Reinsurance credits; SCC authorized to adopt certain regulations. (HB1471)

Introduced By

Del. Lee Ware (R-Powhatan)

Progress

Introduced
Passed Committee
Passed House
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. Amends § 38.2-1316.1, § 38.2-1316.2, § 38.2-1316.4, § 38.2-1316.7, of the Code of Virginia. Read the Bill »

Outcome

Bill Has Passed

History

DateAction
12/12/2016Prefiled and ordered printed; offered 01/11/17 17101533D
12/12/2016Referred to Committee on Commerce and Labor
01/12/2017Reported from Commerce and Labor (22-Y 0-N) (see vote tally)
01/15/2017Impact statement from SCC (HB1471)
01/16/2017Read first time
01/17/2017Passed by for the day
01/18/2017Read second time and engrossed
01/19/2017Read third time and passed House BLOCK VOTE (99-Y 0-N)
01/19/2017VOTE: BLOCK VOTE PASSAGE (99-Y 0-N) (see vote tally)
01/20/2017Constitutional reading dispensed
01/20/2017Referred to Committee on Commerce and Labor
02/13/2017Reported from Commerce and Labor (13-Y 1-N) (see vote tally)
02/15/2017Constitutional reading dispensed (40-Y 0-N) (see vote tally)
02/16/2017Read third time
02/16/2017Passed Senate (39-Y 1-N) (see vote tally)
02/20/2017Enrolled
02/20/2017Bill text as passed House and Senate (HB1471ER)
02/20/2017Signed by Speaker
02/21/2017Signed by President
02/21/2017Enrolled Bill communicated to Governor on 2/21/17
02/21/2017G Governor's Action Deadline Midnight, March 27, 2017
02/22/2017Impact statement from SCC (HB1471ER)
03/13/2017G Approved by Governor-Chapter 477 (effective 7/1/17)
03/13/2017G 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?