{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/38.2-6010.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/38.2-6010.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/38.2-6010.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/38.2-6010.html"}],"law_id":66115,"edition_id":1,"section_id":66115,"structure_id":15429,"section_number":"38.2-6010","catch_line":"Advertising for viatical settlements","history":"2003, c. 717.","full_text":"A\n\nThis section shall apply to any advertising of viatical settlement contracts, or related products or services intended for dissemination in this Commonwealth, including Internet advertising viewed by persons located in this Commonwealth. Where disclosure requirements are established pursuant to federal regulation, this section shall be interpreted so as to minimize or eliminate conflict with federal regulation wherever possible.B\n\nEach licensee under this chapter shall establish and at all times maintain a system of control over the content, form and method of dissemination of all advertisements of its contracts, products, and services. All advertisements, regardless of by whom written, created, designed, or presented, shall be the responsibility of the licensee, as well as the individual who created or presented the advertisement. A system of control shall include regular routine notification, at least once a year, to agents and others authorized by the licensee who disseminates advertisements of the requirements and procedures for approval prior to the use of any advertisements not furnished by the licensee.C\n\nAdvertisements shall be truthful and not misleading in fact or by implication. The form and content of an advertisement of a viatical settlement contract shall be sufficiently complete and clear so as to avoid deception. It shall not have the capacity or tendency to mislead or deceive. Whether an advertisement has the capacity or tendency to mislead or deceive shall be determined by the Commission from the overall impression that the advertisement may be reasonably expected to create upon a person of average education or intelligence within the segment of the public to which it is directed.D\n\nThe information required to be disclosed under this section shall not be minimized, rendered obscure, or presented in an ambiguous fashion or intermingled with the text of the advertisement so as to be confusing or misleading.1\n\nAn advertisement shall not omit material information or use words, phrases, statements, references, or illustrations if the omission or use has the capacity, tendency, or effect of misleading or deceiving viators, as to the nature or extent of any benefit, loss covered, premium payable, or state or federal tax consequence. The fact that the viatical settlement contract offered is made available for inspection prior to consummation of the sale, or an offer is made to refund the payment if the viator is not satisfied or that the viatical settlement contract includes a “free look” period that satisfies or exceeds legal requirements, does not remedy misleading statements.2\n\nAn advertisement shall not use the name or title of a life insurance company or a life insurance policy unless the advertisement has been approved by the insurer.3\n\nAn advertisement shall not state or imply that interest charged on an accelerated death benefit or a policy loan is unfair, inequitable, or in any manner an incorrect or improper practice.4\n\nThe words “free,” “no cost,” “without cost,” “no additional cost,” “at no extra cost,” or words of similar import shall not be used with respect to any benefit or service unless true. An advertisement may specify the charge for a benefit or a service or may state that a charge is included in the payment or use other appropriate language.5\n\nTestimonials, appraisals, or analysis used in advertisements must be genuine; represent the current opinion of the author; be applicable to the viatical settlement contract, product, or service advertised, if any; and be accurately reproduced with sufficient completeness to avoid misleading or deceiving prospective viators as to the nature or scope of the testimonials, appraisal, analysis, or endorsement. In using testimonials, appraisals, or analysis, the viatical settlement licensee makes as its own all the statements contained therein, and the statements are subject to all the provisions of this section.\n\t\t\t\ta. If the individual making a testimonial, appraisal, analysis, or an endorsement has a financial interest in the viatical settlement provider, viatical settlement broker, or related entity as a stockholder, director, officer, employee, or otherwise, or receives any benefit directly or indirectly other than required union scale wages, that fact shall be prominently disclosed in the advertisement.