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- Subject Index: Since 1995
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2005 SESSION
SB 1227 Life insurance; person may take out contract upon himself for another's benefit.
Introduced by: Walter A. Stosch | all patrons ... notes | add to my profiles
SUMMARY AS PASSED: (all summaries)
Life insurance; insurable interests. Eliminates a provision that currently allows a person to procure an insurance contract upon another individual when the benefits are payable to a beneficiary designated by the insured, if the beneficiary did not have an insurable interest in the insured when the contract was made. The measure provides that a lawful and substantial economic interest, which constitutes an insurable interest, is deemed to exist in parties to a contract for the purchase or sale of a business firm or in trustees of certain trusts. The measure does not apply to life insurance policies or contracts where, prior to December 31, 2004, a Virginia-headquartered charitable organization executed a nondisclosure and exclusivity agreement and was the holder of a charitable certificate issued prior to that date, if the policies or contracts are written on individuals who were donors to such a charitable organization or an organization under common control with the charitable organization. This bill is identical to HB 2766.
FULL TEXT
- 01/13/05 Senate: Presented & ordered printed 054180824 pdf
- 01/20/05 Senate: Printed as engrossed 054180824-E pdf | impact statement
- 02/11/05 House: Committee substitute printed 054225824-H1 pdf | impact statement
- 03/02/05 Senate: Bill text as passed Senate and House (SB1227ER) pdf | impact statement
- 04/01/05 Governor: Acts of Assembly Chapter text (CHAP0698) pdf
AMENDMENTS
HISTORY
- 01/13/05 Senate: Presented & ordered printed 054180824
- 01/13/05 Senate: Referred to Committee on Commerce and Labor
- 01/17/05 Senate: Reported from Commerce and Labor (13-Y 1-N)
- 01/19/05 Senate: Constitutional reading dispensed (40-Y 0-N)
- 01/19/05 Senate: VOTE: CONST. RDG. DISPENSED R (40-Y 0-N)
- 01/20/05 Senate: Read second time
- 01/20/05 Senate: Reading of amendment waived
- 01/20/05 Senate: Amendment by Sen. Stosch agreed to
- 01/20/05 Senate: Engrossed by Senate as amended SB1227E
- 01/20/05 Senate: Printed as engrossed 054180824-E
- 01/21/05 Senate: Read third time and passed Senate (38-Y 0-N)
- 01/21/05 Senate: VOTE: PASSAGE (38-Y 0-N)
- 01/21/05 Senate: Communicated to House
- 02/08/05 House: Placed on Calendar
- 02/08/05 House: Read first time
- 02/08/05 House: Referred to Committee on Commerce and Labor
- 02/11/05 House: Reported from C. & L. with substitute (19-Y 1-N)
- 02/11/05 House: Committee substitute printed 054225824-H1
- 02/14/05 House: Read second time
- 02/15/05 House: Read third time
- 02/15/05 House: Committee substitute agreed to 054225824-H1
- 02/15/05 House: Engrossed by House - committee substitute SB1227H1
- 02/15/05 House: Passed House with substitute (95-Y 2-N)
- 02/15/05 House: VOTE: PASSAGE (95-Y 2-N)
- 02/17/05 Senate: House substitute agreed to by Senate (39-Y 0-N)
- 02/17/05 Senate: VOTE: CONCUR HOUSE AMENDMENT (39-Y 0-N)
- 03/02/05 Senate: Enrolled
- 03/02/05 Senate: Bill text as passed Senate and House (SB1227ER)
- 03/03/05 House: Signed by Speaker
- 03/04/05 Senate: Signed by President
- 03/23/05 Governor: Approved by Governor-Chapter 698 (effective 7/1/05)
- 04/01/05 Governor: Acts of Assembly Chapter text (CHAP0698)