Life insurance policies and annuity contracts; proceeds and avails of policies and contracts. (SB1225)

Introduced By

Sen. Jeff McWaters (R-Virginia Beach)

Progress

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

Description

Insurance policies and annuity contracts; creditors' claims. Exempts any death benefits, cash surrender or loan value of any life insurance policy, and proceeds of an annuity contract, when such sums are payable to the spouse of the insured or the person effecting the policy, or to a child, parent, or other person dependent upon the insured or the person effecting the policy, from the claims of creditors without regard to whether the owner of the policy has the right to change the beneficiary. The exemption applies to debts or liabilities incurred by the insured or annuitant on or after July 1, 2015, unless such policy, contract, or deposit was taken out, made, or assigned in writing for the benefit of such creditor. The exemption shall not apply to any insurance policy or annuity contract issued during the six months preceding the person's insolvency or bankruptcy. The measure also repeals an existing provision that protects the cash surrender or loan value of a policy from creditors' claims only if the insured cannot change the beneficiary. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/14/2015Prefiled and ordered printed; offered 01/14/15 15102108D
01/14/2015Referred to Committee on Commerce and Labor
01/27/2015Impact statement from SCC (SB1225)
02/02/2015Reported from Commerce and Labor with substitute (15-Y 0-N) (see vote tally)
02/02/2015Committee substitute printed 15103911D-S1
02/04/2015Constitutional reading dispensed (37-Y 0-N) (see vote tally)
02/05/2015Floor substitute printed 15104801D-S2 (McWaters)
02/05/2015Read second time
02/05/2015Reading of substitute waived
02/05/2015Committee substitute rejected 15103911D-S1
02/05/2015Substitute by Senator McWaters agreed to 15104801D-S2
02/05/2015Engrossed by Senate - floor substitute SB1225S2
02/05/2015Constitutional reading dispensed (38-Y 0-N) (see vote tally)
02/05/2015Passed Senate (37-Y 0-N) (see vote tally)
02/09/2015Placed on Calendar
02/09/2015Read first time
02/09/2015Referred to Committee on Commerce and Labor
02/16/2015Impact statement from SCC (SB1225S2)
02/17/2015Tabled in Commerce and Labor