\n\t\t\t\tb. An advertisement shall not state or imply that a viatical settlement contract benefit or service has been approved or endorsed by a group of individuals, society, association, or other organization unless that is the fact and unless any relationship between an organization and the viatical settlement licensee is disclosed. If the entity making the endorsement or testimonial is owned, controlled, or managed by the viatical settlement licensee, or receives any payment or other consideration from the viatical settlement licensee for making an endorsement or testimonial, that fact shall be disclosed in the advertisement.\n\t\t\t\tc. When an endorsement refers to benefits received under a viatical settlement contract all pertinent information shall be retained for a period of five years after its use.E\n\nAn advertisement shall not contain statistical information unless it accurately reflects recent and relevant facts. The source of all statistics used in an advertisement shall be identified.F\n\nAn advertisement shall not disparage insurers, viatical settlement providers, viatical settlement brokers, viatical settlement investment agents, insurance producers, policies, services, or methods of marketing.G\n\nThe name of the viatical settlement licensee shall be clearly identified in all advertisements about the licensee or its viatical settlement contracts, products, or services, and if any specific viatical settlement contract is advertised, the viatical settlement contract shall be identified either by form number or some other appropriate description. If an application is part of the advertisement, the name of the viatical settlement provider shall be shown on the application.H\n\nAn advertisement shall not use a trade name, group designation, name of the parent company of a viatical settlement licensee, name of a particular division of the viatical settlement licensee, service mark, slogan, symbol, or other device or reference without disclosing the name of the viatical settlement licensee, if the advertisement would have the capacity or tendency to mislead or deceive as to the true identity of the viatical settlement licensee, or to create the impression that a company other than the viatical settlement licensee would have any responsibility for the financial obligation under a viatical settlement contract.I\n\nAn advertisement shall not use any combination of words, symbols, or physical materials that by their content, phraseology, shape, color, or other characteristics are so similar to a combination of words, symbols, or physical materials used by a government program or agency or otherwise appear to be of such a nature that they tend to mislead prospective viators into believing that the solicitation is in some manner connected with a government program or agency.J\n\nAn advertisement may state that a viatical settlement licensee is licensed in the state where the advertisement appears, provided it does not exaggerate that fact or suggest or imply that a competing viatical settlement licensee may not be so licensed. The advertisement may ask the audience to consult the licensee’s website or contact the Bureau of Insurance to find out if this Commonwealth requires licensing and, if so, whether the viatical settlement provider or viatical settlement broker is licensed.K\n\nAn advertisement shall not create the impression that the viatical settlement provider, its financial condition or status, the payment of its claims or the merits, desirability, or advisability of its viatical settlement contracts are recommended or endorsed by any government entity.L\n\nThe name of the actual licensee shall be stated in all of its advertisements. An advertisement shall not use a trade name, any group designation, name of any affiliate, or controlling entity of the licensee, service mark, slogan, symbol, or other device in a manner that would have the capacity or tendency to mislead or deceive as to the true identity of the actual licensee or create the false impression that an affiliate or controlling entity would have any responsibility for the financial obligation of the licensee.M\n\nAn advertisement shall not directly or indirectly create the impression that any division or agency of the state or of the U.S. government endorses, approves, or favors:1\n\nAny viatical settlement licensee or its business practices or methods of operation;2\n\nThe merits, desirability, or advisability of any viatical settlement contract;3\n\nAny viatical settlement contract; or4\n\nAny life insurance policy or life insurance company.N\n\nIf the advertiser emphasizes the speed with which the viatication will occur, the advertising must disclose the average time frame from completed application to the date of offer and from acceptance of the offer to receipt of the funds by the viator.O\n\nIf the advertising emphasizes the dollar amounts available to viators, the advertising shall disclose the average purchase price as a percent of face value obtained by viators contracting with the licensee during the past six months.","order_by":null,"text":{"0":{"id":240176,"text":"This section shall apply to any advertising of viatical settlement contracts, or related products or services intended for dissemination in this Commonwealth, including Internet advertising viewed by persons located in this Commonwealth. Where disclosure requirements are established pursuant to federal regulation, this section shall be interpreted so as to minimize or eliminate conflict with federal regulation wherever possible.