{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/38.2-3116.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/38.2-3116.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/38.2-3116.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/38.2-3116.html"}],"law_id":86306,"edition_id":1,"section_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","history":"1986, c. 562.","full_text":"A\n\nPursuant to the authority granted under &#xA7; 38.2-223, the Commission may issue rules and regulations establishing standards for simplified and readable life insurance policies and annuity contracts. The standards shall apply to all policy forms for annuities as defined in &#xA7;&#xA7; 38.2-106 and 38.2-107 and life insurance as defined in &#xA7;&#xA7; 38.2-102 through 38.2-105.B\n\nAs used in this section, &#8220;policy form&#8221; means:1\n\nAny individual life insurance policy, plan or agreement, and any annuity contract delivered or issued for delivery in this Commonwealth;2\n\nAny policy, certificate or contract, including any riders, endorsements or amendments providing death benefits, delivered or issued for delivery in this Commonwealth by a fraternal benefit society;3\n\nAny group life insurance policy, contract, plan or agreement, including any riders, endorsements or amendments, delivered or issued for delivery in this Commonwealth, to a group with ten or fewer members; or4\n\nAny certificate, including any riders, endorsements or amendments, issued under a group life insurance policy delivered or issued for delivery in this Commonwealth.C\n\nNo insurer shall issue a life insurance policy that has been filed with the Commission unless the Commission has determined that the policy form satisfies the readability standards established by the rules and regulations and complies with other statutory requirements.","order_by":null,"text":{"0":{"id":309090,"text":"Pursuant to the authority granted under &#xA7; 38.2-223, the Commission may issue rules and regulations establishing standards for simplified and readable life insurance policies and annuity contracts. The standards shall apply to all policy forms for annuities as defined in &#xA7;&#xA7; 38.2-106 and 38.2-107 and life insurance as defined in &#xA7;&#xA7; 38.2-102 through 38.2-105.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":309091,"text":"As used in this section, &#8220;policy form&#8221; means:","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"B1"},"2":{"id":309092,"text":"Any individual life insurance policy, plan or agreement, and any annuity contract delivered or issued for delivery in this Commonwealth;","type":"section","prefixes":["B","1"],"prefix":"1","entire_prefix":"B1","prefix_anchor":"B1","level":2,"prior_prefix":"B","next_prefix":"B2"},"3":{"id":309093,"text":"Any policy, certificate or contract, including any riders, endorsements or amendments providing death benefits, delivered or issued for delivery in this Commonwealth by a fraternal benefit society;","type":"section","prefixes":["B","2"],"prefix":"2","entire_prefix":"B2","prefix_anchor":"B2","level":2,"prior_prefix":"B1","next_prefix":"B3"},"4":{"id":309094,"text":"Any group life insurance policy, contract, plan or agreement, including any riders, endorsements or amendments, delivered or issued for delivery in this Commonwealth, to a group with ten or fewer members; or","type":"section","prefixes":["B","3"],"prefix":"3","entire_prefix":"B3","prefix_anchor":"B3","level":2,"prior_prefix":"B2","next_prefix":"B4"},"5":{"id":309095,"text":"Any certificate, including any riders, endorsements or amendments, issued under a group life insurance policy delivered or issued for delivery in this Commonwealth.","type":"section","prefixes":["B","4"],"prefix":"4","entire_prefix":"B4","prefix_anchor":"B4","level":2,"prior_prefix":"B3","next_prefix":"C"},"6":{"id":309096,"text":"No insurer shall issue a life insurance policy that has been filed with the Commission unless the Commission has determined that the policy form satisfies the readability standards established by the rules and regulations and complies with other statutory requirements.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B4"}},"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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-3116\/","history_text":"<p>This law was first created in 1986. The record of its establishment is cataloged in chapter 562 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 1986 \u201cActs\u201d aren\u2019t available online.<\/p>","references":false,"refers_to":[{"id":57209,"section_number":"38.2-102","catch_line":"Life","order_by":null,"url":"\/38.2-102\/"},{"id":87220,"section_number":"38.2-106","catch_line":"Annuities","order_by":null,"url":"\/38.2-106\/"},{"id":64558,"section_number":"38.2-107","catch_line":"Variable annuity","order_by":null,"url":"\/38.2-107\/"},{"id":87496,"section_number":"38.2-223","catch_line":"Rules and regulations; orders","order_by":null,"url":"\/38.2-223\/"}],"permalink":{"id":214431,"object_type":"law","relational_id":86306,"identifier":"38.2-3116","token":"38.2\/31\/1\/38.2-3116","url":"\/38.2-3116\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/38.2-3116\/","token":"38.2\/31\/1\/38.2-3116","dublin_core":{"Title":"Commission to establish standards for simplified and readable life insurance and annuity policies","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-3116","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section id=\"A\"><p><span class=\"prefix-number\">A.