{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/38.2-3114.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/38.2-3114.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/38.2-3114.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/38.2-3114.html"}],"law_id":85330,"edition_id":1,"section_id":85330,"structure_id":13293,"section_number":"38.2-3114","catch_line":"Statements required in variable life insurance and variable annuity contracts and certificates issued pursuant to group variable life insurance and group variable annuity contracts","history":"1966, c. 289, \u00a7 38.1-408; 1976, c. 562; 1986, c. 562.","full_text":"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:\n\n1\n\nState 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\n\nState clearly that the benefits may decrease or increase according to the procedure; and3\n\nState clearly on its first page that the benefits or other contractual payments are on a variable basis.","order_by":null,"text":{"0":{"id":305707,"text":"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:","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"next_prefix":"1"},"1":{"id":305708,"text":"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;","type":"section","prefixes":["1"],"prefix":"1","entire_prefix":"1","prefix_anchor":"1","level":1,"prior_prefix":"","next_prefix":"2"},"2":{"id":305709,"text":"State clearly that the benefits may decrease or increase according to the procedure; and","type":"section","prefixes":["2"],"prefix":"2","entire_prefix":"2","prefix_anchor":"2","level":1,"prior_prefix":"1","next_prefix":"3"},"3":{"id":305710,"text":"State clearly on its first page that the benefits or other contractual payments are on a variable basis.","type":"section","prefixes":["3"],"prefix":"3","entire_prefix":"3","prefix_anchor":"3","level":1,"prior_prefix":"2"}},"ancestry":[{"id":13293,"edition_id":1,"name":"General Provisions","identifier":"1","label":"article","depth":3,"order_by":1,"parent_id":13292,"metadata":{},"date_created":"2026-06-26 03:44:35","date_modified":"2026-06-26 03:44:35","permalink":{"id":214333,"object_type":"structure","relational_id":13293,"identifier":"1","token":"38.2\/31\/1","url":"\/38.2\/31\/1\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13292,"edition_id":1,"name":"Life Insurance","identifier":"31","label":"chapter","depth":2,"order_by":1,"parent_id":12698,"metadata":{},"date_created":"2026-06-26 03:44:35","date_modified":"2026-06-26 03:44:35","permalink":{"id":214331,"object_type":"structure","relational_id":13292,"identifier":"31","token":"38.2\/31","url":"\/38.2\/31\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12698,"edition_id":1,"name":"Insurance","identifier":"38.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":210661,"object_type":"structure","relational_id":12698,"identifier":"38.2","token":"38.2","url":"\/38.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":79264,"structure_id":13293,"section_number":"38.2-3100","catch_line":"Scope of chapter","url":"\/38.2-3100\/","token":"38.2\/31\/1\/38.2-3100","metadata":false},{"id":59125,"structure_id":13293,"section_number":"38.2-3100.1","catch_line":"Forms of insurance authorized","url":"\/38.2-3100.1\/","token":"38.2\/31\/1\/38.2-3100.1","metadata":false},{"id":62806,"structure_id":13293,"section_number":"38.2-3100.2","catch_line":"Funding agreements","url":"\/38.2-3100.2\/","token":"38.2\/31\/1\/38.2-3100.2","metadata":false},{"id":73524,"structure_id":13293,"section_number":"38.2-3100.3","catch_line":"Requirements of life insurance or annuity contracts used to fund preneed funeral contracts","url":"\/38.2-3100.3\/","token":"38.2\/31\/1\/38.2-3100.3","metadata":false},{"id":81650,"structure_id":13293,"section_number":"38.2-3101","catch_line":"Legal reserve insurers","url":"\/38.2-3101\/","token":"38.2\/31\/1\/38.2-3101","metadata":false},{"id":86718,"structure_id":13293,"section_number":"38.2-3102","catch_line":"Domestic insurers prohibited from insuring lives and persons of residents of \"reciprocal states.