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- Subject Index: Since 1995
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2003 SESSION
HB 2613 Viatical Settlement Act.
Introduced by: L. Preston Bryant, Jr. | all patrons ... notes | add to my profiles
SUMMARY AS PASSED: (all summaries)
Viatical Settlement Act. Replaces the existing Viatical Settlement Act with a more comprehensive version based on model legislation adopted by the National Association of Insurance Commissioners (NAIC) in 2000. The measure authorizes persons who are licensed by the State Corporation Commission as viatical settlement providers and viatical settlement brokers to negotiate, effectuate, and assume responsibility for viatical settlement contracts. A viatical settlement contract is an agreement by which the owner of an insurance policy may accept an immediate cash payment in exchange for the assignment, transfer, sale, or other conveyance of the death benefit or ownership of the insurance policy. This measure regulates viatical settlements regardless of whether the transaction involves a chronically or terminally ill person. Other provisions (i) adopt new definitions that recognize the securitization activities of viatical settlement brokers and providers, (ii) expand notice and disclosure requirements, and (iii) require brokers and providers to develop anti-fraud plans. Provisions of the act that differ from the NAIC model include (i) specifying that this act does not preempt the Virginia Securities Act and (ii) prohibiting the viatication of life insurance policies that are less than two years old except in limited circumstances, including the chronic or terminal illness of the insured. Life and annuities insurance agents are permitted to be licensed as viatical settlement brokers. This bill incorporates HB 2268.
FULL TEXT
- 01/08/03 House: Presented & ordered printed, prefiled 01/08/03 030304254 pdf | impact statement
- 01/31/03 House: Committee substitute printed 033466652-H1 pdf | impact statement
- 02/27/03 House: Bill text as passed House and Senate (HB2613ER) pdf | impact statement
- 03/27/03 Governor: Acts of Assembly Chapter text (CHAP0717) pdf
HISTORY
- 01/08/03 House: Presented & ordered printed, prefiled 01/08/03 030304254
- 01/08/03 House: Referred to Committee on Commerce and Labor
- 01/30/03 House: Reported from C. & L. with substitute (22-Y 0-N)
- 01/31/03 House: Committee substitute printed 033466652-H1
- 02/01/03 House: Read first time
- 02/03/03 House: Read second time
- 02/03/03 House: Committee substitute agreed to 033466652-H1
- 02/03/03 House: Engrossed by House - committee substitute 033466652-H1
- 02/04/03 House: Read third time and passed House BLOCK VOTE (100-Y 0-N)
- 02/04/03 House: VOTE: BLOCK VOTE PASSAGE (100-Y 0-N)
- 02/04/03 House: Communicated to Senate
- 02/05/03 Senate: Constitutional reading dispensed
- 02/05/03 Senate: Referred to Committee on Commerce and Labor
- 02/10/03 Senate: Reported from Commerce and Labor (15-Y 0-N)
- 02/12/03 Senate: Const. reading disp., passed by for the day (40-Y 0-N)
- 02/12/03 Senate: VOTE: CONST. RDG. DISPENSED R (40-Y 0-N)
- 02/13/03 Senate: Read third time
- 02/13/03 Senate: Passed Senate (39-Y 0-N)
- 02/13/03 Senate: VOTE: PASSAGE R (39-Y 0-N)
- 02/13/03 Senate: Rec. of Sen. passage agreed to by Senate (38-Y 0-N)
- 02/13/03 Senate: VOTE: (38-Y 0-N)
- 02/13/03 Senate: Passed Senate (38-Y 0-N)
- 02/13/03 Senate: VOTE: (38-Y 0-N)
- 02/27/03 House: Bill text as passed House and Senate (HB2613ER)
- 03/05/03 House: Enrolled
- 03/05/03 House: Signed by Speaker
- 03/06/03 Senate: Signed by President
- 03/19/03 Governor: Approved by Governor-Chapter 717 (effective 7/1/03)
- 03/27/03 Governor: Acts of Assembly Chapter text (CHAP0717)