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2022 SESSION
HB 1269 Preneed funeral contracts; removes requirement relating to life insurance or annuity contract.
Introduced by: Christopher T. Head | all patrons ... notes | add to my profiles
SUMMARY AS PASSED HOUSE: (all summaries)
Preneed funeral contracts; emergency. Removes the requirement that if a life insurance or annuity contract is used to fund a preneed funeral contract, the life insurance or annuity contract must provide either that the face value thereof shall be adjusted annually by a factor equal to the annualized Consumer Price Index as published by the Bureau of Labor Statistics of the United States Department of Labor, or a benefit payable at death under such contract that will equal or exceed the sum of all premiums paid for such contract plus interest or dividends, which for the first 15 years shall be compounded annually at a rate of at least five percent. The bill also removes the requirement that interest or dividends continue to be paid after 15 years. The bill provides that for any life insurance or annuity contract that is used to fund a preneed funeral contract, the face amount of any life insurance policy shall not be decreased over the life of such policy except for life insurance policies that have lapsed due to the nonpayment of premiums or have gone to a nonforfeiture option that lowers the amount as allowed for in the provisions of the policy. The bill contains an emergency clause.
FULL TEXT
- 01/20/22 House: Presented and ordered printed 22103770D pdf | impact statement
- 02/10/22 House: Committee substitute printed 22105126D-H1 pdf | impact statement
- 03/01/22 House: Bill text as passed House and Senate (HB1269ER) pdf | impact statement
- 03/09/22 Governor: Acts of Assembly Chapter text (CHAP0018) pdf
AMENDMENTS
- House subcommittee amendments and substitutes offered
- House subcommittee amendments and substitutes adopted
- House committee, floor amendments and substitutes offered
HISTORY
- 01/20/22 House: Presented and ordered printed 22103770D
- 01/20/22 House: Referred to Committee on General Laws
- 02/03/22 House: Assigned GL sub: Subcommittee #1
- 02/10/22 House: Subcommittee recommends reporting with substitute (8-Y 0-N)
- 02/10/22 House: Subcommittee recommends reporting with substitute (8-Y 0-N)
- 02/10/22 House: Reported from General Laws with substitute (21-Y 1-N)
- 02/10/22 House: Committee substitute printed 22105126D-H1
- 02/13/22 House: Read first time
- 02/14/22 House: Read second time
- 02/14/22 House: Committee substitute agreed to 22105126D-H1
- 02/14/22 House: Emergency clause added
- 02/14/22 House: Engrossed by House - committee substitute HB1269H1
- 02/15/22 House: Read third time and passed House (80-Y 20-N)
- 02/15/22 House: VOTE: Passage Emergency (80-Y 20-N)
- 02/16/22 Senate: Constitutional reading dispensed
- 02/16/22 Senate: Referred to Committee on General Laws and Technology
- 02/23/22 Senate: Reported from General Laws and Technology (15-Y 0-N)
- 02/25/22 Senate: Constitutional reading dispensed (39-Y 0-N)
- 02/28/22 Senate: Read third time
- 02/28/22 Senate: Passed Senate (40-Y 0-N)
- 03/01/22 House: Enrolled
- 03/01/22 House: Bill text as passed House and Senate (HB1269ER)
- 03/01/22 House: Signed by Speaker
- 03/01/22 Senate: Signed by President
- 03/02/22 House: Enrolled Bill communicated to Governor on March 2, 2022
- 03/02/22 Governor: Governor's Action Deadline 11:59 p.m., March 9, 2022
- 03/09/22 Governor: Approved by Governor-Chapter 18 (effective 3/9/22)
- 03/09/22 Governor: Acts of Assembly Chapter text (CHAP0018)