{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/38.2-6009.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/38.2-6009.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/38.2-6009.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/38.2-6009.html"}],"law_id":73158,"edition_id":1,"section_id":73158,"structure_id":15429,"section_number":"38.2-6009","catch_line":"Prohibited practices","history":"2003, c. 717.","full_text":"A\n\nIt is a violation of this chapter for any person to enter into a viatical settlement contract within a two-year period commencing with the date of issuance of the insurance policy or certificate unless the viator certifies to the viatical settlement provider that one or more of the following conditions have been met within the two-year period:1\n\nThe policy was issued upon the viator’s exercise of conversion rights arising out of a group or individual policy, provided the total of the time covered under the conversion policy plus the time covered under the prior policy is at least 24 months. The time covered under a group policy shall be calculated without regard to any change in insurance carriers, provided the coverage has been continuous and under the same group sponsorship;2\n\nThe viator submits independent evidence to the viatical settlement provider that one or more of the following conditions have been met within the two-year period:\n\t\t\t\ta. The insured is terminally or chronically ill, or\n\t\t\t\tb. The viator or insured disposes of his ownership interests in a closely held corporation pursuant to terms of a buyout or other similar agreement in effect at the time the insurance policy was initially issued.B\n\nCopies of the certifications and independent evidence required by this subsection and documents required by subsection A of § 38.2-6008 shall be submitted to the insurer when the viatical settlement provider submits a request to the insurer for verification of coverage. The copies shall be accompanied by a letter of attestation from the viatical settlement provider that the copies are true and correct copies of the documents received by the viatical settlement provider.","order_by":null,"text":{"0":{"id":263398,"text":"It is a violation of this chapter for any person to enter into a viatical settlement contract within a two-year period commencing with the date of issuance of the insurance policy or certificate unless the viator certifies to the viatical settlement provider that one or more of the following conditions have been met within the two-year period:","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"A1"},"1":{"id":263399,"text":"The policy was issued upon the viator’s exercise of conversion rights arising out of a group or individual policy, provided the total of the time covered under the conversion policy plus the time covered under the prior policy is at least 24 months. The time covered under a group policy shall be calculated without regard to any change in insurance carriers, provided the coverage has been continuous and under the same group sponsorship;","type":"section","prefixes":["A","1"],"prefix":"1","entire_prefix":"A1","prefix_anchor":"A1","level":2,"prior_prefix":"A","next_prefix":"A2"},"2":{"id":263400,"text":"The viator submits independent evidence to the viatical settlement provider that one or more of the following conditions have been met within the two-year period:\n\t\t\t\ta. The insured is terminally or chronically ill, or\n\t\t\t\tb. The viator or insured disposes of his ownership interests in a closely held corporation pursuant to terms of a buyout or other similar agreement in effect at the time the insurance policy was initially issued.","type":"section","prefixes":["A","2"],"prefix":"2","entire_prefix":"A2","prefix_anchor":"A2","level":2,"prior_prefix":"A1","next_prefix":"B"},"3":{"id":263401,"text":"Copies of the certifications and independent evidence required by this subsection and documents required by subsection A of § 38.2-6008 shall be submitted to the insurer when the viatical settlement provider submits a request to the insurer for verification of coverage. The copies shall be accompanied by a letter of attestation from the viatical settlement provider that the copies are true and correct copies of the documents received by the viatical settlement provider.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A2"}},"ancestry":[{"id":15429,"edition_id":1,"name":"Viatical Settlements Act","identifier":"60","label":"chapter","depth":2,"order_by":1,"parent_id":12698,"metadata":{},"date_created":"2026-06-26 03:54:55","date_modified":"2026-06-26 03:54:55","permalink":{"id":218163,"object_type":"structure","relational_id":15429,"identifier":"60","token":"38.2\/60","url":"\/38.2\/60\/","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":85466,"structure_id":15429,"section_number":"38.2-6000","catch_line":"Definitions","url":"\/38.2-6000\/","token":"38.2\/60\/38.2-6000","metadata":false},{"id":85657,"structure_id":15429,"section_number":"38.2-6001","catch_line":"Viatical settlement brokers","url":"\/38.2-6001\/","token":"38.2\/60\/38.2-6001","metadata":false},{"id":61028,"structure_id":15429,"section_number":"38.2-6002","catch_line":"Viatical settlement providers, license requirements","url":"\/38.2-6002\/","token":"38.2\/60\/38.2-6002","metadata":false},{"id":76487,"structure_id":15429,"section_number":"38.2-6003","catch_line":"Approval of viatical settlement contracts and disclosure statements","url":"\/38.2-6003\/","token":"38.2\/60\/38.2-6003","metadata":false},{"id":66010,"structure_id":15429,"section_number":"38.2-6004","catch_line":"Reporting requirements","url":"\/38.2-6004\/","token":"38.2\/60\/38.2-6004","metadata":false},{"id":72848,"structure_id":15429,"section_number":"38.2-6005","catch_line":"Privacy","url":"\/38.2-6005\/","token":"38.2\/60\/38.2-6005","metadata":false},{"id":84374,"structure_id":15429,"section_number":"38.2-6006","catch_line":"Examinations; record retention; investigations","url":"\/38.2-6006\/","token":"38.2\/60\/38.2-6006","metadata":false},{"id":83681,"structure_id":15429,"section_number":"38.2-6007","catch_line":"Disclosure","url":"\/38.2-6007\/","token":"38.2\/60\/38.2-6007","metadata":false},{"id":63520,"structure_id":15429,"section_number":"38.2-6008","catch_line":"General rules","url":"\/38.2-6008\/","token":"38.2\/60\/38.2-6008","metadata":false},{"id":73158,"structure_id":15429,"section_number":"38.2-6009","catch_line":"Prohibited