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2018 SESSION
18101629DBe it enacted by the General Assembly of Virginia:
1. That §§ 38.2-3124 and 38.2-3125 of the Code of Virginia are amended and reenacted as follows:
§ 38.2-3124. Protection of insurers from creditor's claims.
Notwithstanding §§ § 38.2-3122 and 38.2-3123, any insurer issuing any
insurance policy shall be discharged of all liability on that policy by payment
of its proceeds in accordance with its terms, unless before payment the insurer
receives written notice by or on behalf of a creditor of a claim, stating the
amount claimed and the nature of the claim.
§ 38.2-3125. Other rights of beneficiaries and assignees protected.
Since the purpose of §§ § 38.2-3122 and 38.2-3123 is to confer
additional rights, privileges and benefits upon beneficiaries and assignees of
policies, no beneficiary or assignee shall by reason of these sections be
divested or deprived of or prohibited from exercising or enjoying any right,
privilege or benefit that he would have or could exercise or enjoy had §§ §
38.2-3122 and 38.2-3123 not been
enacted.
2. That § 38.2-3123 of the Code of Virginia is repealed.