VA HB1269 | 2022 | Regular Session
Status
Completed Legislative Action
Spectrum: Partisan Bill (Republican 1-0)
Status: Passed on March 9 2022 - 100% progression
Action: 2022-03-09 - Governor: Acts of Assembly Chapter text (CHAP0018)
Text: Latest bill text (Chaptered) [HTML]
Spectrum: Partisan Bill (Republican 1-0)
Status: Passed on March 9 2022 - 100% progression
Action: 2022-03-09 - Governor: Acts of Assembly Chapter text (CHAP0018)
Text: Latest bill text (Chaptered) [HTML]
Summary
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. 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.
Title
Preneed funeral contracts; removes requirement relating to life insurance or annuity contract.
Sponsors
| Sen. Chris Head [R] |
Roll Calls
2022-02-28 - Senate - Senate: Passed Senate (40-Y 0-N) (Y: 40 N: 0 NV: 0 Abs: 0) [PASS]
2022-02-25 - Senate - Senate: Constitutional reading dispensed (39-Y 0-N) (Y: 39 N: 0 NV: 0 Abs: 1) [PASS]
2022-02-23 - Senate - Senate: Reported from General Laws and Technology (15-Y 0-N) (Y: 15 N: 0 NV: 0 Abs: 0) [PASS]
2022-02-15 - House - House: VOTE: Passage Emergency (80-Y 20-N) (Y: 80 N: 20 NV: 0 Abs: 0) [PASS]
2022-02-10 - House - House: Reported from General Laws with substitute (21-Y 1-N) (Y: 21 N: 1 NV: 0 Abs: 0) [PASS]
2022-02-10 - House - House: Subcommittee recommends reporting with substitute (8-Y 0-N) (Y: 8 N: 0 NV: 0 Abs: 0) [PASS]
2022-02-10 - House - House: Subcommittee recommends reporting with substitute (8-Y 0-N) (Y: 8 N: 0 NV: 0 Abs: 0) [PASS]
2022-02-25 - Senate - Senate: Constitutional reading dispensed (39-Y 0-N) (Y: 39 N: 0 NV: 0 Abs: 1) [PASS]
2022-02-23 - Senate - Senate: Reported from General Laws and Technology (15-Y 0-N) (Y: 15 N: 0 NV: 0 Abs: 0) [PASS]
2022-02-15 - House - House: VOTE: Passage Emergency (80-Y 20-N) (Y: 80 N: 20 NV: 0 Abs: 0) [PASS]
2022-02-10 - House - House: Reported from General Laws with substitute (21-Y 1-N) (Y: 21 N: 1 NV: 0 Abs: 0) [PASS]
2022-02-10 - House - House: Subcommittee recommends reporting with substitute (8-Y 0-N) (Y: 8 N: 0 NV: 0 Abs: 0) [PASS]
2022-02-10 - House - House: Subcommittee recommends reporting with substitute (8-Y 0-N) (Y: 8 N: 0 NV: 0 Abs: 0) [PASS]
History
| Date | Chamber | Action |
|---|---|---|
| 2022-03-09 | Governor: Acts of Assembly Chapter text (CHAP0018) | |
| 2022-03-09 | Governor: Approved by Governor-Chapter 18 (effective 3/9/22) | |
| 2022-03-02 | Governor: Governor's Action Deadline 11:59 p.m., March 9, 2022 | |
| 2022-03-02 | House | Enrolled Bill communicated to Governor on March 2, 2022 |
| 2022-03-01 | Senate | Signed by President |
| 2022-03-01 | House | Signed by Speaker |
| 2022-03-01 | House | Bill text as passed House and Senate (HB1269ER) |
| 2022-03-01 | House | Enrolled |
| 2022-02-28 | Senate | Passed Senate (40-Y 0-N) |
| 2022-02-28 | Senate | Read third time |
| 2022-02-25 | Senate | Constitutional reading dispensed (39-Y 0-N) |
| 2022-02-23 | Senate | Reported from General Laws and Technology (15-Y 0-N) |
| 2022-02-16 | Senate | Referred to Committee on General Laws and Technology |
| 2022-02-16 | Senate | Constitutional reading dispensed |
| 2022-02-15 | House | VOTE: Passage Emergency (80-Y 20-N) |
| 2022-02-15 | House | Read third time and passed House (80-Y 20-N) |
| 2022-02-14 | House | Engrossed by House - committee substitute HB1269H1 |
| 2022-02-14 | House | Emergency clause added |
| 2022-02-14 | House | Committee substitute agreed to 22105126D-H1 |
| 2022-02-14 | House | Read second time |
| 2022-02-13 | House | Read first time |
| 2022-02-10 | House | Committee substitute printed 22105126D-H1 |
| 2022-02-10 | House | Reported from General Laws with substitute (21-Y 1-N) |
| 2022-02-10 | House | Subcommittee recommends reporting with substitute (8-Y 0-N) |
| 2022-02-10 | House | Subcommittee recommends reporting with substitute (8-Y 0-N) |
| 2022-02-03 | House | Assigned GL sub: Subcommittee #1 |
| 2022-01-20 | House | Referred to Committee on General Laws |
| 2022-01-20 | House | Presented and ordered printed 22103770D |
Subjects
Emergency Legislation
Funeral Home Directors and Services
Insurance
Life Insurance
Professions and Occupations
Funeral Home Directors and Services
Insurance
Life Insurance
Professions and Occupations