<\/span> Pursuant to the authority granted under &#xA7; <a class=\"law\" title=\"Rules and regulations; orders\" href=\"\/38.2-223\/\">38.2-223<\/a>, the <span class=\"dictionary\">Commission<\/span> may <span class=\"dictionary\">issue<\/span> rules and regulations establishing standards for simplified and readable life <span class=\"dictionary\">insurance policies<\/span> and annuity <span class=\"dictionary\">contracts<\/span>. The standards shall apply to all policy forms for annuities as defined in &#xA7;&#xA7; <a class=\"law\" title=\"Annuities\" href=\"\/38.2-106\/\">38.2-106<\/a> and <a class=\"law\" title=\"Variable annuity\" href=\"\/38.2-107\/\">38.2-107<\/a> and life insurance as defined in &#xA7;&#xA7; <a class=\"law\" title=\"Life\" href=\"\/38.2-102\/\">38.2-102<\/a> through <a class=\"law\" title=\"Variable life\" href=\"\/38.2-105\/\">38.2-105<\/a>. <a id=\"paragraph-309090\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/38.2-3116\/#A\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"B\"><p><span class=\"prefix-number\">B.<\/span> As used in this section, &#8220;policy form&#8221; means: <a id=\"paragraph-309091\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/38.2-3116\/#B\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"B1\" class=\"indent-1\"><p><span class=\"prefix-number\">1.<\/span> Any individual life insurance policy, plan or agreement, and any annuity <span class=\"dictionary\">contract<\/span> delivered or issued for delivery in this Commonwealth; <a id=\"paragraph-309092\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/38.2-3116\/#B1\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"B2\" class=\"indent-1\"><p><span class=\"prefix-number\">2.<\/span> Any policy, certificate or <span class=\"dictionary\">contract<\/span>, including any riders, endorsements or amendments providing death benefits, delivered or issued for delivery in this Commonwealth by a fraternal benefit society; <a id=\"paragraph-309093\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/38.2-3116\/#B2\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"B3\" class=\"indent-1\"><p><span class=\"prefix-number\">3.<\/span> Any group life insurance policy, <span class=\"dictionary\">contract<\/span>, plan or agreement, including any riders, endorsements or amendments, delivered or issued for delivery in this Commonwealth, to a group with ten or fewer members; or <a id=\"paragraph-309094\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/38.2-3116\/#B3\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"B4\" class=\"indent-1\"><p><span class=\"prefix-number\">4.<\/span> Any certificate, including any riders, endorsements or amendments, issued under a group life insurance policy delivered or issued for delivery in this Commonwealth. <a id=\"paragraph-309095\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/38.2-3116\/#B4\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"C\"><p><span class=\"prefix-number\">C.<\/span> No <span class=\"dictionary\">insurer<\/span> shall <span class=\"dictionary\">issue<\/span> a life insurance policy that has been filed with the <span class=\"dictionary\">Commission<\/span> unless the <span class=\"dictionary\">Commission<\/span> has determined that the policy form satisfies the readability standards established by the rules and regulations and complies with other statutory requirements. <a id=\"paragraph-309096\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/38.2-3116\/#C\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\nCOMMISSION TO ESTABLISH STANDARDS FOR SIMPLIFIED AND READABLE LIFE INSURANCE AND\nANNUITY POLICIES (\u00a7 38.2-3116)\n\nA. Pursuant to the authority granted under &#xA7; 38.2-223, the Commission may\nissue rules and regulations establishing standards for simplified and readable\nlife insurance policies and annuity contracts. The standards shall apply to all\npolicy forms for annuities as defined in &#xA7;&#xA7; 38.2-106 and 38.2-107 and\nlife insurance as defined in &#xA7;&#xA7; 38.2-102 through 38.2-105.\n\nB. As used in this section, &#8220;policy form&#8221; means:\n\n   1. Any individual life insurance policy, plan or agreement, and any annuity\n   contract delivered or issued for delivery in this Commonwealth;\n\n   2. Any policy, certificate or contract, including any riders, endorsements or\n   amendments providing death benefits, delivered or issued for delivery in this\n   Commonwealth by a fraternal benefit society;\n\n   3. Any group life insurance policy, contract, plan or agreement, including any\n   riders, endorsements or amendments, delivered or issued for delivery in this\n   Commonwealth, to a group with ten or fewer members; or\n\n   4. Any certificate, including any riders, endorsements or amendments, issued\n   under a group life insurance policy delivered or issued for delivery in this\n   Commonwealth.\n\nC. No insurer shall issue a life insurance policy that has been filed with the\nCommission unless the Commission has determined that the policy form satisfies\nthe readability standards established by the rules and regulations and complies\nwith other statutory requirements.\n\nHISTORY: 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}}