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Treasurer Slams Bill to Overturn Supreme Court Ruling

West Virginia State Treasurer John Perdue voiced his criticism over legislation proposed to overturn a 2015 state Supreme Court ruling, which obligates life insurance companies to hand over proceeds to the state Unclaimed Property Fund if no beneficiaries have come forward after the policyholders’ death. Under the bill, life insurance policies would not be considered abandoned until the insured reaches the age of 103. The bill has been approved by the House Banking and Insurance Committee and is pending in House Judiciary Committee. Delegates Brad White and William Hartman, two of the bill's four co-sponsors, are also insurance agents.

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