51.1-510 - Insurance exempt from process. - Virginia Statutes

§ 51.1-510. Insurance exempt from process.

A. The insurance provided for in this chapter, including any optionalinsurance, and all proceeds therefrom shall be exempt from levy, garnishment,and other legal process, except (i) as provided in subsection B and (ii) foradministrative actions pursuant to Chapter 19 (§ 63.2-1900 et seq.) of Title63.2 or any court process to enforce a child or child and spousal supportobligation. However, the insured may make a voluntary, irrevocable assignmentof his group life insurance and any individual conversion policy that may beissued upon termination of his group life insurance by executing anassignment on a form prepared by the Board of Trustees of the VirginiaRetirement System.

B. From any insurance proceeds payable pursuant to this chapter to aretiree's beneficiaries, the Board may deduct any overpayment of retirementallowance paid to such retiree.

(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.)