Preneed funeral contracts; removes requirement relating to life insurance or annuity contract. (HB1269)

Introduced By

Del. Chris Head (R-Roanoke)

Progress

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

Description

Preneed funeral contracts; emergency. Removes the requirement that if a life insurance or annuity contract is used to fund a preneed funeral contract, the life insurance or annuity contract must provide either that the face value thereof shall be adjusted annually by a factor equal to the annualized Consumer Price Index as published by the Bureau of Labor Statistics of the United States Department of Labor, or a benefit payable at death under such contract that will equal or exceed the sum of all premiums paid for such contract plus interest or dividends, which for the first 15 years shall be compounded annually at a rate of at least five percent. The bill also removes the requirement that interest or dividends continue to be paid after 15 years. The bill provides that for any life insurance or annuity contract that is used to fund a preneed funeral contract, the face amount of any life insurance policy shall not be decreased over the life of such policy except for life insurance policies that have lapsed due to the nonpayment of premiums or have gone to a nonforfeiture option that lowers the amount as allowed for in the provisions of the policy. The bill contains an emergency clause. Read the Bill »

Outcome

Bill Has Passed

History

DateAction
01/20/2022Committee
01/20/2022Presented and ordered printed 22103770D
01/20/2022Referred to Committee on General Laws
01/28/2022Impact statement from DPB (HB1269)
02/03/2022Assigned GL sub: Subcommittee #1
02/10/2022House subcommittee amendments and substitutes offered
02/10/2022Subcommittee recommends reporting with substitute (8-Y 0-N)
02/10/2022House committee, floor amendments and substitutes offered
02/10/2022Reported from General Laws with substitute (21-Y 1-N) (see vote tally)
02/10/2022Committee substitute printed 22105126D-H1
02/13/2022Read first time
02/14/2022Impact statement from DPB (HB1269H1)
02/14/2022Read second time
02/14/2022Committee substitute agreed to 22105126D-H1
02/14/2022Emergency clause added
02/14/2022Engrossed by House - committee substitute HB1269H1
02/15/2022Read third time and passed House (80-Y 20-N)
02/15/2022VOTE: Passage Emergency (80-Y 20-N) (see vote tally)
02/16/2022Constitutional reading dispensed
02/16/2022Referred to Committee on General Laws and Technology
02/23/2022Reported from General Laws and Technology (15-Y 0-N) (see vote tally)
02/25/2022Constitutional reading dispensed (39-Y 0-N) (see vote tally)
02/28/2022Read third time
02/28/2022Passed Senate (40-Y 0-N) (see vote tally)
03/01/2022Enrolled
03/01/2022Bill text as passed House and Senate (HB1269ER)
03/01/2022Impact statement from DPB (HB1269ER)
03/01/2022Signed by Speaker
03/01/2022Signed by President
03/02/2022Enrolled Bill communicated to Governor on March 2, 2022
03/02/2022G Governor's Action Deadline 11:59 p.m., March 9, 2022
03/09/2022G Approved by Governor-Chapter 18 (effective 3/9/22)
03/09/2022G Acts of Assembly Chapter text (CHAP0018)

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