Virginia House Bill 549 (Prior Session Legislation)

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Completed Legislative Action
Spectrum: Partisan Bill (Republican 1-0)
Status: Passed on March 3 2008 - 100% progression
Action: 2008-03-06 - Governor: Acts of Assembly Chapter text (CHAP0216)

Insurance; funding agreements. Provides that the assets of a separate account to which an insurer has allocated assets under a funding agreement shall not be chargeable with liabilities arising out of any other business that the insurer conducts. If a separate account is not chargeable with liabilities arising out of such other business, a risk charge will be payable from the separate account to the insurer's general account. The measure also provides that funding agreement assets held in the insurer’s general account, and other obligations due under the funding agreement from the general account, will be treated as an insurance contract. In addition, a domestic insurer that has established separate accounts for funding agreements and has allocated funds to such separate accounts shall file with the State Corporation Commission any prescribed periodic or special reports. An insurer shall not make an agreement providing for the allocation of funding agreement amounts to a separate account until a statement as to its methods of operation has been approved by the Commission.

Insurance accounts; funding agreements.

Del. Samuel Nixon [R]

Date	Chamber	Action
2008-03-06		Governor: Acts of Assembly Chapter text (CHAP0216)
2008-03-03		Governor: Approved by Governor-Chapter 216 (effective 7/1/08)
2008-02-26		Senate: Signed by President
2008-02-25		House: Signed by Speaker
2008-02-25		House: Bill text as passed House and Senate (HB549ER)
2008-02-25		House: Enrolled
2008-02-21		Senate: Passed Senate (40-Y 0-N)
2008-02-21		Senate: Reconsideration of Senate passage agreed to by Senate (39-Y 0-N)
2008-02-21		Senate: Passed Senate (39-Y 0-N)
2008-02-21		Senate: Read third time
2008-02-20		Senate: Constitutional reading dispensed (40-Y 0-N)
2008-02-18		Senate: Reported from Commerce and Labor (15-Y 0-N)
2008-01-29		Senate: Referred to Committee on Commerce and Labor
2008-01-29		Senate: Constitutional reading dispensed
2008-01-28		House: Communicated to Senate
2008-01-28		House: VOTE: BLOCK VOTE PASSAGE (99-Y 0-N)
2008-01-28		House: Read third time and passed House BLOCK VOTE (99-Y 0-N)
2008-01-25		House: Read second time and engrossed
2008-01-24		House: Read first time
2008-01-22		House: Reported from Commerce and Labor (22-Y 0-N)
2008-01-07		House: Referred to Committee on Commerce and Labor
2008-01-07		House: Prefiled and ordered printed; offered 01/09/08 080111656

Type	Source
Summary	https://lis.virginia.gov/cgi-bin/legp604.exe?081+sum+HB549