Virginia Senate Bill 401 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on January 7 2014 - 25% progression, died in chamber
Action: 2014-01-13 - Stricken at request of Patron in Commerce and Labor (14-Y 0-N)
Text: Latest bill text (Prefiled) [HTML]

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.

Insurable interest requirement; annuity contracts.

Sen. Bryce Reeves [R]

2014-01-13 - Senate - Senate: Stricken at request of Patron in Commerce and Labor (14-Y 0-N) (Y: 14 N: 0 NV: 0 Abs: 0) [PASS]

Date	Chamber	Action
2014-01-13	Senate	Stricken at request of Patron in Commerce and Labor (14-Y 0-N)
2014-01-07	Senate	Referred to Committee on Commerce and Labor
2014-01-07	Senate	Prefiled and ordered printed; offered 01/08/14 14100597D

Chapter	Article	Section	Citation Type	Statute Text
38	2	301	(n/a)	See Bill Text

Type	Source
Summary	https://lis.virginia.gov/cgi-bin/legp604.exe?141+sum+SB401
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?141+ful+SB401+hil
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?141+vot+S02V0009+SB0401