\"","url":"\/38.2-3102\/","token":"38.2\/31\/1\/38.2-3102","metadata":false},{"id":79156,"structure_id":13293,"section_number":"38.2-3103","catch_line":"Fraudulent procurement of policy; penalty","url":"\/38.2-3103\/","token":"38.2\/31\/1\/38.2-3103","metadata":false},{"id":67546,"structure_id":13293,"section_number":"38.2-3104","catch_line":"No policy to be issued purporting to take effect more than six months before application made; conversion permitted","url":"\/38.2-3104\/","token":"38.2\/31\/1\/38.2-3104","metadata":false},{"id":62631,"structure_id":13293,"section_number":"38.2-3105","catch_line":"What contracts with respect to life insurance may be made by minors","url":"\/38.2-3105\/","token":"38.2\/31\/1\/38.2-3105","metadata":false},{"id":79143,"structure_id":13293,"section_number":"38.2-3106","catch_line":"Suicide and execution not grounds of defense; exception","url":"\/38.2-3106\/","token":"38.2\/31\/1\/38.2-3106","metadata":false},{"id":58805,"structure_id":13293,"section_number":"38.2-3107","catch_line":"Incontestability of certain policies","url":"\/38.2-3107\/","token":"38.2\/31\/1\/38.2-3107","metadata":false},{"id":54784,"structure_id":13293,"section_number":"38.2-3108","catch_line":"Misstatement of age","url":"\/38.2-3108\/","token":"38.2\/31\/1\/38.2-3108","metadata":false},{"id":58169,"structure_id":13293,"section_number":"38.2-3109","catch_line":"Contestability of reinstated policy","url":"\/38.2-3109\/","token":"38.2\/31\/1\/38.2-3109","metadata":false},{"id":85290,"structure_id":13293,"section_number":"38.2-3110","catch_line":"Incontestability not applicable to excluded or restricted coverage","url":"\/38.2-3110\/","token":"38.2\/31\/1\/38.2-3110","metadata":false},{"id":86363,"structure_id":13293,"section_number":"38.2-3111","catch_line":"Assignment of life insurance policies","url":"\/38.2-3111\/","token":"38.2\/31\/1\/38.2-3111","metadata":false},{"id":63114,"structure_id":13293,"section_number":"38.2-3111.1","catch_line":"Annuity contract purchased to fund retirement benefits; transfer subject to Commission approval","url":"\/38.2-3111.1\/","token":"38.2\/31\/1\/38.2-3111.1","metadata":false},{"id":70263,"structure_id":13293,"section_number":"38.2-3112","catch_line":"Designation of testamentary trustee as beneficiary","url":"\/38.2-3112\/","token":"38.2\/31\/1\/38.2-3112","metadata":false},{"id":57329,"structure_id":13293,"section_number":"38.2-3113","catch_line":"Variable life insurance and variable annuities; separate accounts to be established; authority to issue; reports; special voting rights and procedures for owners","url":"\/38.2-3113\/","token":"38.2\/31\/1\/38.2-3113","metadata":false},{"id":72467,"structure_id":13293,"section_number":"38.2-3113.1","catch_line":"Modified guaranteed life insurance and modified guaranteed annuities; separate accounts; authority to issue; statements required; regulations to be issued; approval expenses","url":"\/38.2-3113.1\/","token":"38.2\/31\/1\/38.2-3113.1","metadata":false},{"id":69792,"structure_id":13293,"section_number":"38.2-3113.2","catch_line":"Qualified charitable gift annuities; issuance not business of insurance; disclosures to donors; unfair trade practices provisions not applicable","url":"\/38.2-3113.2\/","token":"38.2\/31\/1\/38.2-3113.2","metadata":false},{"id":65667,"structure_id":13293,"section_number":"38.2-3113.3","catch_line":"Educational loan provisions in life insurance policies","url":"\/38.2-3113.3\/","token":"38.2\/31\/1\/38.2-3113.3","metadata":false},{"id":85330,"structure_id":13293,"section_number":"38.2-3114","catch_line":"Statements required in variable life insurance and variable annuity contracts and certificates issued pursuant to group variable life insurance and group variable annuity contracts","url":"\/38.2-3114\/","token":"38.2\/31\/1\/38.2-3114","metadata":false},{"id":77467,"structure_id":13293,"section_number":"38.2-3115","catch_line":"Interest on life insurance and annuity contract proceeds","url":"\/38.2-3115\/","token":"38.2\/31\/1\/38.2-3115","metadata":false},{"id":72867,"structure_id":13293,"section_number":"38.2-3115.1","catch_line":"Accelerated payment of benefits","url":"\/38.2-3115.1\/","token":"38.2\/31\/1\/38.2-3115.1","metadata":false},{"id":86306,"structure_id":13293,"section_number":"38.2-3116","catch_line":"Commission to establish standards for simplified and readable life insurance and annuity policies","url":"\/38.2-3116\/","token":"38.2\/31\/1\/38.2-3116","metadata":false},{"id":54283,"structure_id":13293,"section_number":"38.2-3117","catch_line":"Standards for