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":240177,"text":"Each licensee under this chapter shall establish and at all times maintain a system of control over the content, form and method of dissemination of all advertisements of its contracts, products, and services. All advertisements, regardless of by whom written, created, designed, or presented, shall be the responsibility of the licensee, as well as the individual who created or presented the advertisement. A system of control shall include regular routine notification, at least once a year, to agents and others authorized by the licensee who disseminates advertisements of the requirements and procedures for approval prior to the use of any advertisements not furnished by the licensee.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":240178,"text":"Advertisements shall be truthful and not misleading in fact or by implication. The form and content of an advertisement of a viatical settlement contract shall be sufficiently complete and clear so as to avoid deception. It shall not have the capacity or tendency to mislead or deceive. Whether an advertisement has the capacity or tendency to mislead or deceive shall be determined by the Commission from the overall impression that the advertisement may be reasonably expected to create upon a person of average education or intelligence within the segment of the public to which it is directed.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"3":{"id":240179,"text":"The information required to be disclosed under this section shall not be minimized, rendered obscure, or presented in an ambiguous fashion or intermingled with the text of the advertisement so as to be confusing or misleading.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C","next_prefix":"D1"},"4":{"id":240180,"text":"An advertisement shall not omit material information or use words, phrases, statements, references, or illustrations if the omission or use has the capacity, tendency, or effect of misleading or deceiving viators, as to the nature or extent of any benefit, loss covered, premium payable, or state or federal tax consequence. The fact that the viatical settlement contract offered is made available for inspection prior to consummation of the sale, or an offer is made to refund the payment if the viator is not satisfied or that the viatical settlement contract includes a “free look” period that satisfies or exceeds legal requirements, does not remedy misleading statements.","type":"section","prefixes":["D","1"],"prefix":"1","entire_prefix":"D1","prefix_anchor":"D1","level":2,"prior_prefix":"D","next_prefix":"D2"},"5":{"id":240181,"text":"An advertisement shall not use the name or title of a life insurance company or a life insurance policy unless the advertisement has been approved by the insurer.","type":"section","prefixes":["D","2"],"prefix":"2","entire_prefix":"D2","prefix_anchor":"D2","level":2,"prior_prefix":"D1","next_prefix":"D3"},"6":{"id":240182,"text":"An advertisement shall not state or imply that interest charged on an accelerated death benefit or a policy loan is unfair, inequitable, or in any manner an incorrect or improper practice.","type":"section","prefixes":["D","3"],"prefix":"3","entire_prefix":"D3","prefix_anchor":"D3","level":2,"prior_prefix":"D2","next_prefix":"D4"},"7":{"id":240183,"text":"The words “free,” “no cost,” “without cost,” “no additional cost,” “at no extra cost,” or words of similar import shall not be used with respect to any benefit or service unless true. An advertisement may specify the charge for a benefit or a service or may state that a charge is included in the payment or use other appropriate language.","type":"section","prefixes":["D","4"],"prefix":"4","entire_prefix":"D4","prefix_anchor":"D4","level":2,"prior_prefix":"D3","next_prefix":"D5"},"8":{"id":240184,"text":"Testimonials, appraisals, or analysis used in advertisements must be genuine; represent the current opinion of the author; be applicable to the viatical settlement contract, product, or service advertised, if any; and be accurately reproduced with sufficient completeness to avoid misleading or deceiving prospective viators as to the nature or scope of the testimonials, appraisal, analysis, or endorsement. In using testimonials, appraisals, or analysis, the viatical settlement licensee makes as its own all the statements contained therein, and the statements are subject to all the provisions of this section.