Although credit life insurance-that is, insurance upon the life of a debtor which is designed to pay off the debt in the event of his death-has been written in Virginia for more than thirty-five years, it has been only within comparatively recent times that the vast increase in "consumer credit", accompanied by a similar increase in the volume of insurance to protect such credit, has brought the question of the desirability of regulation of such insurance to the forefront. At the present time, Virginia law does not deal with this insurance as such and the policies which are issued are issued under statutes which were written with other types of insurance coverage primarily in mind.

Knowing of the great increase in the number and amount of such insurance policies, and feeling that the subject should be carefully examined before any legislation is adopted, the General Assembly at its 1958 regular session adopted House Joint Resolution No. 38.

The Council selected W. Tayloe Murphy, member of the House of Delegates and member of the Council, Warsaw, to serve as Chairman of a committee to make the initial study and report to it. Chosen to serve with Mr. Murphy on this committee were the following: Norman C. Bailey, former member of the House of Delegates, Orange; Thomas C. Boushall, Chairman of the Board, Bank of Virginia, Richmond; Curry Carter, attorney and member of the Senate, Staunton; Edmund T. DeJarnette, former member of the House of Delegates and insurance agent, Richmond; Virgil R. Goode,· attorney at law and President of General Fidelity Life Insurance Company, Richmond; Alfred Hiss, attorney at law, Arlington; T. Nelson Parker, Commissioner of Insurance, Richmond; and Webster S. Rhoads, Jr., Chairman of the Board, Miller & Rhoads, Incorporated, Richmond. John B. Boatwright, Jr. and Wildman S. Kincheloe, Jr.,. served as Secretary and Recording Secretary, respectively, to the Committee.

The Committee reviewed legislation which has been adopted and proposed for adoption in the field. It held a public hearing at which the advice of those especially conversant with the subject was sought and obtained. After mature consideration, the Committee submitted its report to the Council. The Council has carefully considered the report of the Committee and now submits its findings and recommendations.