Benefits consortium; formation by a sponsoring association. (SB1351)

Introduced By

Sen. Frank Wagner (R-Virginia Beach) with support from co-patron Sen. David Suetterlein (R-Salem)

Progress

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

Description

Benefits consortium. Authorizes an association organized as a nonstock corporation whose members are employers conducting business in the Commonwealth to sponsor a trust. The measure authorizes the trust, called a benefits consortium, to sell benefits plans to its members. To be eligible to sponsor a plan, the association is required to have been actively in existence for 10 years, have at least five members, have been formed for purposes other than obtaining or providing health benefits, and operate as a nonprofit entity. The benefits plans may provide medical prescription drug, dental, and vision coverage for the employees of members and the sponsoring association and their dependents. The benefits may be self-funded or purchased from an insurer. The benefits consortium will be a multiple employer welfare arrangement subject to the provisions of the federal Employee Retirement Income Security Act of 1974. The measure exempts the benefits consortium from state taxation and insurance regulations. Read the Bill »

Status

01/31/2019: Incorporated into Another Bill

History

DateAction
01/08/2019Prefiled and ordered printed; offered 01/09/19 19103022D
01/08/2019Referred to Committee on Commerce and Labor
01/29/2019Impact statement from SCC (SB1351)
01/31/2019Incorporated by Commerce and Labor (SB1689-Dunnavant) (15-Y 0-N) (see vote tally)

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