\n\t\t\t\ta. If the individual making a testimonial, appraisal, analysis, or an endorsement has a financial interest in the viatical settlement provider, viatical settlement broker, or related entity as a stockholder, director, officer, employee, or otherwise, or receives any benefit directly or indirectly other than required union scale wages, that fact shall be prominently disclosed in the advertisement.\n\t\t\t\tb. An advertisement shall not state or imply that a viatical settlement contract benefit or service has been approved or endorsed by a group of individuals, society, association, or other organization unless that is the fact and unless any relationship between an organization and the viatical settlement licensee is disclosed. If the entity making the endorsement or testimonial is owned, controlled, or managed by the viatical settlement licensee, or receives any payment or other consideration from the viatical settlement licensee for making an endorsement or testimonial, that fact shall be disclosed in the advertisement.\n\t\t\t\tc. When an endorsement refers to benefits received under a viatical settlement contract all pertinent information shall be retained for a period of five years after its use.","type":"section","prefixes":["D","5"],"prefix":"5","entire_prefix":"D5","prefix_anchor":"D5","level":2,"prior_prefix":"D4","next_prefix":"E"},"9":{"id":240185,"text":"An advertisement shall not contain statistical information unless it accurately reflects recent and relevant facts. The source of all statistics used in an advertisement shall be identified.","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D5","next_prefix":"F"},"10":{"id":240186,"text":"An advertisement shall not disparage insurers, viatical settlement providers, viatical settlement brokers, viatical settlement investment agents, insurance producers, policies, services, or methods of marketing.","type":"section","prefixes":["F"],"prefix":"F","entire_prefix":"F","prefix_anchor":"F","level":1,"prior_prefix":"E","next_prefix":"G"},"11":{"id":240187,"text":"The name of the viatical settlement licensee shall be clearly identified in all advertisements about the licensee or its viatical settlement contracts, products, or services, and if any specific viatical settlement contract is advertised, the viatical settlement contract shall be identified either by form number or some other appropriate description. If an application is part of the advertisement, the name of the viatical settlement provider shall be shown on the application.","type":"section","prefixes":["G"],"prefix":"G","entire_prefix":"G","prefix_anchor":"G","level":1,"prior_prefix":"F","next_prefix":"H"},"12":{"id":240188,"text":"An advertisement shall not use a trade name, group designation, name of the parent company of a viatical settlement licensee, name of a particular division of the viatical settlement licensee, service mark, slogan, symbol, or other device or reference without disclosing the name of the viatical settlement licensee, if the advertisement would have the capacity or tendency to mislead or deceive as to the true identity of the viatical settlement licensee, or to create the impression that a company other than the viatical settlement licensee would have any responsibility for the financial obligation under a viatical settlement contract.","type":"section","prefixes":["H"],"prefix":"H","entire_prefix":"H","prefix_anchor":"H","level":1,"prior_prefix":"G","next_prefix":"I"},"13":{"id":240189,"text":"An advertisement shall not use any combination of words, symbols, or physical materials that by their content, phraseology, shape, color, or other characteristics are so similar to a combination of words, symbols, or physical materials used by a government program or agency or otherwise appear to be of such a nature that they tend to mislead prospective viators into believing that the solicitation is in some manner connected with a government program or agency.","type":"section","prefixes":["I"],"prefix":"I","entire_prefix":"I","prefix_anchor":"I","level":1,"prior_prefix":"H","next_prefix":"J"},"14":{"id":240190,"text":"An advertisement may state that a viatical settlement licensee is licensed in the state where the advertisement appears, provided it does not exaggerate that fact or suggest or imply that a competing viatical settlement licensee may not be so licensed. The advertisement may ask the audience to consult the licensee’s website or contact the Bureau of Insurance to find out if this Commonwealth requires licensing and, if so, whether the viatical settlement provider or viatical settlement broker is licensed.","type":"section","prefixes":["J"],"prefix":"J","entire_prefix":"J","prefix_anchor":"J","level":1,"prior_prefix":"I","next_prefix":"K"},"15":{"id":240191,"text":"An advertisement shall not create the impression that the viatical settlement provider, its financial condition or status, the payment of its claims or the merits, desirability, or advisability