§ 51.1-510 Insurance exempt from process
A. The insurance provided for in this chapter, including any optional insurance, and all proceeds therefrom shall be exempt from levy, garnishment, and other legal process, except (i) as provided in subsection B and (ii) for administrative actions pursuant to Chapter 19 (§ 63.2-1900 et seq.) of Title 63.2 or any court process to enforce a child or child and spousal support obligation. However, the insured may make a voluntary, irrevocable assignment of his group life insurance and any individual conversion policy that may be issued upon termination of his group life insurance by executing an assignment on a form prepared by the Board of Trustees of the Virginia Retirement System.
B. From any insurance proceeds payable pursuant to this chapter to a retiree’s beneficiaries, the Board may deduct any overpayment of retirement allowance paid to such retiree.
History
This law was first created in 1960. The record of its establishment is cataloged in chapter 604 of that year’s edition of “Acts of Assembly,” the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1960 “Acts” aren’t available online. It has been modified 5 times. Those modifications are cataloged by “The Acts of Assembly,” a state publication, by year and chapter. Those modifications that can be read on the General Assembly’s website will be linked accordingly. Those modifications are as follows: in 1980, chapter 643; in 1990, chapter 832; in 1994, chapter 883; in 1997, chapter 273; in 2008, chapter 354.
1960, c. 604, § 51-111.67:8; 1980, c. 643, § 51-111.67:12.1; 1990, c. 832; 1994, c. 883; 1997, c. 273; 2008, c. 354.