VA SB1305 | 2015 | Regular Session
Status
Spectrum: Partisan Bill (Republican 1-0)
Status: Engrossed on February 6 2015 - 50% progression, died in committee
Action: 2015-02-24 - Left in Appropriations
Pending: House Appropriations Committee
Text: Latest bill text (Comm Sub) [HTML]
Status: Engrossed on February 6 2015 - 50% progression, died in committee
Action: 2015-02-24 - Left in Appropriations
Pending: House Appropriations Committee
Text: Latest bill text (Comm Sub) [HTML]
Summary
Unclaimed property; funds owed under a life insurance policy, annuity, or retained asset account; use of the master death master file. Requires insurance companies to perform a semiannual comparison of their in-force policies, annuities, and retained asset accounts issued in the Commonwealth after January 1, 2016, against the U.S. Social Security Administration death master file or its equivalent to identify potential death master file matches. If a match between information contained in the death master file and an in-force policy, annuity, or account is found, the measure requires the insurance company, within 90 days of obtaining such information, to complete a good faith effort to verify the death of the individual through other available records and information. If the individual's death is confirmed and a beneficiary or authorized representative has not communicated with the insurance company within the 90-day period, it shall take reasonable steps to locate and contact the beneficiary or beneficiaries or authorized representative. If the beneficiaries or owners cannot be found, the benefits are presumed abandoned and the insurance company is required to report and remit the benefits to the State Treasurer under the Uniform Disposition of Unclaimed Property Act. The requirements do not apply to any life or endowment insurance policy, annuity, or retained asset account for which the insurance company is receiving premiums outside of the policy account value by check, bank draft, payroll deduction, or any other similar method of active premium payment within the 18 months immediately preceding death master file comparison. The measure also (i) includes provisions allowing an insurance company to report and remit the proceeds to the State Treasurer on an early reporting basis, without further notice to or consent by the State Treasurer, after attempting to contact the beneficiary, and (ii) provides that the terms of any resolution agreement, regulatory settlement agreement, or voluntary disclosure agreement that an insurance company has entered into regarding the use of the master death file to terminate annuity payments but not to locate life insurance beneficiaries shall supersede the requirements of the established by the bill.
Title
Unclaimed property; use of death master file.
Sponsors
Roll Calls
2015-02-17 - House - House: Reported from General Laws with amendments (12-Y 9-N) (Y: 12 N: 10 NV: 1 Abs: 0) [PASS]
2015-02-17 - House - House: Subcommittee recommends reporting with amendment(s) (4-Y 2-N) (Y: 5 N: 2 NV: 1 Abs: 0) [PASS]
2015-02-06 - Senate - Senate: Passed Senate (22-Y 16-N) (Y: 22 N: 16 NV: 2 Abs: 0) [PASS]
2015-02-06 - Senate - Senate: Constitutional reading dispensed (38-Y 0-N) (Y: 38 N: 0 NV: 2 Abs: 0) [PASS]
2015-02-06 - Senate - Senate: Constitutional reading dispensed (38-Y 0-N) (Y: 38 N: 0 NV: 2 Abs: 0) [PASS]
2015-02-05 - Senate - Senate: Reported from Finance (7-Y 4-N 3-A) (Y: 7 N: 4 NV: 0 Abs: 3) [PASS]
2015-02-04 - Senate - Senate: Reported from General Laws and Technology with substitute (11-Y 3-N) (Y: 11 N: 3 NV: 0 Abs: 0) [PASS]
2015-02-17 - House - House: Subcommittee recommends reporting with amendment(s) (4-Y 2-N) (Y: 5 N: 2 NV: 1 Abs: 0) [PASS]
2015-02-06 - Senate - Senate: Passed Senate (22-Y 16-N) (Y: 22 N: 16 NV: 2 Abs: 0) [PASS]
2015-02-06 - Senate - Senate: Constitutional reading dispensed (38-Y 0-N) (Y: 38 N: 0 NV: 2 Abs: 0) [PASS]
2015-02-06 - Senate - Senate: Constitutional reading dispensed (38-Y 0-N) (Y: 38 N: 0 NV: 2 Abs: 0) [PASS]
2015-02-05 - Senate - Senate: Reported from Finance (7-Y 4-N 3-A) (Y: 7 N: 4 NV: 0 Abs: 3) [PASS]
2015-02-04 - Senate - Senate: Reported from General Laws and Technology with substitute (11-Y 3-N) (Y: 11 N: 3 NV: 0 Abs: 0) [PASS]
History
| Date | Chamber | Action |
|---|---|---|
| 2015-02-24 | House | Left in Appropriations |
| 2015-02-17 | House | Referred to Committee on Appropriations |
| 2015-02-17 | House | Reported from General Laws with amendments (12-Y 9-N) |
| 2015-02-17 | House | Subcommittee recommends referring to Committee on Appropriations |
| 2015-02-17 | House | Subcommittee recommends reporting with amendment(s) (4-Y 2-N) |
| 2015-02-11 | House | Assigned GL sub: Subcommittee #1 |
| 2015-02-10 | House | Referred to Committee on General Laws |
| 2015-02-10 | House | Read first time |
| 2015-02-10 | House | Placed on Calendar |
| 2015-02-06 | Senate | Passed Senate (22-Y 16-N) |
| 2015-02-06 | Senate | Constitutional reading dispensed (38-Y 0-N) |
| 2015-02-06 | Senate | Engrossed by Senate - committee substitute SB1305S1 |
| 2015-02-06 | Senate | Committee substitute agreed to 15104650D-S1 |
| 2015-02-06 | Senate | Reading of substitute waived |
| 2015-02-06 | Senate | Constitutional reading dispensed (38-Y 0-N) |
| 2015-02-06 | Senate | Read first time |
| 2015-02-05 | Senate | Reported from Finance (7-Y 4-N 3-A) |
| 2015-02-04 | Senate | Rereferred to Finance |
| 2015-02-04 | Senate | Committee substitute printed 15104650D-S1 |
| 2015-02-04 | Senate | Reported from General Laws and Technology with substitute (11-Y 3-N) |
| 2015-01-14 | Senate | Referred to Committee on General Laws and Technology |
| 2015-01-14 | Senate | Prefiled and ordered printed; offered 01/14/15 15103498D |
