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1995 SESSION

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LD2722144
HOUSE BILL NO. 208 Offered January 17, 1994 A BILL to amend the Code of Virginia by adding a section numbered 38.2-3122.1, relating to annuity contracts; proceeds exempt from creditors. ---------- Patron--Callahan ---------- Referred to Committee on Corporations, Insurance and Banking ----------

Be it enacted by the General Assembly of Virginia:

1. That the Code of Virginia is amended by adding a section numbered § 38.2-3122.1 as follows:

§ 38.2-3122.1. Annuity contracts; exemption from creditor claims.

All benefits, rights, privileges and options under any annuity contract, whether due or prospectively due the annuitant who purchased such contract, shall be exempt from the claims of the annuitant's creditors. Such annuitants shall not be compelled to exercise any rights, powers or options contained in any annuity contract. The annuitant's creditors shall not be permitted to interfere with or terminate any such contract.