§ 38.2-3114 Statements required in variable life insurance and variable annuity contracts and certificates issued pursuant to group variable life insurance and group variable annuity contracts
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 any life insurance or annuity contract issued on a group basis shall:
1. State the essential features of the procedure to be followed by the insurer in determining the value of benefits or other contractual payments under the contract;
2. State clearly that the benefits may decrease or increase according to the procedure; and
3. State clearly on its first page that the benefits or other contractual payments are on a variable basis.
History
This law was first created in 1966. The record of its establishment is cataloged in chapter 289 of that year’s edition of “Acts of Assembly,” the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1966 “Acts” aren’t available online. It has been modified 2 times. Those modifications are cataloged by “The Acts of Assembly,” a state publication, by year and chapter. Those modifications that can be read on the General Assembly’s website will be linked accordingly. Those modifications are as follows: in 1976, chapter 562; in 1986, chapter 562.
1966, c. 289, § 38.1-408; 1976, c. 562; 1986, c. 562.