HB 1458 Retained asset accounts; disclosures to beneficiaries.
Robert G. Marshall | all patrons    ...    notes
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Summary as passed House: (all summaries)
Life insurance; retained asset accounts. Requires insurance companies licensed in the Commonwealth that offer retained asset accounts for death benefits to provide the beneficiary, at the time a claim is made, with written information describing the settlement options available under the policy. If the insurer settles benefits through a retained asset account, the insurer shall provide the beneficiary with a supplemental contract that clearly discloses the rights of the beneficiary and the obligations of the insurer under the supplemental contract. The insurer is also required to make certain disclosures regarding retained asset accounts. SB 1388 is identical.

Full text:
11/29/10  House: Prefiled and ordered printed; offered 01/12/11 11100164D  pdf | impact statement
01/25/11  House: Committee substitute printed 11104413D-H1  pdf | impact statement
02/23/11  House: Bill text as passed House and Senate (HB1458ER)  pdf | impact statement
03/16/11  Governor: Acts of Assembly Chapter text (CHAP0194)  pdf

Status:
11/29/10  House: Prefiled and ordered printed; offered 01/12/11 11100164D
11/29/10  House: Referred to Committee on Commerce and Labor
01/25/11  House: Reported from Commerce and Labor with substitute (22-Y 0-N)
01/25/11  House: Committee substitute printed 11104413D-H1
01/27/11  House: Read first time
01/28/11  House: Read second time
01/28/11  House: Committee substitute agreed to 11104413D-H1
01/28/11  House: Engrossed by House - committee substitute HB1458H1
01/31/11  House: Read third time and passed House BLOCK VOTE (98-Y 0-N)
01/31/11  House: VOTE: BLOCK VOTE PASSAGE (98-Y 0-N)
02/01/11  Senate: Constitutional reading dispensed
02/01/11  Senate: Referred to Committee on Commerce and Labor
02/14/11  Senate: Reported from Commerce and Labor (14-Y 0-N)
02/16/11  Senate: Constitutional reading dispensed (40-Y 0-N)
02/17/11  Senate: Read third time
02/17/11  Senate: Passed Senate (39-Y 0-N)
02/23/11  House: Enrolled
02/23/11  House: Bill text as passed House and Senate (HB1458ER)
02/23/11  House: Signed by Speaker
02/23/11  Senate: Signed by President
03/16/11  Governor: Approved by Governor-Chapter 194 (effective 7/1/11)
03/16/11  Governor: Acts of Assembly Chapter text (CHAP0194)