HB 2613 Viatical Settlement Act.
L. Preston Bryant, Jr. | all patrons    ...    notes
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Summary as passed: (all summaries)
Viatical Settlement Act. Replaces the existing Viatical Settlement Act with a more comprehensive version based on model legislation adopted by the National Association of Insurance Commissioners (NAIC) in 2000. The measure authorizes persons who are licensed by the State Corporation Commission as viatical settlement providers and viatical settlement brokers to negotiate, effectuate, and assume responsibility for viatical settlement contracts. A viatical settlement contract is an agreement by which the owner of an insurance policy may accept an immediate cash payment in exchange for the assignment, transfer, sale, or other conveyance of the death benefit or ownership of the insurance policy. This measure regulates viatical settlements regardless of whether the transaction involves a chronically or terminally ill person. Other provisions (i) adopt new definitions that recognize the securitization activities of viatical settlement brokers and providers, (ii) expand notice and disclosure requirements, and (iii) require brokers and providers to develop anti-fraud plans. Provisions of the act that differ from the NAIC model include (i) specifying that this act does not preempt the Virginia Securities Act and (ii) prohibiting the viatication of life insurance policies that are less than two years old except in limited circumstances, including the chronic or terminal illness of the insured. Life and annuities insurance agents are permitted to be licensed as viatical settlement brokers. This bill incorporates HB 2268.

Full text:
01/08/03  House: Presented & ordered printed, prefiled 01/08/03 030304254  pdf | impact statement
01/31/03  House: Committee substitute printed 033466652-H1  pdf | impact statement
02/27/03  House: Bill text as passed House and Senate (HB2613ER)  pdf | impact statement
03/27/03  Governor: Acts of Assembly Chapter text (CHAP0717)  pdf

Status:
01/08/03  House: Presented & ordered printed, prefiled 01/08/03 030304254
01/08/03  House: Referred to Committee on Commerce and Labor
01/30/03  House: Reported from C. & L. with substitute (22-Y 0-N)
01/31/03  House: Committee substitute printed 033466652-H1
02/01/03  House: Read first time
02/03/03  House: Read second time
02/03/03  House: Committee substitute agreed to 033466652-H1
02/03/03  House: Engrossed by House - committee substitute 033466652-H1
02/04/03  House: Read third time and passed House BLOCK VOTE (100-Y 0-N)
02/04/03  House: VOTE: BLOCK VOTE PASSAGE (100-Y 0-N)
02/04/03  House: Communicated to Senate
02/05/03  Senate: Constitutional reading dispensed
02/05/03  Senate: Referred to Committee on Commerce and Labor
02/10/03  Senate: Reported from Commerce and Labor (15-Y 0-N)
02/12/03  Senate: Const. reading disp., passed by for the day (40-Y 0-N)
02/12/03  Senate: VOTE: CONST. RDG. DISPENSED R (40-Y 0-N)
02/13/03  Senate: Read third time
02/13/03  Senate: Passed Senate (39-Y 0-N)
02/13/03  Senate: VOTE: PASSAGE R (39-Y 0-N)
02/13/03  Senate: Rec. of Sen. passage agreed to by Senate (38-Y 0-N)
02/13/03  Senate: VOTE: (38-Y 0-N)
02/13/03  Senate: Passed Senate (38-Y 0-N)
02/13/03  Senate: VOTE: (38-Y 0-N)
02/27/03  House: Bill text as passed House and Senate (HB2613ER)
03/05/03  House: Enrolled
03/05/03  House: Signed by Speaker
03/06/03  Senate: Signed by President
03/19/03  Governor: Approved by Governor-Chapter 717 (effective 7/1/03)
03/27/03  Governor: Acts of Assembly Chapter text (CHAP0717)