Virginia Senate Bill 542 (Prior Session Legislation)

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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]

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.

Surplus lines insurance; establishes criteria for SCC licensing of domestic surplus line insurers.

Sen. Mark Obenshain [R]

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]

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

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

Type	Source
Summary	https://lis.virginia.gov/cgi-bin/legp604.exe?181+sum+SB542
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?181+ful+SB542+hil
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?181+ful+SB542E+hil
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?181+ful+SB542ER+hil
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?181+ful+CHAP0205+hil
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?181+vot+S02V0023+SB0542
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?181+vot+SV0119SB0542+SB0542
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?181+vot+SV0144SB0542+SB0542
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?181+vot+H14V0177+SB0542
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?181+vot+HV0857+SB0542