Life insurance; funding preneed funeral contracts. (HB2467)
Introduced By
Del. Harvey Morgan (R-Gloucester)
Progress
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Introduced |
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Passed Committee |
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Passed House |
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Passed Senate |
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Signed by Governor |
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Became Law |
Description
Funding preneed funeral contracts with life insurance. Requires that life insurance policies, annuity contracts, and certificates issued in connection with group life insurance policies or group annuity contracts specify the means by which face amount adjustments will be made, and benefits payable upon death will be adjusted, when they will be used to fund preneed funeral contracts. The measure also requires insurers proposing to issue life insurance policies or annuity contracts for purposes of funding preneed funeral contracts to disclose clearly their intended purpose and market when the forms are submitted for State Corporation Commission approval. Amends § 38.2-3100.3 (“Requirements of life insurance or annuity contracts used to fund preneed funeral contracts.”), of the Code of Virginia. View Full Text »
Outcome
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McDonnell Amends Autism Bill to Mixed Reaction
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RICHMOND – Gov. Bob McDonnell has proposed a series of amendments to legislation that would require large employers to provide insurance coverage for autistic children.
