Reinsurance credits; SCC authorized to adopt certain regulations. (HB1471)
Introduced By
Progress
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Introduced |
✓ |
Passed Committee |
✓ |
Passed House |
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Passed Senate |
✓ |
Signed by Governor |
☐ |
Became Law |
Description
Reinsurance credits. Authorizes the State Corporation Commission to adopt regulations specifying additional requirements relating to or setting forth the valuation of assets or reserve credits, the amount and forms of security supporting certain reinsurance arrangements, and the circumstances pursuant to which credit will be reduced or eliminated. The measure adopts revisions to the Credit for Reinsurance Model Law adopted by the National Association of Insurance Commissioners. The revisions adjust the reinsurance collateral requirements for certified reinsurers. Read the Bill »
Outcome
History
Date | Action |
---|---|
12/12/2016 | Prefiled and ordered printed; offered 01/11/17 17101533D |
12/12/2016 | Referred to Committee on Commerce and Labor |
01/12/2017 | Reported from Commerce and Labor (22-Y 0-N) (see vote tally) |
01/15/2017 | Impact statement from SCC (HB1471) |
01/16/2017 | Read first time |
01/17/2017 | Passed by for the day |
01/18/2017 | Read second time and engrossed |
01/19/2017 | Read third time and passed House BLOCK VOTE (99-Y 0-N) |
01/19/2017 | VOTE: BLOCK VOTE PASSAGE (99-Y 0-N) (see vote tally) |
01/20/2017 | Constitutional reading dispensed |
01/20/2017 | Referred to Committee on Commerce and Labor |
02/13/2017 | Reported from Commerce and Labor (13-Y 1-N) (see vote tally) |
02/15/2017 | Constitutional reading dispensed (40-Y 0-N) (see vote tally) |
02/16/2017 | Read third time |
02/16/2017 | Passed Senate (39-Y 1-N) (see vote tally) |
02/20/2017 | Enrolled |
02/20/2017 | Bill text as passed House and Senate (HB1471ER) |
02/20/2017 | Signed by Speaker |
02/21/2017 | Signed by President |
02/21/2017 | Enrolled Bill communicated to Governor on 2/21/17 |
02/21/2017 | G Governor's Action Deadline Midnight, March 27, 2017 |
02/22/2017 | Impact statement from SCC (HB1471ER) |
03/13/2017 | G Approved by Governor-Chapter 477 (effective 7/1/17) |
03/13/2017 | G Acts of Assembly Chapter text (CHAP0477) |
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.
INVOLVE FEDERAL MONEY, SENATOR FROM ROCKINGHAM KNOWS IT, AND THERE'S NO WAY THAT YOU'RE GOING TO GET OUT OF THIS THING. QUITE FRANKLY, THIS BILL IS GUARANTEED TO RUN THE PRICE OF THESE PROJECTS SKY HIGH. THANK YOU SENATOR. THE SENATOR FROM WESTERN FAIRFAX. THANK YOU MR. PRESIDENT, I RISE TO SPEAK AGAINST THE BILL. THE SENATOR HAS THE FLOOR. THANK YOU MR. PRESIDENT, WHEN I WAS RUNNING FAIRFAX COUNTY'S JUVENILE DETENTION CENTER, THE COMPANY LOW BID THE PROJECT. THEN THEY FLEW ALL THEIR WORKERS IN FROM SOUTH CAROLINA TO PAY THEM LESS THAN THE PREVAILING WAGES IN OUR AREA, TO GET THE JOB DONE. THE WHOLE BASIS OF THE CONTRACT IS THE MONEY THEY MADE WAS BASED ON CHANGE ORDERS. IF YOU MOVED, WHERE YOU WERE GOING TO PUT A NAIL BY 6 INCHES. IT'S IN AN AREA, WHICH COULD BE A GOOD THING. I THINK OFTEN IT COULD BE A RIGHT THING TO DO FOR CITIZENS, FOR OUR PROJECTS TO GET THEM DONE RIGHT, BUT THIS BILL IS DEFINITELY NOT NEEDED.Del. Bill Howell (R-Fredericksburg): THANK YOU SENATOR. THE QUESTION IS SHALL HOUSE BILL 1596 PASS?