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- Subject Index: Since 1995
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2011 SESSION
SB 1388 Retained asset accounts; to provide beneficiary at time a claim is made.
Introduced by: George L. Barker | all patrons ... notes | add to my profiles
SUMMARY AS PASSED: (all summaries)
Life insurance; retained asset accounts. Requires insurance companies licensed in the Commonwealth that offer retained asset accounts for death benefits to provide the beneficiary, at the time a claim is made, with written information describing the settlement options available under the policy. If the insurer settles benefits through a retained asset account, the insurer shall provide the beneficiary with a supplemental contract that clearly discloses the rights of the beneficiary and the obligations of the insurer under the supplemental contract. The insurer is also required to make certain disclosures regarding retained asset accounts. HB 1458 is identical.
FULL TEXT
- 01/14/11 Senate: Presented and ordered printed 11104075D pdf
- 02/03/11 Senate: Printed as engrossed 11104075D-E pdf | impact statement
- 03/03/11 Senate: Bill text as passed Senate and House (SB1388ER) pdf | impact statement
- 03/16/11 Governor: Acts of Assembly Chapter text (CHAP0227) pdf
AMENDMENTS
HISTORY
- 01/14/11 Senate: Presented and ordered printed 11104075D
- 01/14/11 Senate: Referred to Committee on Commerce and Labor
- 01/31/11 Senate: Reported from Commerce and Labor with amendments (14-Y 0-N)
- 02/02/11 Senate: Constitutional reading dispensed (40-Y 0-N)
- 02/03/11 Senate: Read second time
- 02/03/11 Senate: Reading of amendments waived
- 02/03/11 Senate: Committee amendments agreed to
- 02/03/11 Senate: Engrossed by Senate as amended SB1388E
- 02/03/11 Senate: Printed as engrossed 11104075D-E
- 02/04/11 Senate: Read third time and passed Senate (37-Y 0-N)
- 02/08/11 House: Placed on Calendar
- 02/08/11 House: Read first time
- 02/08/11 House: Referred to Committee on Commerce and Labor
- 02/15/11 House: Reported from Commerce and Labor with amendment (22-Y 0-N)
- 02/17/11 House: Read second time
- 02/18/11 House: Read third time
- 02/18/11 House: Committee amendment agreed to
- 02/18/11 House: Engrossed by House as amended
- 02/18/11 House: Passed House with amendment BLOCK VOTE (95-Y 0-N)
- 02/18/11 House: VOTE: BLOCK VOTE PASSAGE (95-Y 0-N)
- 02/22/11 Senate: House amendment agreed to by Senate (39-Y 1-N)
- 03/03/11 Senate: Enrolled
- 03/03/11 Senate: Bill text as passed Senate and House (SB1388ER)
- 03/03/11 House: Signed by Speaker
- 03/06/11 Senate: Signed by President
- 03/16/11 Governor: Approved by Governor-Chapter 227 (effective 7/1/11)
- 03/16/11 Governor: Acts of Assembly Chapter text (CHAP0227)