l9n/ Oregon

2015 Regular Session

House Bill 2469

Establishes requirements for certain insurers to conduct own risk and solvency assessment and to file report of assessment with Department of Consumer and Business Services.

Became law as Chapter 547, Oregon Laws 2015, signed June 25, 2015, 164 days after it was filed. In force from June 25, 2015.

What it does

The synopsis the Legislative Assembly published with the bill.

Establishes requirements for certain insurers to conduct own risk and solvency assessment and to file report of assessment with Department of Consumer and Business Services. Specifies conditions for sharing reports and related information. Requires reports and related information to be privileged and held confidentially by department and others in possession of information. Requires Director of Department of Consumer and Business Services to value or cause to be valued reserve liabilities for all outstanding accident and health contracts, annuity and pure endowment contracts, deposit-type contracts and life insurance contracts that every insurer issues on or after operative date of valuation manual. Requires insurer with outstanding contracts to submit opinion of appointed actuary as to whether reserves are computed appropriately, are based on assumptions that satisfy contractual provisions, are consistent with reported amounts, comply with laws of state and provide adequately for insurer's obligations under contracts. Specifies standards for actuary's opinion. Requires insurer to support opinion with memorandum. Specifies minimum standard of valuation. Requires director to prescribe form of valuation manual, adopt valuation manual and specify operative date of valuation manual. Specifies required contents of valuation manual. Requires insurer to establish reserves in accordance with valuation manual and to submit to director data prescribed in valuation manual. Defines confidential material and specifies circumstances in which director may share or release confidential material. Makes conforming and related changes to Standard Valuation Law. Becomes operative January 1, 2016. Requires affected insurers to file first reports for calendar year ending December 31, 2016, as directed in Act. Declares emergency, effective on passage.

Its course

January 12 to July 1, 2015, on one scale. In the top row each mark is a day something happened; taller marks are busier days.

Each committee stop sits inside its chamber.

Every action18 actions on 17 days

In the House of RepresentativesJan 12 to Apr 28106 days

Waiting for a committeeJan 12 to Jan 164 days

Business and LaborJan 16 to Apr 2498 days

In the SenateApr 28 to Jun 1144 days

Waiting for a committeeApr 28 to May 13 days

Business and TransportationMay 1 to Jun 939 days

Back in the House of RepresentativesJun 11 to Jun 187 days

With the GovernorJun 18 to Jun 257 days

Votes

Yeas to nays, as the Legislative Assembly recorded them. Committee votes are set in.

  • House of Representatives, third reading37–23

    Passed · Apr 28

  • Senate, third reading27–2

    Passed · Jun 11 · 1 present

  • House of Representatives, concurrence50–10

    Agreed to the other chamber's changes · Jun 15

Amendments

Each amendment offered, and what became of it.

  • House of Representatives committee amendmentAdopted

    Adopted Apr 24

  • Senate committee amendmentAdopted

    Adopted Jun 9

Text

Each version as the Legislative Assembly printed it.

l9n doesn't hold this bill's text yet.

What happened

In l9n's words, one line for each step. Every action as the Legislative Assembly published it is below.

In the House of Representatives Jan 12 – Apr 28

  1. Jan 12Introduced
  2. Jan 16Sent to Business and Labor
  3. Feb 25Heard in Business and Labor
  4. Apr 20Heard in Business and Labor
  5. Apr 24Business and Labor recommended it as amended
  6. Apr 27Read a second time
  7. Apr 28Passed the House of Representatives, 37 to 23

In the Senate Apr 29 – Jun 11

  1. Apr 29Arrived in the Senate
  2. May 1Sent to Business and Transportation
  3. Jun 1Heard in Business and Transportation
  4. Jun 9Business and Transportation recommended it as amended
  5. Jun 10Read a second time
  6. Jun 11Passed the Senate, 27 to 2

Back in the House of Representatives Jun 15 – Jun 18

  1. Jun 15The House of Representatives agreed to the Senate's amendments and passed it again, 50 to 10
  2. Jun 18Signed in the House of Representatives

To the Governor Jun 18 – Jul 1

  1. Jun 18Signed in the Senate
  2. Jun 25Signed by the Governor
  3. Jul 1Became chapter 547 of Oregon Laws 2015, in force from June 25, 2015
All 18 actions, as published
  1. Jan 12First reading. Referred to Speaker's desk.House of Representatives
  2. Jan 16Referred to Business and Labor.House of Representatives
  3. Feb 25Public Hearing held.House of Representatives
  4. Apr 20Work Session held.House of Representatives
  5. Apr 24Recommendation: Do pass with amendments and be printed A-Engrossed.House of Representatives
  6. Apr 27Second reading.House of Representatives
  7. Apr 28Third reading. Carried by Barton. Passed.House of Representatives
  8. Apr 29First reading. Referred to President's desk.Senate
  9. May 1Referred to Business and Transportation.Senate
  10. Jun 1Public Hearing and Work Session held.Senate
  11. Jun 9Recommendation: Do pass with amendments to the A-Eng. bill. (Printed B-Eng.)Senate
  12. Jun 10Second reading.Senate
  13. Jun 11Third reading. Carried by Thomsen. Passed.Senate
  14. Jun 15House concurred in Senate amendments and repassed bill.House of Representatives
  15. Jun 18Speaker signed.House of Representatives
  16. Jun 18President signed.Senate
  17. Jun 25Governor signed.House of Representatives
  18. Jul 1Chapter 547, (2015 Laws): Effective date June 25, 2015.House of Representatives