Life insurance; required disclosure. (HB2529)

Introduced By

Sen. Lynwood Lewis (D-Accomac)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

Life insurance; required disclosure.  Requires an insurer to provide written notice to the owner of a life insurance policy if (i) an individual insured is age 60 or older or is known to be terminally ill or chronically ill and (ii) the individual requests the surrender of the policy, the individual requests an accelerated death benefit, the insurer sends a notice of lapse of the policy, or the State Corporation Commission otherwise requires the sending of the notice. The notice is required to include information regarding alternatives to the lapse or surrender of the life insurance policy. Amends § 38.2-3117.1, § 38.2-3117.2, § 38.2-3117.3, of the Code of Virginia. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/21/2011Committee
01/21/2011Presented and ordered printed 11103171D
01/21/2011Referred to Committee on Commerce and Labor
01/31/2011Impact statement from SCC (HB2529)
02/01/2011Tabled in Commerce and Labor