SEARCH SITE
VIRGINIA LAW PORTAL
- Code of Virginia
- Virginia Administrative Code
- Constitution of Virginia
- Charters
- Authorities
- Compacts
- Uncodified Acts
- RIS Users (account required)
SEARCHABLE DATABASES
- Bills & Resolutions
session legislation - Bill Summaries
session summaries - Reports to the General Assembly
House and Senate documents - Legislative Liaisons
State agency contacts
ACROSS SESSIONS
- Subject Index: Since 1995
- Bills & Resolutions: Since 1994
- Summaries: Since 1994
Developed and maintained by the Division of Legislative Automated Systems.
2015 SESSION
SB 1225 Life insurance policies and annuity contracts; proceeds and avails of policies and contracts.
Introduced by: Jeffrey L. McWaters | all patrons ... notes | add to my profiles
SUMMARY AS PASSED SENATE: (all summaries)
Insurance policies and annuity contracts; exemption from creditors' claims. Provides that in no case shall the cash surrender value or proceeds of any life insurance policy; the withdrawal value of an optional settlement, annuity contract, or deposit with a life insurance company; or any other benefit from such a policy, contract, or deposit, be liable to execution, attachment, garnishment, or other legal process in favor of any creditor of (i) the person whose life is insured by the related policy or contract; (ii) the person who is protected by that contract, deposit, indemnity, policy, or settlement, provided such person is the insured or owner of the contract, deposit, indemnity, policy, or settlement, or the spouse or intended spouse of, a dependent child of, or other person dependent on, the insured or owner of the contract, deposit, indemnity, policy, or settlement; (iii) the person who can, may, or will receive the benefit of such an item, if the person is the insured or owner of the contract, deposit, indemnity, policy, or settlement, or the spouse or intended spouse of, a dependent child of, or other person dependent on, the insured or owner of the contract, deposit, indemnity, policy, or settlement; (iv) the person who owns the related contract, deposit, or policy; or (v) the person who effected the related contract, deposit, or policy. These exemptions from creditors' claims applies regardless of whether the right to change the beneficiary thereof is reserved or permitted or whether the insured person, the annuitant, the owner of the policy or contract, or the person effecting the policy or contract, or any of their estates, is a contingent beneficiary of the policy, contract, or deposit. These provisions do not apply (a) to any claim by a creditor with respect to a life insurance policy, annuity contract, or deposit with an insurance company that was taken out, made, or assigned in writing for the benefit of the creditor, (b) if the policy, contract, or deposit was paid with the intent to defraud creditors, or (c) to a policy, contract, or deposit issued or effected during the six months preceding the date that the person claiming the exemption files a voluntary petition in bankruptcy or is provided similar relief.
FULL TEXT
- 01/14/15 Senate: Prefiled and ordered printed; offered 01/14/15 15102108D pdf | impact statement
- 02/02/15 Senate: Committee substitute printed 15103911D-S1 pdf
- 02/05/15 Senate: Floor substitute printed 15104801D-S2 (McWaters) pdf | impact statement
HISTORY
- 01/14/15 Senate: Prefiled and ordered printed; offered 01/14/15 15102108D
- 01/14/15 Senate: Referred to Committee on Commerce and Labor
- 02/02/15 Senate: Reported from Commerce and Labor with substitute (15-Y 0-N)
- 02/02/15 Senate: Committee substitute printed 15103911D-S1
- 02/04/15 Senate: Constitutional reading dispensed (37-Y 0-N)
- 02/05/15 Senate: Floor substitute printed 15104801D-S2 (McWaters)
- 02/05/15 Senate: Read second time
- 02/05/15 Senate: Reading of substitute waived
- 02/05/15 Senate: Committee substitute rejected 15103911D-S1
- 02/05/15 Senate: Reading of substitute waived
- 02/05/15 Senate: Substitute by Senator McWaters agreed to 15104801D-S2
- 02/05/15 Senate: Engrossed by Senate - floor substitute SB1225S2
- 02/05/15 Senate: Constitutional reading dispensed (38-Y 0-N)
- 02/05/15 Senate: Passed Senate (37-Y 0-N)
- 02/09/15 House: Placed on Calendar
- 02/09/15 House: Read first time
- 02/09/15 House: Referred to Committee on Commerce and Labor
- 02/17/15 House: Tabled in Commerce and Labor by voice vote