of its viatical settlement contracts are recommended or endorsed by any government entity.","type":"section","prefixes":["K"],"prefix":"K","entire_prefix":"K","prefix_anchor":"K","level":1,"prior_prefix":"J","next_prefix":"L"},"16":{"id":240192,"text":"The name of the actual licensee shall be stated in all of its advertisements. An advertisement shall not use a trade name, any group designation, name of any affiliate, or controlling entity of the licensee, service mark, slogan, symbol, or other device in a manner that would have the capacity or tendency to mislead or deceive as to the true identity of the actual licensee or create the false impression that an affiliate or controlling entity would have any responsibility for the financial obligation of the licensee.","type":"section","prefixes":["L"],"prefix":"L","entire_prefix":"L","prefix_anchor":"L","level":1,"prior_prefix":"K","next_prefix":"M"},"17":{"id":240193,"text":"An advertisement shall not directly or indirectly create the impression that any division or agency of the state or of the U.S. government endorses, approves, or favors:","type":"section","prefixes":["M"],"prefix":"M","entire_prefix":"M","prefix_anchor":"M","level":1,"prior_prefix":"L","next_prefix":"M1"},"18":{"id":240194,"text":"Any viatical settlement licensee or its business practices or methods of operation;","type":"section","prefixes":["M","1"],"prefix":"1","entire_prefix":"M1","prefix_anchor":"M1","level":2,"prior_prefix":"M","next_prefix":"M2"},"19":{"id":240195,"text":"The merits, desirability, or advisability of any viatical settlement contract;","type":"section","prefixes":["M","2"],"prefix":"2","entire_prefix":"M2","prefix_anchor":"M2","level":2,"prior_prefix":"M1","next_prefix":"M3"},"20":{"id":240196,"text":"Any viatical settlement contract; or","type":"section","prefixes":["M","3"],"prefix":"3","entire_prefix":"M3","prefix_anchor":"M3","level":2,"prior_prefix":"M2","next_prefix":"M4"},"21":{"id":240197,"text":"Any life insurance policy or life insurance company.","type":"section","prefixes":["M","4"],"prefix":"4","entire_prefix":"M4","prefix_anchor":"M4","level":2,"prior_prefix":"M3","next_prefix":"N"},"22":{"id":240198,"text":"If the advertiser emphasizes the speed with which the viatication will occur, the advertising must disclose the average time frame from completed application to the date of offer and from acceptance of the offer to receipt of the funds by the viator.","type":"section","prefixes":["N"],"prefix":"N","entire_prefix":"N","prefix_anchor":"N","level":1,"prior_prefix":"M4","next_prefix":"O"},"23":{"id":240199,"text":"If the advertising emphasizes the dollar amounts available to viators, the advertising shall disclose the average purchase price as a percent of face value obtained by viators contracting with the licensee during the past six months.","type":"section","prefixes":["O"],"prefix":"O","entire_prefix":"O","prefix_anchor":"O","level":1,"prior_prefix":"N"}},"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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-6010\/","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":false,"permalink":{"id":218205,"object_type":"law","relational_id":66115,"identifier":"38.2-6010","token":"38.2\/60\/38.2-6010","url":"\/38.2-6010\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/38.2-6010\/","token":"38.2\/60\/38.2-6010","dublin_core":{"Title":"Advertising for viatical settlements","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-6010","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> This section shall apply to any advertising<\/span> of viatical settlement contracts<\/span><\/span>, or related products or services intended for dissemination in this Commonwealth, including Internet advertising<\/span> viewed by persons<\/span> located in this Commonwealth. Where disclosure requirements are established pursuant to federal regulation, this section shall be interpreted so as to minimize or eliminate conflict with federal regulation wherever possible. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> Each licensee under this chapter<\/span> shall establish and at all times maintain a system of control over the content, form and method of dissemination of all advertisements of its contracts, products, and services. All advertisements, regardless of by whom written, created, designed, or presented, shall be the responsibility of the licensee, as well as the individual who created or presented the advertisement. A system of control shall include regular routine notification, at least once a year, to agents and others authorized by the licensee who disseminates advertisements of the requirements and procedures for approval prior to the use of any advertisements not furnished by the licensee. