Retained asset accounts; disclosures to beneficiaries. (HB1458)
Introduced By
Del. Bob Marshall (R-Manassas)
Progress
✓ |
Introduced |
✓ |
Passed Committee |
✓ |
Passed House |
✓ |
Passed Senate |
✓ |
Signed by Governor |
☐ |
Became Law |
Description
Use of retained asset accounts; requirements. Establishes requirements for all insurance companies licensed in the Commonwealth that offer retained asset accounts for death benefits. Under this measure, an insurer shall obtain the written consent of a beneficiary or policy owner before using a retained asset account as a mode of settlement. An insurer shall provide all available benefit payment options including payment directly by check or use of a retained asset account. The insurer shall also disclose the rights and obligations of both the beneficiary and the insurer under the retained asset account option, any interest being paid under the options and how it is calculated, and an explanation of all the accounts features. A violation of the measure is an unfair trade practice under Chapter 5 ( 38.2-500 et seq.) of Title 38.2 and subject to the penalties contained in that chapter. Read the Bill »
Outcome
History
Date | Action |
---|---|
11/29/2010 | Committee |
11/29/2010 | Prefiled and ordered printed; offered 01/12/11 11100164D |
11/29/2010 | Referred to Committee on Commerce and Labor |
01/25/2011 | Impact statement from SCC (HB1458) |
01/25/2011 | Reported from Commerce and Labor with substitute (22-Y 0-N) (see vote tally) |
01/25/2011 | Committee substitute printed 11104413D-H1 |
01/27/2011 | Read first time |
01/28/2011 | Read second time |
01/28/2011 | Committee substitute agreed to 11104413D-H1 |
01/28/2011 | Engrossed by House - committee substitute HB1458H1 |
01/31/2011 | Read third time and passed House BLOCK VOTE (98-Y 0-N) |
01/31/2011 | VOTE: BLOCK VOTE PASSAGE (98-Y 0-N) (see vote tally) |
02/01/2011 | Constitutional reading dispensed |
02/01/2011 | Referred to Committee on Commerce and Labor |
02/07/2011 | Impact statement from SCC (HB1458H1) |
02/14/2011 | Reported from Commerce and Labor (14-Y 0-N) (see vote tally) |
02/16/2011 | Constitutional reading dispensed (40-Y 0-N) (see vote tally) |
02/17/2011 | Read third time |
02/17/2011 | Passed Senate (39-Y 0-N) (see vote tally) |
02/23/2011 | Enrolled |
02/23/2011 | Bill text as passed House and Senate (HB1458ER) |
02/23/2011 | Signed by Speaker |
02/23/2011 | Signed by President |
02/24/2011 | Impact statement from SCC (HB1458ER) |
03/16/2011 | G Approved by Governor-Chapter 194 (effective 7/1/11) |
03/16/2011 | G Acts of Assembly Chapter text (CHAP0194) |