Virginia House Bill 2267 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on January 12 2011 - 25% progression, died in chamber
Action: 2011-02-03 - House: Failed to report (defeated) in Commerce and Labor (7-Y 15-N)
Text: Latest bill text (Introduced) [HTML]

Preneed funeral contracts; final expenses insurance. Requires an insurer issuing a life insurance policy, certificate, or annuity contract in which the face amount is primarily based on the actual or estimated cost of funeral goods or services, but is not linked to a preneed funeral contract, to utilize a bank, savings institution, or trust company located in the Commonwealth as trustee if the insurer holds the policy in a fiduciary capacity on behalf of the insured or places the policy in trust. Such a policy shall provide either that its face value will be adjusted annually by a factor equal to the Consumer Price Index or that it will have a death benefit at least equal to the premiums paid plus minimum interest or dividends. To meet this requirement, for the first 15 years interest or dividends shall be compounded annually at a rate of at least five percent, and thereafter at the legal rate of interest. The same provisions regarding the minimum interest or dividends are made applicable to life insurance policies or annuity contracts used to fund preneed funeral contracts. Under both types of insurance, the rate chosen shall be disclosed in the policy at the time the policy is issued. Money received pursuant to a preneed funeral contract that is not funded by a life insurance or annuity contract shall be deposited in a special account in a bank, savings institution, or trust company that is located in the Commonwealth. Such an institution is located in the Commonwealth if it has a main office or branch office in the Commonwealth where deposits are accepted, checks are paid, and money is lent.

Preneed funeral contracts; final expenses insurance.

Del. Harvey Morgan [R]

2011-02-03 - House - House: Failed to report (defeated) in Commerce and Labor (7-Y 15-N) (Y: 7 N: 15 NV: 0 Abs: 0) [FAIL]
2011-01-27 - House - House: Subcommittee recommends reporting with amendment(s) (6-Y 1-N) (Y: 6 N: 1 NV: 3 Abs: 0) [PASS]

Date	Chamber	Action
2011-02-03		House: Failed to report (defeated) in Commerce and Labor (7-Y 15-N)
2011-01-27		House: Subcommittee recommends reporting with amendment(s) (6-Y 1-N)
2011-01-24		House: Assigned C & L sub: #1
2011-01-12		House: Referred to Committee on Commerce and Labor
2011-01-12		House: Prefiled and ordered printed; offered 01/12/11 11100745D

Chapter	Article	Section	Citation Type	Statute Text
38	2	3317.1	(n/a)	See Bill Text
54	1	2820	(n/a)	See Bill Text
54	1	2822	(n/a)	See Bill Text

Type	Source
Summary	https://lis.virginia.gov/cgi-bin/legp604.exe?111+sum+HB2267
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?111+ful+HB2267+hil
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?111+vot+H1401V0005+HB2267
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?111+vot+H14V0086+HB2267