Insurable interest requirement; annuity contracts. (HB1077)

Introduced By

Del. Nick Rush (R-Christiansburg)

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

Bill Has Failed

History

DateAction
01/09/2014Committee
01/09/2014Presented and ordered printed 14103582D
01/09/2014Referred to Committee on Commerce and Labor
01/21/2014Impact statement from SCC (HB1077)
01/23/2014Impact statement from SCC (HB1077)
01/28/2014Stricken from docket by Commerce and Labor