certain policies; prohibited policies","url":"\/38.2-3117\/","token":"38.2\/31\/1\/38.2-3117","metadata":false},{"id":83030,"structure_id":13293,"section_number":"38.2-3117.01","catch_line":"Provision of life insurance information upon notification of insured's death","url":"\/38.2-3117.01\/","token":"38.2\/31\/1\/38.2-3117.01","metadata":false}],"previous_section":{"id":65667,"structure_id":13293,"section_number":"38.2-3113.3","catch_line":"Educational loan provisions in life insurance policies","url":"\/38.2-3113.3\/","token":"38.2\/31\/1\/38.2-3113.3","metadata":false},"next_section":{"id":77467,"structure_id":13293,"section_number":"38.2-3115","catch_line":"Interest on life insurance and annuity contract proceeds","url":"\/38.2-3115\/","token":"38.2\/31\/1\/38.2-3115","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-3114\/","history_text":"<p>This law was first created in 1966. The record of its establishment is cataloged in chapter 289 of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1966 \u201cActs\u201d aren\u2019t available online. It has been modified 2 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1976, chapter 562; in 1986, chapter 562.<\/p>","references":false,"refers_to":false,"permalink":{"id":214419,"object_type":"law","relational_id":85330,"identifier":"38.2-3114","token":"38.2\/31\/1\/38.2-3114","url":"\/38.2-3114\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/38.2-3114\/","token":"38.2\/31\/1\/38.2-3114","dublin_core":{"Title":"Statements required in variable life insurance and variable annuity contracts and certificates issued pursuant to group variable life insurance and group variable annuity contracts","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-3114","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section><p>Any variable life <span class=\"dictionary\">insurance<\/span> or variable annuity <span class=\"dictionary\">contract<\/span> delivered or issued for delivery in this Commonwealth, and any certificate evidencing variable benefits issued pursuant to any life <span class=\"dictionary\">insurance<\/span> or annuity <span class=\"dictionary\">contract<\/span> issued on a group basis shall:<\/p><\/section>\n\t\t\t\t\t\t<section id=\"1\"><p><span class=\"prefix-number\">1.<\/span> <span class=\"dictionary\">State<\/span> the essential features of the procedure to be followed by the <span class=\"dictionary\">insurer<\/span> in determining the value of benefits or other contractual payments under the <span class=\"dictionary\">contract<\/span>; <a id=\"paragraph-305708\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/38.2-3114\/#1\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"2\"><p><span class=\"prefix-number\">2.<\/span> <span class=\"dictionary\">State<\/span> clearly that the benefits may decrease or increase according to the procedure; and <a id=\"paragraph-305709\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/38.2-3114\/#2\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"3\"><p><span class=\"prefix-number\">3.<\/span> <span class=\"dictionary\">State<\/span> clearly on its first page that the benefits or other contractual payments are on a variable basis. <a id=\"paragraph-305710\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/38.2-3114\/#3\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\nSTATEMENTS REQUIRED IN VARIABLE LIFE INSURANCE AND VARIABLE ANNUITY CONTRACTS\nAND CERTIFICATES ISSUED PURSUANT TO GROUP VARIABLE LIFE INSURANCE AND GROUP\nVARIABLE ANNUITY CONTRACTS (\u00a7 38.2-3114)\n\nAny variable life insurance or variable annuity contract delivered or issued for\ndelivery in this Commonwealth, and any certificate evidencing variable benefits\nissued pursuant to any life insurance or annuity contract issued on a group\nbasis shall:\n\n1. State the essential features of the procedure to be followed by the insurer\nin determining the value of benefits or other contractual payments under the\ncontract;\n\n2. State clearly that the benefits may decrease or increase according to the\nprocedure; and\n\n3. State clearly on its first page that the benefits or other contractual\npayments are on a variable basis.\n\nHISTORY: 1966, c. 289, \u00a7 38.1-408; 1976, c. 562; 1986, c. 562.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}