practices","url":"\/38.2-6009\/","token":"38.2\/60\/38.2-6009","metadata":false},{"id":66115,"structure_id":15429,"section_number":"38.2-6010","catch_line":"Advertising for viatical settlements","url":"\/38.2-6010\/","token":"38.2\/60\/38.2-6010","metadata":false},{"id":84400,"structure_id":15429,"section_number":"38.2-6011","catch_line":"Fraud prevention and control","url":"\/38.2-6011\/","token":"38.2\/60\/38.2-6011","metadata":false},{"id":66961,"structure_id":15429,"section_number":"38.2-6012","catch_line":"Civil remedies","url":"\/38.2-6012\/","token":"38.2\/60\/38.2-6012","metadata":false},{"id":77614,"structure_id":15429,"section_number":"38.2-6013","catch_line":"Unfair trade practices","url":"\/38.2-6013\/","token":"38.2\/60\/38.2-6013","metadata":false},{"id":58773,"structure_id":15429,"section_number":"38.2-6014","catch_line":"Commission authority","url":"\/38.2-6014\/","token":"38.2\/60\/38.2-6014","metadata":false},{"id":70459,"structure_id":15429,"section_number":"38.2-6015","catch_line":"Immunity from liability","url":"\/38.2-6015\/","token":"38.2\/60\/38.2-6015","metadata":false},{"id":60651,"structure_id":15429,"section_number":"38.2-6016","catch_line":"Applicability of securities laws","url":"\/38.2-6016\/","token":"38.2\/60\/38.2-6016","metadata":false}],"previous_section":{"id":63520,"structure_id":15429,"section_number":"38.2-6008","catch_line":"General rules","url":"\/38.2-6008\/","token":"38.2\/60\/38.2-6008","metadata":false},"next_section":{"id":66115,"structure_id":15429,"section_number":"38.2-6010","catch_line":"Advertising for viatical settlements","url":"\/38.2-6010\/","token":"38.2\/60\/38.2-6010","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-6009\/","history_text":"

This law was first created in 2003. The record of its establishment is cataloged in chapter 717<\/a> 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.<\/p>","references":false,"refers_to":[{"id":63520,"section_number":"38.2-6008","catch_line":"General rules","order_by":null,"url":"\/38.2-6008\/"}],"permalink":{"id":218201,"object_type":"law","relational_id":73158,"identifier":"38.2-6009","token":"38.2\/60\/38.2-6009","url":"\/38.2-6009\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/38.2-6009\/","token":"38.2\/60\/38.2-6009","dublin_core":{"Title":"Prohibited practices","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-6009","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> It is a violation of this chapter for any person<\/span> to enter into a viatical settlement contract<\/span> within a two-year period commencing with the date of issuance of the insurance<\/span> policy<\/span> or certificate unless the viator<\/span> certifies to the viatical settlement provider<\/span> that one or more of the following conditions have been met within the two-year period: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> The policy<\/span> was issued upon the viator<\/span>’s exercise of conversion rights arising out of a group or individual policy<\/span>, provided the total of the time covered under the conversion policy<\/span> plus the time covered under the prior policy<\/span> is at least 24 months. The time covered under a group policy<\/span> shall be calculated without regard to any change in insurance<\/span> carriers, provided the coverage has been continuous and under the same group sponsorship; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> The viator<\/span> submits independent evidence<\/span> to the viatical settlement provider<\/span> that one or more of the following conditions have been met within the two-year period:\n\t\t\t\ta. The insured is terminally or chronically ill<\/span>, or\n\t\t\t\tb. The viator<\/span> or insured disposes of his ownership interests in a closely held corporation pursuant to terms of a buyout or other similar agreement in effect at the time the insurance<\/span> policy<\/span> was initially issued. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> Copies of the certifications and independent evidence<\/span> required by this subsection and documents required by subsection A of § 38.2-6008<\/a> shall be submitted to the insurer<\/span> when the viatical settlement provider<\/span> submits a request to the insurer<\/span> for verification of coverage. The copies shall be accompanied by a letter of attestation from the viatical settlement provider<\/span> that the copies are true and correct copies of the documents received by the viatical settlement provider<\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nPROHIBITED PRACTICES (\u00a7 38.2-6009)\n\nA. It is a violation of this chapter for any person to enter into a viatical\nsettlement contract within a two-year period commencing with the date of\nissuance of the insurance policy or certificate unless the viator certifies to\nthe viatical settlement provider that one or more of the following conditions\nhave been met within the two-year period:\n\n 1. The policy was issued upon the viator’s exercise of conversion rights\n arising out of a group or individual policy, provided the total of the time\n covered under the conversion policy plus the time covered under the prior\n policy is at least 24 months. The time covered under a group policy shall be\n calculated without regard to any change in insurance carriers, provided the\n coverage has been continuous and under the same group sponsorship;\n\n 2. The viator submits independent evidence to the viatical settlement provider\n that one or more of the following conditions have been met within the two-year\n period:\n \t\t\t\ta. The insured is terminally or chronically ill, or\n \t\t\t\tb. The viator or insured disposes of his ownership interests in a closely\n held corporation pursuant to terms of a buyout or other similar agreement in\n effect at the time the insurance policy was initially issued.\n\nB. Copies of the certifications and independent evidence required by this\nsubsection and documents required by subsection A of § 38.2-6008 shall be\nsubmitted to the insurer when the viatical settlement provider submits a request\nto the insurer for verification of coverage. The copies shall be accompanied by\na letter of attestation from the viatical settlement provider that the copies\nare true and correct copies of the documents received by the viatical settlement\nprovider.\n\nHISTORY: 2003, c. 717.","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}}