Code of Virginia - Title 38.2 Insurance - Chapter 32 Standard Nonforfeiture Provisions For Life Insurance

38.2-3200 Nonforfeiture benefits and cash surrender values in life policies issued prior to operative date st...
A. This section shall apply only to life insurance policies issued prior to the operative date stated in § 38.2-3214. B. The nonforfeiture benefit referred ...

38.2-3201 Same; for industrial life policies
A. This section shall apply only to industrial life insurance policies issued prior to the operative date stated in § 38.2-3214. B. The nonforfeiture benefits ...

38.2-3202 Standard nonforfeiture law; required policy provisions
A. On and after the operative date stated in § 38.2-3214, no life insurance policy, except as stated in § 38.2-3213, shall be delivered or ...

38.2-3203 Same; cash surrender value in case of default
A. Any cash surrender value available under any life insurance policy issued on or after the operative date stated in § 38.2-3214 in the event ...

38.2-3204 Same; present value of paid-up nonforfeiture benefits on default
Any paid-up nonforfeiture benefit available under a life insurance policy issued on or after the operative date stated in § 38.2-3214 in the event of ...

38.2-3205 Same; calculation of adjusted premiums
A. The provisions of this section shall not apply to policies issued on or after the operative date as defined in § 38.2-3209. Except as ...

38.2-3206 Same; tables used for calculations
Except as otherwise provided in §§ 38.2-3207 and 38.2-3208, all adjusted premiums and present values referred to in §§ 38.2-3202 through 38.2-3205 shall for all ...

38.2-3207 Same; use of new mortality table; ordinary policies
The provisions of this section shall not apply to ordinary policies issued on or after the operative date as defined in § 38.2-3209. In the ...

38.2-3208 Same; industrial policies
The provisions of this section shall not apply to industrial policies issued on or after the operative date as defined in § 38.2-3209. For industrial ...

38.2-3209 Same; adjusted premiums for policies
A. This section shall apply to all policies issued on or after the operative date as defined in this section. Except as provided in subsection ...

38.2-3210 Same; life insurance providing future premium determination
For any plan of life insurance providing for future premium determination, the amounts of which are to be determined by the insurer based on then ...

38.2-3211 Same; other factors in calculations
A. Any cash surrender value and any paid-up nonforfeiture benefit available under any life insurance policy issued on or after the operative date stated in ...

38.2-3212 Same; policies issued on or after January 1, 1986
A. This section, in addition to all other applicable sections of law, shall apply to all policies issued on or after January 1, 1986. Any ...

38.2-3213 Same; exemptions from application of certain sections
A. Sections 38.2-3202 through 38.2-3212 shall not apply to any: 1. Certificates of fraternal benefit societies; 2. Reinsurance; 3. Group insurance; 4. Pure endowments; 5. ...

38.2-3214 Same; operative date
After March 17, 1948, any insurer may file with the Commission a written notice of its election to comply with the provisions of §§ 38.2-3202 ...

38.2-3215 Same; operative date for { 38.2-3207
After July 1, 1959, any insurer may file with the Commission a written notice of its election to comply with the provisions of § 38.2-3207 ...

38.2-3216 Same; operative date for { 38.2-3208
After July 1, 1962, any insurer may file with the Commission a written notice of its election to comply with the provisions of § 38.2-3208 ...

38.2-3217 Loan provisions in policies issued prior to operative date stated in { 38.2-3214
For those policies issued prior to the operative date stated in § 38.2-3214, the loan value referred to in former § 38.1-397 shall be the ...

38.2-3218 Same; in policies subsequently issued
For policies issued on or after the operative date stated in § 38.2-3214, the loan value referred to in former § 38.1-397 or § 38.2-3308, ...

38.2-3219 Applicability
Sections 38.2-3220 through 38.2-3229 shall not apply to any (i) reinsurance; (ii) group annuity purchased under a retirement plan or plan of deferred compensation established ...

38.2-3220 Nonforfeiture requirements
A. For contracts issued on or after the operative date as defined in § 38.2-3229, no contract of annuity, except as stated in § 38.2-3219, ...

38.2-3221 Minimum values
A. The minimum values specified in §§ 38.2-3222 through 38.2-3225 and 38.2-3227 of any paid-up annuity, cash surrender or death benefits available under an annuity ...

38.2-3222 Computation of present value
Any paid-up annuity benefit available under a contract shall be such that its present value on the date annuity payments are to commence at least ...

38.2-3223 Calculation of cash surrender values
For contracts that provide cash surrender benefits, the cash surrender benefits available before maturity shall not be less than the present value as of the ...

38.2-3224 Calculation of paid-up annuity benefits
For contracts that do not provide cash surrender benefits, the present value of any paid-up annuity benefit available as a nonforfeiture option at any time ...

38.2-3225 Maturity date
For the purpose of determining the benefits calculated under §§ 38.2-3223 and 38.2-3224 for annuity contracts under which an election may be made to have ...

38.2-3226 Disclosure of limited death benefits
Any contract that does not provide cash surrender benefits or does not provide death benefits at least equal to the minimum nonforfeiture amount before the ...

38.2-3227 Inclusion of lapse of time considerations
Any paid-up annuity, cash surrender or death benefits available at any time, other than on the contract anniversary under any contract with fixed scheduled considerations, ...

38.2-3228 Proration of values; additional benefits
For any contract that provides, within the same contract by rider or supplemental contract provision, both annuity benefits and life insurance benefits that are in ...

38.2-3229 Effective date
After July 1, 1979, for contracts subject to subsection B, C, or D of § 38.2-3221, the operative date for application of § 38.2-3219 shall ...