HB 1139 Reinsurance credits; conforms State's law to Credit for Reinsurance Model Law of NAIC.
R. Lee Ware, Jr. | all patrons    ...    notes
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Summary as passed House: (all summaries)

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 Existing provisions regarding credits for cessions under reinsurance agreements are repealed.

Full text:
01/13/12  House: Presented and ordered printed 12101432D  pdf | impact statement
01/27/12  House: Printed as engrossed 12101432D-E  pdf | impact statement
02/29/12  House: Bill text as passed House and Senate (HB1139ER)  pdf | impact statement
04/04/12  Governor: Acts of Assembly Chapter text (CHAP0539)  pdf

Amendments:
House amendments

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