Bill Text: VA SB176 | 2018 | Regular Session | Chaptered
Bill Title: Life insurance policies; claims of creditors.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Passed) 2018-03-19 - Governor: Acts of Assembly Chapter text (CHAP0304) [SB176 Detail]
Download: Virginia-2018-SB176-Chaptered.html
Be 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 That §38.2-3123 of the Code of Virginia is repealed.