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2002 SESSION

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HB 1126 Life insurance policies; creditors claims.

Introduced by: L. Preston Bryant, Jr. | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Insurance policies; creditors claims. Exempts the cash surrender or loan value of any life insurance policy or annuity contract from the claims of creditors without regard to whether the owner of the policy has the right to change the beneficiary. The exemption from claims of creditors is inapplicable to any portion of the cash surrender or loan value in excess of $100,000 that accumulated during the 24 months preceding the person's insolvency or bankruptcy. A creditor named as a beneficiary of a policy or contract is entitled only to the cash or loan value to the extent that will satisfy the indebtedness. 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.

FULL TEXT

• 01/09/02  House: Presented & ordered printed, prefiled 01/09/02 025438652  pdf | impact statement

HISTORY

• 01/09/02  House: Presented & ordered printed, prefiled 01/09/02 025438652
• 01/09/02  House: Referred to Committee on Commerce and Labor
• 02/07/02  House: Failed to report (defeated) in C. & L. (5-Y 16-N)