Thursday, August 21, 2008
The General Assembly is not in session.
Tracking Virginia’s General Assembly
since 2007.
HB245: Virginia Retirement System group insurance program; exemption from process.
Be it enacted by the General Assembly of Virginia:
1. That § 51.1-510 of the Code of Virginia is amended and reenacted as follows:
§ 51.1-510. Insurance exempt from process.
A. Except as provided in subsection B, the The
insurance provided for in this chapter, including any optional insurance, and
all proceeds therefrom shall be exempt from levy, garnishment, and other legal
process, except (i) as provided
in subsection B and (ii) for administrative
actions pursuant to Chapter 19 (§ 63.2-1900 et seq.) of Title 63.2 or any court process to enforce a child or
child and spousal support obligation. However, the insured may
make a voluntary, irrevocable assignment of his group life insurance and any
individual conversion policy that may be issued upon termination of his group
life insurance by executing an assignment on a form prepared by the Board of
Trustees of the Virginia Retirement System.
B. From any insurance proceeds payable pursuant to this chapter to a retiree's beneficiaries, the Board may deduct any overpayment of retirement allowance paid to such retiree.
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.