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

Bill Has Passed

History

DateAction
11/29/2010Committee
11/29/2010Prefiled and ordered printed; offered 01/12/11 11100164D
11/29/2010Referred to Committee on Commerce and Labor
01/25/2011Impact statement from SCC (HB1458)
01/25/2011Reported from Commerce and Labor with substitute (22-Y 0-N) (see vote tally)
01/25/2011Committee substitute printed 11104413D-H1
01/27/2011Read first time
01/28/2011Read second time
01/28/2011Committee substitute agreed to 11104413D-H1
01/28/2011Engrossed by House - committee substitute HB1458H1
01/31/2011Read third time and passed House BLOCK VOTE (98-Y 0-N)
01/31/2011VOTE: BLOCK VOTE PASSAGE (98-Y 0-N) (see vote tally)
02/01/2011Constitutional reading dispensed
02/01/2011Referred to Committee on Commerce and Labor
02/07/2011Impact statement from SCC (HB1458H1)
02/14/2011Reported from Commerce and Labor (14-Y 0-N) (see vote tally)
02/16/2011Constitutional reading dispensed (40-Y 0-N) (see vote tally)
02/17/2011Read third time
02/17/2011Passed Senate (39-Y 0-N) (see vote tally)
02/23/2011Enrolled
02/23/2011Bill text as passed House and Senate (HB1458ER)
02/23/2011Signed by Speaker
02/23/2011Signed by President
02/24/2011Impact statement from SCC (HB1458ER)
03/16/2011G Approved by Governor-Chapter 194 (effective 7/1/11)
03/16/2011G Acts of Assembly Chapter text (CHAP0194)

Video

This bill was discussed on the floor of the General Assembly. Below is all of the video that we have of that discussion, 1 clip in all, totaling 30 seconds.