Sometimes it is difficult to keep up with the flood of changes that sweeps over the state with each year that passes. There are a number of new laws that were passed in Virginia during 2018, most of which have already gone into effect. It’s important to review them so we all know what to expect in the future. Here are a few of the newest laws!
- H.B. 2102 forces insurance providers to submit a confidential report called a Corporate Governance Annual Disclosure (or CGAD) to the Virginia State Corporation Commission (or SCC), in order to continue business as usual. The information in the CGAD concerns the insurer’s daily operations so the SCC has a window into typical policies and practices. The law should help increase transparency.
- H.B. 2026 deals with required insurance for property carriers if vehicles weigh a combined 10,000 pounds or less. The bill also combines the authorities that oversee these vehicles. The DMV no longer needs to issue license plates designated for these property-carrying vehicles.
3. H.B. 1668 is great for coin collectors, who will no longer be required to pay retail sales and use tax on transactions over $1,000. In addition to coin collections, the law applies to platinum bullion, silver, and gold. The law will terminate on June 30, 2022. Now’s the time to buy!
4. H.B. 1542 adjusts authority over home service contracts to the Virginia Department of Agriculture and Consumer Services (VDACS). Before, they were maintained by the SCC. Providers of these contracts must now register and file bonds with the commissioner of VDACS. In addition, they must keep a reserve account for a portion of each contract’s sale.
5. There’s been a big change to the way contraceptives are supplied. Previous laws only guaranteed a one or two month supply, but the 2018 law covers up to 12 months. Insurance companies are no longer allowed to control or limit the contraceptive supply. Although it covers up to 12 months, it does not guarantee the full year supply.
Perhaps unsurprisingly, this was a controversial bill. It still managed to pass through the House of Delegates with a 94-1 vote, and Governor Terry McAuliffe approved the law on March 24, 2017.