Code of Virginia - Title 38.2 Insurance - Chapter 31 Life Insurance

38.2-3100 Scope of chapter
Except as otherwise provided, this chapter applies to insurers transacting life insurance and the granting of annuities, and to life insurance and annuities as defined ...

38.2-3100.1 Forms of insurance authorized
A. Life insurance and annuities shall be issued only in the following forms: 1. Individual life insurance and annuities; or 2. Group life insurance and ...

38.2-3100.2 Funding agreements
A. Any insurer that is licensed to write life insurance or annuities in the Commonwealth may deliver, or issue for delivery, funding agreements in the ...

38.2-3101 Legal reserve insurers
Any life insurer, association or society whose policies or certificates are required to contain any provision that a person insured shall, upon surrender of the ...

38.2-3102 Domestic insurers prohibited from insuring lives and persons of residents of "reciprocal states....
A. As used in this section, "reciprocal state" means a state whose laws prohibit its domestic insurers from insuring the lives or persons of residents ...

38.2-3103 Fraudulent procurement of policy; penalty
A. No person shall knowingly secure, attempt to secure or cause to be secured a life insurance policy on any person who is not in ...

38.2-3104 No policy to be issued purporting to take effect more than six months before application made; conv...
A. No life insurance policy delivered or issued for delivery in this Commonwealth shall be backdated more than six months from the date the written ...

38.2-3105 What contracts with respect to life insurance may be made by minors
A. A minor who is at least fifteen years of age: 1. Shall be competent to contract for life insurance upon his own life for ...

38.2-3106 Suicide and execution not grounds of defense; exception
A. Except as provided in subsection B of this section, the fact that an insured committed suicide, or was executed under law, shall not be ...

38.2-3107 Incontestability of certain policies
A. No life insurance policy shall be contestable after it has been in force during the lifetime of the insured for two years from its ...

38.2-3108 Misstatement of age
Each life insurance policy shall contain a provision that, if at any time before final settlement under the policy the age of the insured, or ...

38.2-3109 Contestability of reinstated policy
Reinstatement of a life insurance policy shall not affect the running of the contestable period except as provided in this section. A life insurance policy ...

38.2-3110 Incontestability not applicable to excluded or restricted coverage
Any life insurance policy provision stating that the policy shall be incontestable after a specified period shall preclude only a contest of the validity of ...

38.2-3111 Assignment of life insurance policies
No life insurance policy shall be taken out by the insured or by a person having an insurable interest in the insured's life for the ...

38.2-3112 Designation of testamentary trustee as beneficiary
A. A life insurance policy may designate as beneficiary a trustee or trustees named or to be named by will if the designation is made ...

38.2-3113 Variable life insurance and variable annuities; separate accounts to be established; authority to i...
A. Each domestic insurer that issues life insurance or annuities providing for payments that vary directly according to investment experience shall establish one or more ...

38.2-3113.1 Modified guaranteed life insurance and modified guaranteed annuities; separate accounts; authority ...
A. For purposes of this section, "modified guaranteed contracts" means modified guaranteed life insurance or modified guaranteed annuity contracts. The provisions of this section apply ...

38.2-3113.2 Qualified charitable gift annuities; issuance not business of insurance; disclosures to donors; unf...
A. The issuance of a qualified charitable gift annuity does not constitute engaging in the business of insurance in this Commonwealth. A charitable gift annuity ...

38.2-3113.3 Educational loan provisions in life insurance policies
Educational loan provisions may be included as additional benefits, as part of the policy, or as a rider or as a separate agreement, subject to ...

38.2-3114 Statements required in variable life insurance and variable annuity contracts and certificates issu...
Any variable life insurance or variable annuity contract delivered or issued for delivery in this Commonwealth, and any certificate evidencing variable benefits issued pursuant to ...

38.2-3115 Interest on life insurance proceeds
A. If an action to recover the proceeds due under a life insurance policy or annuity contract results in a judgment against the insurer, interest ...

38.2-3115.1 Accelerated payment of benefits
A. Except as set forth in subsection C of this section, each insurer issuing a life insurance policy in the Commonwealth may include a policy ...

38.2-3116 Commission to establish standards for simplified and readable life insurance and annuity policie...
A. Pursuant to the authority granted under § 38.2-223, the Commission may issue rules and regulations establishing standards for simplified and readable life insurance policies ...

38.2-3117 Standards for certain policies; prohibited policies
A. Pursuant to the authority granted under § 38.2-223, the Commission may issue rules and regulations that may include but shall not be limited to ...

38.2-3118 Spendthrift trusts created under life insurance policies
If, under the terms of any life insurance policy or of any written agreement supplemental to a life insurance policy, the proceeds are retained by ...

38.2-3119 Limitation on { 38.2-3118
A. The provisions of § 38.2-3118 shall not apply to any proportionate part of the proceeds of any such policy or supplemental contract mentioned in ...

