§ 38.2-3717 Scope
All life insurance and all accident and sickness insurance issued or sold in connection with loans or other credit transactions shall be subject to the provisions of this chapter except:
1. Such insurance issued in connection with a loan or other credit transaction of more than ten years duration;
2. Such insurance written in connection with a credit transaction that is: a. Secured by a first mortgage or deed of trust; and b. Made to finance the purchase of real property or the construction of a dwelling thereon, or to refinance a prior credit transaction made for such a purpose;
3. Where the issuance of such insurance is an isolated transaction on the part of the insurer not related to an agreement or a plan for insuring debtors of the creditor.
History
This law was first created in 1960. The record of its establishment is cataloged in chapter 67 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 1960 “Acts” aren’t available online. It has been modified 5 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 1972, chapter 527; in 1982, chapter 223; in 1986, chapter 562; in 1990, chapter 236; in 1992, chapter 586.
1960, c. 67, § 38.1-482.1; 1972, c. 527, § 38.2-3700; 1982, c. 223; 1986, c. 562; 1990, c. 236; 1992, c. 586.