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Bill aims at investment practice.
By Michael Sluss, The Roanoke Times, Va. Knight Ridder/Tribune Business News
Feb. 4--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. …
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