Life insurance policies; claims of creditors. (SB176)

Introduced By

Sen. Bill Stanley (R-Moneta)


Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law


Life insurance; claims of creditors. Repeals a provision that excludes, from the protections from claims of creditors that are afforded life insurance policies and annuities, the cash surrender or loan value of a policy under which the right to change the beneficiary is reserved. In 2016, the General Assembly enacted a provision that exempts protected insurance items from the claims of creditors regardless of whether the right to change a beneficiary is reserved or permitted. Read the Bill »


Bill Has Passed


12/28/2017Prefiled and ordered printed; offered 01/10/18 18101629D
12/28/2017Referred to Committee on Commerce and Labor
01/14/2018Impact statement from SCC (SB176)
01/22/2018Reported from Commerce and Labor (13-Y 0-N) (see vote tally)
01/24/2018Constitutional reading dispensed (40-Y 0-N) (see vote tally)
01/25/2018Read second time and engrossed
01/26/2018Read third time and passed Senate (38-Y 0-N 1-A) (see vote tally)
01/31/2018Placed on Calendar
01/31/2018Read first time
01/31/2018Referred to Committee on Commerce and Labor
02/20/2018Reported from Commerce and Labor (22-Y 0-N) (see vote tally)
02/22/2018Read second time
02/23/2018Read third time
02/23/2018Passed House BLOCK VOTE (98-Y 0-N)
02/23/2018VOTE: BLOCK VOTE PASSAGE (98-Y 0-N) (see vote tally)
02/27/2018Bill text as passed Senate and House (SB176ER)
02/27/2018Signed by Speaker
02/28/2018Impact statement from SCC (SB176ER)
03/02/2018Signed by President
03/05/2018Enrolled Bill Communicated to Governor on March 5, 2018
03/05/2018G Governor's Action Deadline Midnight, April 9, 2018
03/19/2018G Approved by Governor-Chapter 304 (effective 7/1/18)
03/19/2018G Acts of Assembly Chapter text (CHAP0304)


This bill was discussed on the floor of the General Assembly. Below is all of the video that we have of that discussion, 1 clip in all, totaling 1 minute.


This is a transcript of the video clips in which this bill is discussed.

several sections of the code relating to life insurance policies; claims of creditors. Reported from committee on commerce and labor. the delegate from scott, delegate kilgore. senate bill 176 allows creditors to include in their provision the case surrender value or loan values of policies where the beneficiary has the right to change the beneficiary. So I hope it would be the pleasure of the house to pass the bill. turning to page 3 of the printed calendar. Senate bill 253, a bill to amend and reenact a section of the code of virginia, relating to the uniform disposition of unclaimed property act; bank deposits and funds in financial organizations; charges on inactive accounts. Reported from committee on commerce and labor with substitute. delegate from westmoreland, delegate ransone. I would like to move the substitute. >> shall the substitute be agreed to. All in favor of the motion, say aye. Those opposed, no. The substitute is agreed to. Delegate ransone. >> there this will allow banks to return fees back to customers that have had dormant accounts once the account holder reactivates the account. I hope it is the flurry of the pleasure of the