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. Amends § 38.2-3117.1, § 38.2-3117.4, of the Code of Virginia. View Full Text »

Outcome

Bill Has Passed

History

  • 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)