VA SB542 | 2018 | Regular Session
Status
Completed Legislative Action
Spectrum: Partisan Bill (Republican 1-0)
Status: Passed on March 5 2018 - 100% progression
Action: 2018-03-05 - Governor: Acts of Assembly Chapter text (CHAP0205)
Text: Latest bill text (Chaptered) [HTML]
Spectrum: Partisan Bill (Republican 1-0)
Status: Passed on March 5 2018 - 100% progression
Action: 2018-03-05 - Governor: Acts of Assembly Chapter text (CHAP0205)
Text: Latest bill text (Chaptered) [HTML]
Summary
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.
Title
Surplus lines insurance; establishes criteria for SCC licensing of domestic surplus line insurers.
Sponsors
Roll Calls
2018-02-20 - House - House: VOTE: BLOCK VOTE PASSAGE (100-Y 0-N) (Y: 100 N: 0 NV: 0 Abs: 0) [PASS]
2018-02-15 - House - House: Reported from Commerce and Labor (22-Y 0-N) (Y: 22 N: 0 NV: 0 Abs: 0) [PASS]
2018-01-26 - Senate - Senate: Read third time and passed Senate (38-Y 0-N 1-A) (Y: 38 N: 0 NV: 1 Abs: 1) [PASS]
2018-01-24 - Senate - Senate: Constitutional reading dispensed (40-Y 0-N) (Y: 40 N: 0 NV: 0 Abs: 0) [PASS]
2018-01-22 - Senate - Senate: Reported from Commerce and Labor with amendments (15-Y 0-N) (Y: 15 N: 0 NV: 0 Abs: 0) [PASS]
2018-02-15 - House - House: Reported from Commerce and Labor (22-Y 0-N) (Y: 22 N: 0 NV: 0 Abs: 0) [PASS]
2018-01-26 - Senate - Senate: Read third time and passed Senate (38-Y 0-N 1-A) (Y: 38 N: 0 NV: 1 Abs: 1) [PASS]
2018-01-24 - Senate - Senate: Constitutional reading dispensed (40-Y 0-N) (Y: 40 N: 0 NV: 0 Abs: 0) [PASS]
2018-01-22 - Senate - Senate: Reported from Commerce and Labor with amendments (15-Y 0-N) (Y: 15 N: 0 NV: 0 Abs: 0) [PASS]
History
Date | Chamber | Action |
---|---|---|
2018-03-05 | Governor: Acts of Assembly Chapter text (CHAP0205) | |
2018-03-05 | Governor: Approved by Governor-Chapter 205 (effective 7/1/18) | |
2018-02-26 | Governor: Governor's Action Deadline Midnight, March 5, 2018 | |
2018-02-26 | Senate | Enrolled Bill Communicated to Governor on February 26, 2018 |
2018-02-23 | Senate | Signed by President |
2018-02-22 | House | Signed by Speaker |
2018-02-22 | Senate | Bill text as passed Senate and House (SB542ER) |
2018-02-22 | Senate | Enrolled |
2018-02-20 | House | VOTE: BLOCK VOTE PASSAGE (100-Y 0-N) |
2018-02-20 | House | Passed House BLOCK VOTE (100-Y 0-N) |
2018-02-20 | House | Read third time |
2018-02-19 | House | Read second time |
2018-02-15 | House | Reported from Commerce and Labor (22-Y 0-N) |
2018-01-31 | House | Referred to Committee on Commerce and Labor |
2018-01-31 | House | Read first time |
2018-01-31 | House | Placed on Calendar |
2018-01-26 | Senate | Read third time and passed Senate (38-Y 0-N 1-A) |
2018-01-25 | Senate | Printed as engrossed 18102095D-E |
2018-01-25 | Senate | Engrossed by Senate as amended SB542E |
2018-01-25 | Senate | Committee amendments agreed to |
2018-01-25 | Senate | Reading of amendments waived |
2018-01-25 | Senate | Read second time |
2018-01-24 | Senate | Constitutional reading dispensed (40-Y 0-N) |
2018-01-22 | Senate | Reported from Commerce and Labor with amendments (15-Y 0-N) |
2018-01-09 | Senate | Referred to Committee on Commerce and Labor |
2018-01-09 | Senate | Prefiled and ordered printed; offered 01/10/18 18102095D |
Code Citations
Chapter | Article | Section | Citation Type | Statute Text |
---|---|---|---|---|
38 | 2 | 1857.1 | (n/a) | See Bill Text |
38 | 2 | 4805.2 | (n/a) | See Bill Text |
38 | 2 | 4806 | (n/a) | See Bill Text |
38 | 2 | 4808 | (n/a) | See Bill Text |
38 | 2 | 4809 | (n/a) | See Bill Text |
38 | 2 | 4810 | (n/a) | See Bill Text |
38 | 2 | 4811 | (n/a) | See Bill Text |
38 | 2 | 4811.1 | (n/a) | See Bill Text |
38 | 2 | 4812 | (n/a) | See Bill Text |