Post by Logan on Apr 5, 2016 21:48:46 GMT -6
State Treasurer John Perdue praised Gov. Earl Ray Tomblin’s veto of a bill that, as originally drafted, would have reversed a 2015 state Supreme Court decision requiring insurance companies to seek out beneficiaries after life insurance policy holders die.
“I commend the governor for standing up for what is right for West Virginians,” Perdue said. “Senate Bill 599 was an unconstitutional amendment to the Uniform Unclaimed Property Act that would have deprived my office of its inherent function of administering the Act.”
The original version of the bill would have overturned the high court’s finding that insurance companies are obligated to determine if life insurance policy holders have died, and to turn proceeds over to the state Unclaimed Property Fund if no beneficiaries come forward.
“Now, they’re trying to find ways around the law so they can keep that money,” Perdue said during a press conference in February to denounce the bill. “It’s their gain and the family’s loss.”
See more at: www.wvgazettemail.com/news/20160404/wv-treasurer-perdue-lauds-veto-of-insurance-bill
“I commend the governor for standing up for what is right for West Virginians,” Perdue said. “Senate Bill 599 was an unconstitutional amendment to the Uniform Unclaimed Property Act that would have deprived my office of its inherent function of administering the Act.”
The original version of the bill would have overturned the high court’s finding that insurance companies are obligated to determine if life insurance policy holders have died, and to turn proceeds over to the state Unclaimed Property Fund if no beneficiaries come forward.
“Now, they’re trying to find ways around the law so they can keep that money,” Perdue said during a press conference in February to denounce the bill. “It’s their gain and the family’s loss.”
See more at: www.wvgazettemail.com/news/20160404/wv-treasurer-perdue-lauds-veto-of-insurance-bill