SB755
Pension de-risking; transfer of retirement annuity contracts, subject to approval of Commissioner.
Summary
As Enacted. Pension de-risking; annuities.
Limits the subsequent transfers of group annuity contracts that are purchased to fund retirement benefits pursuant to a pension de-risking transfer. The measure requires that a transfer to an insurer that does not have a rating equivalent of A or better from two or more nationally recognized rating agencies requires ... (More) the prior written approval of the State Corporation Commission. Such approval shall not be granted unless which approval shall not be granted unless the assuming insurer meets the requirements of Virginia Code § 38.2-1024. The measure also provides that amounts payable to a participant of or beneficiary under such an annuity contract are exempt from the claims of creditors of the participant or beneficiary, subject to certain exceptions and limitations. (Less)-
Bill History
- 01/10/2018 - Senate: Prefiled and ordered printed; offered 01/10/18 18100325D
- 01/10/2018 - Senate: Referred to Committee on Commerce and Labor
- 01/22/2018 - Senate: Impact statement from SCC (SB755)
- 01/22/2018 - Senate: Reported from Commerce and Labor with substitute (13-Y 0-N 1-A)
- 01/22/2018 - Senate: Committee substitute printed 18105521D-S1
- 01/24/2018 - Senate: Constitutional reading dispensed (40-Y 0-N)
- 01/25/2018 - Senate: Read second time
- 01/25/2018 - Senate: Reading of substitute waived
- 01/25/2018 - Senate: Committee substitute agreed to 18105521D-S1
- 01/25/2018 - Senate: Engrossed by Senate - committee substitute SB755S1
- 01/26/2018 - Senate: Read third time and passed Senate (38-Y 0-N 1-A)
- 01/31/2018 - House: Placed on Calendar
- 01/31/2018 - House: Read first time
- 01/31/2018 - House: Referred to Committee on Commerce and Labor
- 02/12/2018 - Senate: Impact statement from SCC (SB755S1)
- 02/15/2018 - House: Assigned C & L sub: Subcommittee #2
- 02/20/2018 - House: Subcommittee recommends reporting with amendments (5-Y 0-N)
- 02/27/2018 - House: Reported from Commerce and Labor with amendments (21-Y 0-N)
- 03/01/2018 - House: Read second time
- 03/02/2018 - House: Read third time
- 03/02/2018 - House: Committee amendments agreed to
- 03/02/2018 - House: Engrossed by House as amended
- 03/02/2018 - House: Passed House with amendments (96-Y 0-N 1-A)
- 03/02/2018 - House: VOTE: PASSAGE (96-Y 0-N 1-A)
- 03/05/2018 - Senate: House amendments agreed to by Senate (38-Y 0-N)
- 03/07/2018 - Senate: Enrolled
- 03/07/2018 - Senate: Bill text as passed Senate and House (SB755ER)
- 03/07/2018 - House: Signed by Speaker
- 03/09/2018 - Senate: Impact statement from SCC (SB755ER)
- 03/09/2018 - Senate: Signed by President
- 03/15/2018 - Senate: Enrolled Bill Communicated to Governor on March 15, 2018
- 03/15/2018 - Governor: Governor's Action Deadline Midnight, April 9, 2018
- 04/04/2018 - Senate: Governor's recommendation received by Senate
- 04/18/2018 - Senate: Senate concurred in Governor's recommendation (39-Y 0-N)
- 04/18/2018 - House: House concurred in Governor's recommendation (98-Y 0-N)
- 04/18/2018 - House: VOTE: ADOPTION (98-Y 0-N)
- 04/18/2018 - Governor: Governor's recommendation adopted
- 04/18/2018 - Senate: Reenrolled
- 04/18/2018 - Senate: Reenrolled bill text (SB755ER2)
- 04/18/2018 - Senate: Signed by President as reenrolled
- 04/18/2018 - House: Signed by Speaker as reenrolled
- 04/18/2018 - House: Enacted, Chapter 847 (effective 7/1/18)
