Life insurance; claims of creditors.
Do you support it?
Want to know if it passes?
We'll email you when SB 176 moves — a committee vote, a floor vote, or a signature. Nothing else.
Free forever · unsubscribe in one click.
Your answer was recorded either way.
Which district are you in?
Your ZIP is all we need to match you to your own representatives — so we can tell you how they voted on SB 176.
You're tracking SB 176
We'll email you the moment it moves.
SB 176 — Life insurance; claims of creditors.
Last action — Governor's Action Deadline Midnight, April 9, 2018
No card. One bill, free forever — alerts when it moves.
-
✓Introduced
-
✓In Committee
-
✓Passed Senate
-
✓Passed House of Delegates
-
✓To Executive
-
6Enacted
This bill has been enacted into law. Introduced December 28, 2017. Enacted.
Prognosis
Where this bill stands today.
Odds of enactment
HighHow often bills like it became law.
-
Enacted
Current position in the legislative process.
-
1 sponsor
1 primary, 0 co-sponsors signed on.
-
Cleared a recorded vote
Passed 5 recorded votes so far.
Prognosis reads this bill's own signals — stage, sponsorship breadth, committee status, recorded votes and cross-state momentum. Odds come from a model trained on which bills have become law.
Summary
Repeals a provision that excludes, from the protections from claims of creditors that are afforded life insurance policies and annuities, the cash surrender or loan value of a policy under which the right to change the beneficiary is reserved. In 2016, the General Assembly enacted a provision that exempts protected insurance items from the claims of creditors regardless of whether the right to change a beneficiary is reserved or permitted.
Bill Text
What changed in the latest version
16 added · 22 removedPlain-language change summary
The key change in this version of SB 176 is the inclusion of a line stating that insurers will be discharged of liability on insurance policies as long as they process payments according to the policy terms, unless they have received prior written notice of a claim from a creditor. This means that if a creditor makes a claim, the insurance company must be informed before they can make any payments, which helps protect the rights of creditors. Importantly, this amendment ensures that beneficiaries or assignees of the policy will still retain the rights and benefits they've been granted by earlier sections of the law, thereby clarifying their protections in the event of claims.
SESSION history | hilite | pdf | print version 18101629DVIRGINIA SENATEACTS BILLOF NO.ASSEMBLY -- CHAPTER An Act to amend and reenact §§ 38.2-3124 and 38.2-3125 of the Code of Virginia and to repeal § 38.2-3123 of the Code of Virginia, relating to life insurance policies;
176 Offered January 10, 2018 Prefiled December 28, 2017 A BILL to amend and reenact §§ 38.2-3124 and 38.2-3125 of the Code of Virginia and to repeal § 38.2-3123 of the Code of Virginia, relating to life insurance policies;
----------[S Patron--176] StanleyApproved ---------- Referred to Committee on Commerce and Labor ---------- Be it enacted by the General Assembly of Virginia:
View plain text versions (2)
- Senate: Bill text as passed Senate and House (SB176ER) View text Current html February 27, 2018
- Prefiled Senate: Prefiled and ordered printed; offered 01/10/18 18101629D html December 28, 2017
Action History
-
Governor's Action Deadline Midnight, April 9, 2018
-
Enrolled Bill Communicated to Governor on March 5, 2018
-
Signed by President
-
Signed by Speaker
-
Enrolled
-
Passed House BLOCK VOTE (98-Y 0-N)
-
Read third time
-
Read second time
-
Referred to Committee on Commerce and Labor
-
Read first time
-
Placed on Calendar
-
Read second time and engrossed
-
Referred to Committee on Commerce and Labor
-
Prefiled and ordered printed; offered 01/10/18 18101629D
Sponsors
- Jr. William M. Stanley · Primary
Sponsorship breakdown
Export CSV (upgrade) →1 sponsors · 0 co-sponsors · 147 not signed on
Sponsors (1)
Co-sponsors (0)
None.
Not signed on (147)
147 members have not signed on to this bill.
Show all 147 →"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.
Votes
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Unaffiliated | 98 | 0 | 0 | 0 |
| Total | 98 | 0 | 0 | 0 |
| % of votes cast | 100% | 0% | 0% | 0% |
How each member voted (98)
Roll call published as PDF — view source.
Roll call published as PDF — view source.
Roll call published as PDF — view source.
Roll call published as PDF — view source.
Subjects
Frequently asked questions
- What does SB 176 do?
- Repeals a provision that excludes, from the protections from claims of creditors that are afforded life insurance policies and annuities, the cash surrender or loan value of a policy under which the right to change the beneficiary is reserved. In 2016, the General Assembly enacted a provision that exempts protected insurance items from the claims of creditors regardless of whether the right to change a beneficiary is reserved or permitted.
- Who sponsors SB 176?
- SB 176 is sponsored by William M. Stanley, Jr..
- What is the current status of SB 176?
- This bill has been enacted into law. Introduced December 28, 2017. Enacted.
- Where can I track SB 176?
- Track SB 176 free on One Click Politics — get push/email alerts when it moves.
Make your voice heard on SB 176
Find the representatives who decide this bill and tell them where you stand — for yourself, or mobilize your whole list in one click with One Click Politics advocacy software.
Stay ahead of SB 176
Last checked for changes 3 months ago · updated continuously
One Click Politics tracks every bill in Congress and all 50 states.
Track this bill →