Friday, September 5, 2008
The General Assembly is not in session.
Tracking Virginia’s General Assembly
since 2007.
HB1302: Life insurance; payment of benefits to designee of beneficiary.
Be it enacted by the General Assembly of Virginia:
1. That the Code of Virginia is amended by adding in Article 2 of Chapter 31 of Title 38.2 a section numbered 38.2-3125.1 as follows:
§ 38.2-3125.1. Payment of proceeds to designee of beneficiary.
A. Unless prohibited by the terms of the policy or any other provision of this title, a named beneficiary of record of an individual life insurance policy shall be authorized to designate a person or persons to receive all or a portion of the proceeds to which such beneficiary is entitled under the terms of the policy.
B. If a written designation pursuant to subsection A is duly signed by such beneficiary, acknowledged before a notary public, and received by the insurer prior to its paying the proceeds of the policy to such beneficiary, then the insurer shall honor such beneficiary's designation and pay the proceeds or portion thereof to the designated person or persons.
Additional Data
Explanation
This is the actual text of the bill — the legislation itself. Generally this is amending existing law, proposing the addition or removal of words from laws that are already on the books.
Words that are highlighted in yellow are
proposed additions, and words that are crossed out in
red are proposed removals.
The numbers with the § symbol before them are references to existing laws, and if you click on them they’ll take you to that part of the law on the state's website.