Virginia House Bill 109 (Prior Session Legislation)

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Completed Legislative Action
Spectrum: Partisan Bill (Republican 1-0)
Status: Passed on March 27 2014 - 100% progression
Action: 2014-03-27 - Governor: Acts of Assembly Chapter text (CHAP0309)
Text: Latest bill text (Chaptered) [HTML]

Insurance holding companies. Revises the requirements applicable to insurance holding companies to conform to the National Association of Insurance Commissioners' Insurance Holding Company System Regulatory Act and Insurance Holding Company System Model Regulation. The measure expands insurance regulators' examination authority to ascertain the financial condition of the insurer. The bill (i) requires the ultimate controlling person of an insurance holding company system to submit a confidential Enterprise Risk filing; (ii) requires the parent company seeking to divest its interest in an insurance company subsidiary to provide notice to the domestic regulator prior to the divestiture; (iii) requires the insurer's board of directors to make statements regarding the corporate governance and internal control responsibilities within the registration statement; (iv) subjects the cost-sharing services and management agreements among affiliated entities to minimum reporting requirements; and (v) adds confidentiality protections for information shared. The State Corporation Commission will be authorized to participate in supervisory colleges, which will be used by regulators to coordinate supervision of an insurance holding company system that has national and international operations. The measure also makes dental and optometric services plans subject to the insurance holding company provisions, and dental plan organizations subject to requirements regarding risk-based capital. The holding companies requirements in effect on June 30, 2014, will continue to apply to any insurance holding company transaction commenced prior to January 1, 2015, unless otherwise provided.

Insurance holding companies; revises requirements applicable to companies.

Del. Lee Ware [R]

2014-02-27 - Senate - Senate: Passed Senate (40-Y 0-N) (Y: 40 N: 0 NV: 0 Abs: 0) [PASS]
2014-02-26 - Senate - Senate: Constitutional reading dispensed (38-Y 0-N) (Y: 38 N: 0 NV: 2 Abs: 0) [PASS]
2014-02-24 - Senate - Senate: Reported from Commerce and Labor (16-Y 0-N) (Y: 16 N: 0 NV: 0 Abs: 0) [PASS]
2014-01-20 - House - House: VOTE: BLOCK VOTE PASSAGE (96-Y 0-N) (Y: 98 N: 0 NV: 4 Abs: 0) [PASS]
2014-01-14 - House - House: Reported from Commerce and Labor with amendment (21-Y 0-N) (Y: 22 N: 0 NV: 1 Abs: 0) [PASS]

Date	Chamber	Action
2014-03-27		Governor: Acts of Assembly Chapter text (CHAP0309)
2014-03-27		Governor: Approved by Governor-Chapter 309 (effective 7/1/14)
2014-03-07	Senate	Signed by President
2014-03-04	House	Signed by Speaker
2014-03-04	House	Bill text as passed House and Senate (HB109ER)
2014-03-04	House	Enrolled
2014-02-27	Senate	Passed Senate (40-Y 0-N)
2014-02-27	Senate	Read third time
2014-02-26	Senate	Constitutional reading dispensed (38-Y 0-N)
2014-02-24	Senate	Reported from Commerce and Labor (16-Y 0-N)
2014-01-21	Senate	Referred to Committee on Commerce and Labor
2014-01-21	Senate	Constitutional reading dispensed
2014-01-20	House	VOTE: BLOCK VOTE PASSAGE (96-Y 0-N)
2014-01-20	House	Read third time and passed House BLOCK VOTE (96-Y 0-N)
2014-01-17	House	Printed as engrossed 14103059D-E
2014-01-17	House	Engrossed by House as amended HB109E
2014-01-17	House	Committee amendment agreed to
2014-01-17	House	Read second time
2014-01-16	House	Read first time
2014-01-14	House	Reported from Commerce and Labor with amendment (21-Y 0-N)
2013-12-16	House	Referred to Committee on Commerce and Labor
2013-12-16	House	Prefiled and ordered printed; offered 01/08/14 14103059D

Chapter	Article	Section	Citation Type	Statute Text
38	2	1322	(n/a)	See Bill Text
38	2	1327	(n/a)	See Bill Text
38	2	1329	(n/a)	See Bill Text
38	2	1330	(n/a)	See Bill Text
38	2	1330.1	(n/a)	See Bill Text
38	2	1331	(n/a)	See Bill Text
38	2	1332	(n/a)	See Bill Text
38	2	1332.1	(n/a)	See Bill Text
38	2	1333	(n/a)	See Bill Text
38	2	1334.1	(n/a)	See Bill Text
38	2	1334.3	(n/a)	See Bill Text
38	2	1334.4	(n/a)	See Bill Text
38	2	1334.5	(n/a)	See Bill Text
38	2	4509	(n/a)	See Bill Text
38	2	5500	(n/a)	See Bill Text
38	2	5501	(n/a)	See Bill Text

Type	Source
Summary	https://lis.virginia.gov/cgi-bin/legp604.exe?141+sum+HB109
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?141+ful+HB109+hil
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?141+ful+HB109E+hil
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?141+ful+HB109ER+hil
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?141+ful+CHAP0309+hil
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?141+vot+H14V0006+HB0109
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?141+vot+HV0064+HB0109
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?141+vot+S02V0075+HB0109
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?141+vot+SV0585HB0109+HB0109
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?141+vot+SV0636HB0109+HB0109