. The provision does not apply to workers' compensation or employers' liability insurance. Read the Bill »

Outcome

Bill Has Passed

History

DateAction
01/05/2016Committee
01/05/2016Prefiled and ordered printed; offered 01/13/16 16103122D
01/05/2016Referred to Committee on Commerce and Labor
01/17/2016Impact statement from SCC (HB324)
01/21/2016Reported from Commerce and Labor with substitute (21-Y 0-N) (see vote tally)
01/21/2016Committee substitute printed 16104520D-H1
01/25/2016Impact statement from SCC (HB324H1)
01/25/2016Read first time
01/26/2016Read second time
01/26/2016Committee substitute agreed to 16104520D-H1
01/26/2016Engrossed by House - committee substitute HB324H1
01/27/2016Read third time and passed House BLOCK VOTE (99-Y 0-N)
01/27/2016VOTE: BLOCK VOTE PASSAGE (99-Y 0-N) (see vote tally)
01/28/2016Constitutional reading dispensed
01/28/2016Referred to Committee on Commerce and Labor
02/05/2016Impact statement from SCC (HB324H1)
02/22/2016Reported from Commerce and Labor (15-Y 0-N) (see vote tally)
02/24/2016Constitutional reading dispensed (39-Y 0-N) (see vote tally)
02/25/2016Read third time
02/25/2016Passed Senate (37-Y 0-N 3-A) (see vote tally)
02/29/2016Enrolled
02/29/2016Bill text as passed House and Senate (HB324ER)
02/29/2016Signed by Speaker
03/01/2016Impact statement from SCC (HB324ER)
03/03/2016Signed by President
03/04/2016Enrolled Bill communicated to Governor on 3/4/16
03/04/2016G Governor's Action Deadline Midnight, March 11, 2016
03/07/2016G Approved by Governor-Chapter 277 (effective 9/1/16)
03/07/2016G Acts of Assembly Chapter text (CHAP0277)

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 1 minute.

Transcript

This is a transcript of the video clips in which this bill is discussed.

AYES 40, NOS 0. AYES 40, NOS 0. THE BILL PASSES. MOVING FORWARD TO PAGE 10, HOUSE BILL 324. THE SENIOR SENATOR FROM VIRGINIA BEACH, SENATOR WAGNER.

Sen. Frank Wagner (R-Virginia Beach): THANK YOU, MR. PRESIDENT. HOUSE BILL 24 DEALS WITH INSURANCE RATE INCREASES AND WE HAVE PUT POLICIES IN PLACE TO ALLOW INSURANCE RATES, IF THEY HAVE -- IF THE PREMIUMS HAVE TO GO UP, TO ALLOW THE INSURORS TO STEP THEM UP IN SEQUENCE WHERE MAYBE IT SHOULD GO UP 120, BUT THE FIRST YEAR IS 110 AND THEN 120. WHAT THE BILL DOES, AS IT COMES BACK DOWN AGAIN, HAS THE SAME KIND OF DEKRES. INSTEAD OF GOING FROM 120 TO 100, IT'S 120, 110, 100. THE BILL HAS A DELAYED EFFECTIVE DATE UNTIL SEPTEMBER 1st 2016, WITHIN WITH THAT EXPLANATION, I MOVE THE BILL PASS.

Del. Bill Howell (R-Fredericksburg): THANK YOU, SENATOR. THE QUESTION IS SHALL HOUSE BILL 3424 PASS. ALL IN FAVOR OF THE MOTION WILL RECORD THEIR VOTES AYE, THOSE OPPOSED NO. ARE THE SENATORS READY TO VOTE? HAVE ALL THE SENATORS VOTED? DO ANY SENATORS DESIRE TO CHANGE THEIR VOTE? THE CLERK WILL CLOSE THE ROLL.

Sen. Frank Wagner (R-Virginia Beach): AYES 37, NOS 0.