Surplus lines insurance; establishes criteria for SCC licensing of domestic surplus line insurers. (SB542)

Introduced By

Sen. Mark Obenshain (R-Harrisonburg)


Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law


Surplus lines insurance. Establishes criteria for the licensing by the State Corporation Commission of domestic surplus line insurers. A domestic surplus lines insurer is considered a nonadmitted insurer for the purposes of the federal Nonadmitted and Reinsurance Reform Act of 2010 with respect to risks insured in the Commonwealth. The measure provides that policies issued by a domestic surplus lines insurer are subject to the same taxes and maintenance assessments levied upon surplus lines policies issued by eligible nonadmitted insurers, if the Commonwealth is the home state of the insured. Policies issued by a domestic surplus lines insurer are not subject to protections provided by the Virginia Property and Casualty Insurance Guaranty Association. The measure exempts policies issued by a domestic surplus lines insurer from all statutory requirements relating to insurance rating plans, policy forms, policy cancellation and nonrenewal, and premium charged to the insured in the same manner and to the same extent as a nonadmitted insurer domiciled in another state. The measure provides that a domestic surplus lines insurer is only authorized to write the types of insurance in the Commonwealth that a surplus lines broker may procure with a nonadmitted insurer approved by the Commission. Read the Bill »


Bill Has Passed


01/09/2018Prefiled and ordered printed; offered 01/10/18 18102095D
01/09/2018Referred to Committee on Commerce and Labor
01/19/2018Impact statement from SCC (SB542)
01/22/2018Reported from Commerce and Labor with amendments (15-Y 0-N) (see vote tally)
01/24/2018Constitutional reading dispensed (40-Y 0-N) (see vote tally)
01/25/2018Read second time
01/25/2018Reading of amendments waived
01/25/2018Committee amendments agreed to
01/25/2018Engrossed by Senate as amended SB542E
01/25/2018Printed as engrossed 18102095D-E
01/26/2018Read third time and passed Senate (38-Y 0-N 1-A) (see vote tally)
01/31/2018Placed on Calendar
01/31/2018Read first time
01/31/2018Referred to Committee on Commerce and Labor
02/12/2018Impact statement from SCC (SB542E)
02/15/2018Reported from Commerce and Labor (22-Y 0-N) (see vote tally)
02/19/2018Read second time
02/20/2018Read third time
02/20/2018Passed House BLOCK VOTE (100-Y 0-N)
02/20/2018VOTE: BLOCK VOTE PASSAGE (100-Y 0-N) (see vote tally)
02/22/2018Bill text as passed Senate and House (SB542ER)
02/22/2018Signed by Speaker
02/23/2018Impact statement from SCC (SB542ER)
02/23/2018Signed by President
02/26/2018Enrolled Bill Communicated to Governor on February 26, 2018
02/26/2018G Governor's Action Deadline Midnight, March 5, 2018
03/05/2018G Approved by Governor-Chapter 205 (effective 7/1/18)
03/05/2018G Acts of Assembly Chapter text (CHAP0205)