Virginia Life, Accident & Sickness Insurance Guaranty Association; increase life insurance coverage. (SB917)

Introduced By

Sen. Ryan McDougle (R-Mechanicsville)

Progress

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

Description

Virginia Life, Accident and Sickness Insurance Guaranty Association.  Increases the maximum amount of coverage provided by the Virginia Life, Accident and Sickness Insurance Guaranty Association for life insurance death benefits from $300,000 to $500,000. The measure also increases the maximum amount that the Association may become obligated to cover with respect to (i) the net cash surrender and net cash withdrawal values for life insurance policies from $100,000 to $200,000 and (ii) the present value of annuity benefits, including net cash surrender and net cash withdrawal values, from $250,000 to $500,000. Amends § 38.2-1700, of the Code of Virginia. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/10/2011Prefiled and ordered printed; offered 01/12/11 11100883D
01/10/2011Referred to Committee on Commerce and Labor
01/31/2011Impact statement from SCC (SB917)
02/08/2011Left in Commerce and Labor