VA SB207 | 2008 | Regular Session

Status

Completed Legislative Action
Spectrum: Partisan Bill (Republican 1-0)
Status: Passed on March 2 2008 - 100% progression
Action: 2008-03-04 - Governor: Acts of Assembly Chapter text (CHAP0095)

Summary

Foreign and alien insurers; exemption for insuring industrial insureds. Revises the criteria for qualifying as an industrial insured. Certain acts involving insurance contracts issued to an industrial insured are excluded from the acts that constitute transacting the business of insurance in the Commonwealth. The revisions to the criteria (i) allow the insured to procure insurance by using a licensed insurance consultant, (ii) increase the required amount of annual insurance premiums from $25,000 to $100,000, and (iii) require the insured to have either gross assets in excess of $3 million or annual gross revenues in excess of $5 million. Other revisions specify that the insured risks do not include life or annuity contracts and that the aggregate annual premiums do not include premiums from life, annuity, and accident and sickness insurance.

Tracking Information

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Title

Foreign and alien insurers; exemption for insuring industrial insureds.

Sponsors


History

DateChamberAction
2008-03-04 Governor: Acts of Assembly Chapter text (CHAP0095)
2008-03-02 Governor: Approved by Governor-Chapter 95 (effective 7/1/08)
2008-02-22 Senate: Signed by President
2008-02-20 House: Signed by Speaker
2008-02-20 Senate: Bill text as passed Senate and House (SB207ER)
2008-02-20 Senate: Enrolled
2008-02-19 House: VOTE: --- PASSAGE (94-Y 3-N)
2008-02-19 House: Passed House (94-Y 3-N)
2008-02-19 House: Read third time
2008-02-18 House: Read second time
2008-02-14 House: Reported from Commerce and Labor (19-Y 2-N)
2008-02-11 House: Referred to Committee on Commerce and Labor
2008-02-11 House: Read first time
2008-02-11 House: Placed on Calendar
2008-01-18 Senate: Communicated to House
2008-01-18 Senate: Read third time and passed Senate (39-Y 0-N)
2008-01-17 Senate: Read second time and engrossed
2008-01-16 Senate: Constitutional reading dispensed (39-Y 0-N)
2008-01-14 Senate: Reported from Commerce and Labor (14-Y 0-N)
2008-01-07 Senate: Referred to Committee on Commerce and Labor
2008-01-07 Senate: Prefiled and ordered printed; offered 01/09/08 080078864

Subjects


Virginia State Sources


Bill Comments

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