Virginia Senate Bill 1057 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on January 8 2013 - 25% progression, died in chamber
Action: 2013-01-21 - Stricken at request of Patron in Commerce and Labor (14-Y 0-N)
Text: Latest bill text (Prefiled) [HTML]

Insurers; Own Risk and Solvency Assessments. Requires insurance companies to maintain a risk management framework to assist with identifying, assessing, monitoring, managing, and reporting on material and relevant risks. As part of this requirement, each nonexempt insurer, or the insurance group to which it is a member, is required regularly to conduct an Own Risk and Solvency Assessment (ORSA). An ORSA is a confidential internal assessment, conducted by an insurer, of the material and relevant risks associated with the insurer's current business plan and the sufficiency of capital resources to support those risks. The measure is based on the ORSA Model Act developed by the National Association of Insurance Commissioners. The measure is effective January 1, 2015.

Own Risk and Solvency Assessments; insurers required to maintain risk management framework.

Sen. John Watkins [R]

2013-01-21 - Senate - Senate: Stricken at request of Patron in Commerce and Labor (14-Y 0-N) (Y: 14 N: 0 NV: 0 Abs: 0) [PASS]

Date	Chamber	Action
2013-01-21	Senate	Stricken at request of Patron in Commerce and Labor (14-Y 0-N)
2013-01-08	Senate	Referred to Committee on Commerce and Labor
2013-01-08	Senate	Prefiled and ordered printed; offered 01/09/13 13101057D

Chapter	Article	Section	Citation Type	Statute Text
38	2	1334.10	(n/a)	See Bill Text
38	2	1334.3	(n/a)	See Bill Text

Type	Source
Summary	https://lis.virginia.gov/cgi-bin/legp604.exe?131+sum+SB1057
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?131+ful+SB1057+hil
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?131+vot+S02V0036+SB1057