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