Virginia SB 176: Life insurance; claims of creditors.

Bill Text

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2018 SESSION

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18101629D

SENATE BILL NO. 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; claims of creditors. 
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Patron-- Stanley 

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Referred to Committee on Commerce and Labor 

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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 That � 38.2-3123 of the Code of Virginia is repealed.