Insurable interest requirement; annuity contracts. (SB401)
Introduced By
Sen. Bryce Reeves (R-Spotsylvania)
Progress
✓ |
Introduced |
☐ |
Passed Committee |
☐ |
Passed House |
☐ |
Passed Senate |
☐ |
Signed by Governor |
☐ |
Became Law |
Description
Insurable interest requirement; annuity contracts. Prohibits a person from purchasing an annuity contract under which benefits are payable to another individual unless those benefits are payable to the annuitant, the annuitant's personal representative, or a person having an insurable interest in the annuitant at the time the annuity contract was made. This prohibition applies only to annuity contracts that include a guaranteed return of premiums or other benefit that is payable upon the death of the annuitant. The measure addresses annuity contracts that use as the measuring life an individual annuitant in whom the person purchasing the annuity has no insurable interest. The definition of an insurable interest tracks the existing definition that applies to life insurance contracts. Read the Bill »
Outcome
History
Date | Action |
---|---|
01/07/2014 | Prefiled and ordered printed; offered 01/08/14 14100597D |
01/07/2014 | Referred to Committee on Commerce and Labor |
01/13/2014 | Stricken at request of Patron in Commerce and Labor (14-Y 0-N) (see vote tally) |
01/21/2014 | Impact statement from SCC (SB401) |
01/23/2014 | Impact statement from SCC (SB401) |