Virginia Senate Bill 88 (Prior Session Legislation)

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Completed Legislative Action
Spectrum: Partisan Bill (Republican 2-0)
Status: Passed on March 17 2014 - 100% progression
Action: 2014-03-17 - Governor: Acts of Assembly Chapter text (CHAP0248)
Text: Latest bill text (Chaptered) [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 of 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 ORSA requirements will also apply to mutual insurance holding companies, subsidiaries of insurance companies, producer-controlled property and casualty insurers, and health maintenance organizations. The measure has a delayed effective date of January 1, 2015.

Risk management by insurance companies; Own Risk and Solvency Assessments.

Sen. John Watkins [R]

Sen. Jeffrey McWaters [R]

2014-02-21 - House - House: VOTE: BLOCK VOTE PASSAGE #2 (98-Y 0-N) (Y: 100 N: 0 NV: 1 Abs: 0) [PASS]
2014-02-21 - House - House: VOTE: BLOCK VOTE PASSAGE (97-Y 0-N) (Y: 99 N: 0 NV: 2 Abs: 0) [PASS]
2014-02-18 - House - House: Reported from Commerce and Labor (21-Y 0-N) (Y: 22 N: 0 NV: 0 Abs: 0) [PASS]
2014-01-17 - Senate - Senate: Read third time and passed Senate (38-Y 0-N) (Y: 38 N: 0 NV: 0 Abs: 0) [PASS]
2014-01-15 - Senate - Senate: Constitutional reading dispensed (38-Y 0-N) (Y: 38 N: 0 NV: 0 Abs: 0) [PASS]
2014-01-13 - Senate - Senate: Reported from Commerce and Labor (14-Y 0-N) (Y: 14 N: 0 NV: 0 Abs: 0) [PASS]

Date	Chamber	Action
2014-03-17		Governor: Acts of Assembly Chapter text (CHAP0248)
2014-03-17		Governor: Approved by Governor-Chapter 248 (effective 1/1/15)
2014-02-27	Senate	Signed by President
2014-02-25	House	Signed by Speaker
2014-02-25	Senate	Bill text as passed Senate and House (SB88ER)
2014-02-25	Senate	Enrolled
2014-02-21	House	VOTE: BLOCK VOTE PASSAGE #2 (98-Y 0-N)
2014-02-21	House	Passed House BLOCK VOTE (98-Y 0-N)
2014-02-21	House	Reconsideration of House passage agreed to by House
2014-02-21	House	VOTE: BLOCK VOTE PASSAGE (97-Y 0-N)
2014-02-21	House	Passed House BLOCK VOTE (97-Y 0-N)
2014-02-21	House	Read third time
2014-02-20	House	Read second time
2014-02-18	House	Reported from Commerce and Labor (21-Y 0-N)
2014-01-23	House	Referred to Committee on Commerce and Labor
2014-01-23	House	Read first time
2014-01-23	House	Placed on Calendar
2014-01-17	Senate	Read third time and passed Senate (38-Y 0-N)
2014-01-16	Senate	Read second time and engrossed
2014-01-15	Senate	Constitutional reading dispensed (38-Y 0-N)
2014-01-13	Senate	Reported from Commerce and Labor (14-Y 0-N)
2013-12-20	Senate	Referred to Committee on Commerce and Labor
2013-12-20	Senate	Prefiled and ordered printed; offered 01/08/14 14101485D

Chapter	Article	Section	Citation Type	Statute Text
38	2	1005.1:7	(n/a)	See Bill Text
38	2	1334.10	(n/a)	See Bill Text
38	2	1334.3	(n/a)	See Bill Text
38	2	1339	(n/a)	See Bill Text
38	2	1342	(n/a)	See Bill Text
38	2	4319	(n/a)	See Bill Text

Type	Source
Summary	https://lis.virginia.gov/cgi-bin/legp604.exe?141+sum+SB88
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?141+ful+SB88+hil
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?141+ful+SB88ER+hil
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?141+ful+CHAP0248+hil
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?141+vot+S02V0004+SB0088
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?141+vot+SV0050SB0088+SB0088
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?141+vot+SV0064SB0088+SB0088
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?141+vot+H14V0125+SB0088
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?141+vot+HV0873+SB0088
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?141+vot+HV0915+SB0088