roanoke.com - Business Stories -Bill aims at investment practice

roanoke.com - Business Stories -Bill aims at investment practice: "Bill aims at investment practice


Del. Morgan Griffith said Virginia is one of only four states that allow someone to insure another's life and designate a beneficiary that has no connection to the insured person.


By Michael Sluss
(804) 697-1585
The Roanoke Times



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RICHMOND - The General Assembly appears well on the way toward outlawing an emerging investment practice that allows investment pools to insure the lives of total strangers in exchange for a promise to steer part of the death benefits to charities or nonprofit organizations.
A House of Delegates committee voted Thursday to support legislation (HB 2766) that Del. Morgan Griffith, R-Salem, sponsored at the request of two Virginia-based insurance companies, including Shenandoah Life of Roanoke. The Senate unanimously passed a similar bill (SB 1227) last month. Griffith said Virginia is one of only four states that allow someone to insure another's life and designate a beneficiary that has no connection to the insured person. "