38.2-3120 Description unavailable
Repealed by Acts 2005, c. 935, cl. 3, effective July 1, 2006. ...

38.2-3121 Segregation of proceeds not required
No insurer holding the proceeds of any policy mentioned in § 38.2-3118 shall be required to segregate the proceeds but may hold them as a ...

38.2-3122 Proceeds of policies payable to others free of claims against insured
The assignee or lawful beneficiary of an insurance policy shall be entitled to its proceeds against any claims of the creditors or representatives of the ...

38.2-3123 Amount of proceeds limited in certain cases
In the case of policies under the terms of which the right to change the beneficiary is reserved and as to which the cash surrender ...

38.2-3124 Protection of insurers from creditor's claims
Notwithstanding §§ 38.2-3122 and 38.2-3123 any insurer issuing any insurance policy shall be discharged of all liability on that policy by payment of its proceeds ...

38.2-3125 Other rights of beneficiaries and assignees protected
Since the purpose of §§ 38.2-3122 and 38.2-3123 is to confer additional rights, privileges and benefits upon beneficiaries and assignees of policies, no beneficiary or ...

38.2-3126 Annual valuation of reserves
A. The Commission shall annually value or have valued the reserve liabilities, referred to in this article as "reserves," for all outstanding life insurance policies ...

38.2-3127 Acceptance of valuation of another state
A. Instead of the valuation of the reserves required of any foreign or alien insurer under § 38.2-3126, the Commission may accept any valuation made, ...

38.2-3127.1 Actuarial opinion of reserves
A. Effective December 31, 1992, every life insurer doing business in this Commonwealth shall annually submit an actuarial opinion that complies with the provisions of ...

38.2-3128 Decrease of standards higher than minimum
Each insurer that has adopted a standard of valuation producing greater aggregate reserves than those calculated according to the minimum standard provided in this article ...

38.2-3129 Minimum valuation standard for policies issued prior to certain dates
This section shall apply only to those policies and contracts issued prior to the operative date stated in § 38.2-3214. 1. The legal minimum standard ...

38.2-3130 Minimum valuation standard of policies subsequently issued
This section shall apply only to those policies and contracts issued on or after the operative date stated in § 38.2-3214, except as provided in ...

38.2-3131 Minimum valuation standard for annuities subsequently issued
A. Except as provided in §§ 38.2-3132 through 38.2-3136, the minimum standard for the valuation of all individual annuity and pure endowment contracts issued on ...

38.2-3132 Computation of minimum valuation standard of policies subsequently issued
The interest rates used in determining the minimum standard for the valuation of the following items shall be the calendar year statutory valuation interest rates ...

38.2-3133 Calendar year statutory valuation interest rates
A. The calendar year statutory valuation interest rates, referred to in this section as "I," shall be determined as follows and the results rounded to ...

38.2-3134 Weighting factors
The weighting factors referred to in the formulas in § 38.2-3133 are given in the following tables: 1. Weighting Factors for Life Insurance:


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38.2-3135 Reference interest rate
The reference interest rate referred to in § 38.2-3133 means: 1. For all life insurance, the lesser of the average over a period of thirty-six ...

38.2-3136 Alternative method for determining reference interest rates
If Moody's Corporate Bond Yield Average - Monthly Average Corporates is no longer published by Moody's Investors Service, Inc., or if the National Association of ...

38.2-3137 Reserve valuation method - Life insurance and endowment benefits
A. Except as otherwise provided in §§ 38.2-3138 and 38.2-3141, reserves according to the Commissioners reserve valuation method, for the life insurance and endowment benefits ...

38.2-3138 Same - Annuity and pure endowment benefits
A. This section shall apply to annuity and pure endowment contracts, other than group annuity and pure endowment contracts purchased under a retirement plan or ...

38.2-3139 Minimum reserves
A. In no event shall an insurer's aggregate reserves for all life insurance policies, excluding disability and accidental death benefits, be less than the aggregate ...

38.2-3140 Optional reserve calculation
Reserves for any category of policies, contracts or benefits as established by the Commission may be calculated, at the insurer's option, according to any standards ...

38.2-3141 Reserve calculation - Valuation net premium exceeding the gross premium charge
A. If in any contract year the gross premium charged by a life insurer on any policy or contract is less than the valuation net ...

38.2-3142 Same - Indeterminate premium plans
For any plan of life insurance that provides for future premium determination, the amounts of which are to be determined by the insurer based on ...

38.2-3143 Assessment against insurers whose policies are valued
The Commission is hereby authorized to assess against every insurer whose policies are valued a sum equal to the cost of valuation, which shall be ...

38.2-3144 Article not applicable in certain cases
Nothing in this article shall be construed to apply to any insurer in the transaction of industrial sick benefit insurance as defined in § 38.2-3544, ...