Virginia House Bill 1139 (Prior Session Legislation)

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Completed Legislative Action
Spectrum: Partisan Bill (Republican 1-0)
Status: Passed on April 4 2012 - 100% progression
Action: 2012-04-04 - Governor: Acts of Assembly Chapter text (CHAP0539)
Text: Latest bill text (Chaptered) [HTML]

Reinsurance credits. Conforms Virginia's law regarding credits to insurers for reinsurance ceded to approved assuming insurers to the provisions of the Credit for Reinsurance Model Law of the National Association of Insurance Commissioners (NAIC). Conformity to the Model complies with provisions of the federal Nonadmitted and Reinsurance Reform Act (NRRA), which permits states to proceed with reinsurance collateral reforms on an individual basis if they are accredited under the NAIC’s Financial Regulation Standards and Accreditation Program. Provisions establish (i) how an accredited reinsurer may demonstrate to the State Corporation Commission that it has adequate financial capacity to meet its reinsurance obligations, (ii) the requirements for a reduction in the required trusteed surplus, (iii) the requirements for credit for reinsurance to be allowed when the reinsurance is ceded to a certified reinsurer, (iv) eligibility requirements for becoming a certified reinsurer, (v) the Commission's authority to suspend or revoke a reinsurer's accreditation or certification, (vi) requirements for ceding insurers to manage their concentration risk and to diversify their reinsurance program, (vii) criteria for securities that an assuming insurer may hold in trust as security for the payment of the ceding insurer's obligations, and (viii) trusteed surplus requirements for multiple beneficiary trust accounts. Existing provisions regarding credits for cessions under reinsurance agreements are repealed.

Reinsurance credits; conforms State's law to Credit for Reinsurance Model Law of NAIC.

Del. Lee Ware [R]

2012-02-23 - Senate - Senate: Passed Senate (40-Y 0-N) (Y: 40 N: 0 NV: 0 Abs: 0) [PASS]
2012-02-22 - Senate - Senate: Constitutional reading dispensed (39-Y 0-N) (Y: 39 N: 0 NV: 1 Abs: 0) [PASS]
2012-02-20 - Senate - Senate: Reported from Commerce and Labor (16-Y 0-N) (Y: 16 N: 0 NV: 0 Abs: 0) [PASS]
2012-01-30 - House - House: VOTE: BLOCK VOTE PASSAGE (99-Y 0-N) (Y: 101 N: 0 NV: 1 Abs: 0) [PASS]
2012-01-24 - House - House: Reported from Commerce and Labor with amendments (21-Y 0-N) (Y: 21 N: 0 NV: 2 Abs: 0) [PASS]

Date	Chamber	Action
2012-04-04		Governor: Acts of Assembly Chapter text (CHAP0539)
2012-04-04		Governor: Approved by Governor-Chapter 539 (effective 7/1/12)
2012-03-01		Senate: Signed by President
2012-02-29		House: Signed by Speaker
2012-02-29		House: Bill text as passed House and Senate (HB1139ER)
2012-02-29		House: Enrolled
2012-02-23		Senate: Passed Senate (40-Y 0-N)
2012-02-23		Senate: Read third time
2012-02-22		Senate: Constitutional reading dispensed (39-Y 0-N)
2012-02-20		Senate: Reported from Commerce and Labor (16-Y 0-N)
2012-01-31		Senate: Referred to Committee on Commerce and Labor
2012-01-31		Senate: Constitutional reading dispensed
2012-01-30		House: VOTE: BLOCK VOTE PASSAGE (99-Y 0-N)
2012-01-30		House: Read third time and passed House BLOCK VOTE (99-Y 0-N)
2012-01-27		House: Printed as engrossed 12101432D-E
2012-01-27		House: Engrossed by House as amended HB1139E
2012-01-27		House: Committee amendments agreed to
2012-01-27		House: Read second time
2012-01-26		House: Read first time
2012-01-24		House: Reported from Commerce and Labor with amendments (21-Y 0-N)
2012-01-13		House: Referred to Committee on Commerce and Labor
2012-01-13		House: Presented and ordered printed 12101432D

Chapter	Article	Section	Citation Type	Statute Text
38	2	1316.1	(n/a)	See Bill Text
38	2	1316.2	(n/a)	See Bill Text
38	2	1316.3	(n/a)	See Bill Text
38	2	1316.4	(n/a)	See Bill Text
38	2	1316.5	(n/a)	See Bill Text
38	2	1316.6	(n/a)	See Bill Text
38	2	1316.8	(n/a)	See Bill Text

Type	Source
Summary	https://lis.virginia.gov/cgi-bin/legp604.exe?121+sum+HB1139
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?121+ful+HB1139+hil
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?121+ful+HB1139E+hil
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?121+ful+HB1139ER+hil
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?121+ful+CHAP0539+hil
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?121+vot+H14V0041+HB1139
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?121+vot+HV0296+HB1139
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?121+vot+S02V0093+HB1139
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?121+vot+SV0560HB1139+HB1139
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?121+vot+SV0576HB1139+HB1139