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> Advertisements shall be truthful and not misleading in fact<\/span> or by implication. The form and content of an advertisement of a viatical settlement contract<\/span> shall be sufficiently complete and clear so as to avoid deception. It shall not have the capacity or tendency to mislead or deceive. Whether an advertisement has the capacity or tendency to mislead or deceive shall be determined by the Commission<\/span> from the overall impression that the advertisement may be reasonably expected to create upon a person<\/span> of average education or intelligence within the segment of the public to which it is directed. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> The information required to be disclosed under this section shall not be minimized, rendered obscure, or presented in an ambiguous fashion or intermingled with the text of the advertisement so as to be confusing or misleading. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> An advertisement shall not omit material<\/span> information or use words, phrases, statements, references, or illustrations if the omission or use has the capacity, tendency, or effect of misleading or deceiving viators<\/span>, as to the nature or extent of any benefit, loss covered, premium payable, or state<\/span> or federal tax consequence. The fact<\/span> that the viatical settlement contract<\/span> offered is made available for inspection prior to consummation of the sale, or an offer is made to refund the payment if the viator<\/span> is not satisfied or that the viatical settlement contract<\/span> includes a “free look<\/span>” period that satisfies or exceeds legal requirements, does not remedy misleading statements. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> An advertisement shall not use the name or title of a life insurance company<\/span> or a life insurance policy<\/span> unless the advertisement has been approved by the insurer<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> An advertisement shall not state<\/span> or imply that interest charged on an accelerated death benefit or a policy<\/span> loan is unfair, inequitable, or in any manner an incorrect or improper practice. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> The words “free,” “no cost,” “without cost,” “no additional cost,” “at no extra cost,” or words of similar import shall not be used with respect to any benefit or service unless true. An advertisement may specify the charge for a benefit or a service or may state<\/span> that a charge is included in the payment or use other appropriate language. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> Testimonials, appraisals, or analysis used in advertisements must be genuine; represent the current opinion<\/span> of the author; be applicable to the viatical settlement contract<\/span>, product, or service advertised, if any; and be accurately reproduced with sufficient completeness to avoid misleading or deceiving prospective viators<\/span> as to the nature or scope of the testimonials, appraisal, analysis, or endorsement. In using testimonials, appraisals, or analysis, the viatical settlement licensee makes as its own all the statements contained therein, and the statements are subject to all the provisions of this section.\n\t\t\t\ta. If the individual making a testimonial, appraisal, analysis, or an endorsement has a financial interest in the viatical settlement provider<\/span>, viatical settlement broker<\/span>, or related entity as a stockholder, director, officer, employee, or otherwise, or receives any benefit directly or indirectly other than required union scale wages, that fact<\/span> shall be prominently disclosed in the advertisement.\n\t\t\t\tb. An advertisement shall not state<\/span> or imply that a viatical settlement contract<\/span> benefit or service has been approved or endorsed by a group of individuals, society, association, or other organization unless that is the fact<\/span> and unless any relationship between an organization and the viatical settlement licensee is disclosed. If the entity making the endorsement or testimonial is owned, controlled, or managed by the viatical settlement licensee, or receives any payment or other consideration from the viatical settlement licensee for making an endorsement or testimonial, that fact<\/span> shall be disclosed in the advertisement.\n\t\t\t\tc. When an endorsement refers to benefits received under a viatical settlement contract<\/span> all pertinent information shall be retained for a period of five years after its use. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

E.<\/span> An advertisement shall not contain statistical information unless it accurately reflects recent and relevant facts<\/span>. The source of all statistics used in an advertisement shall be identified. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

F.<\/span> An advertisement shall not disparage insurers<\/span>, viatical settlement providers<\/span>, viatical settlement brokers<\/span>, viatical settlement investment agents, insurance producers, policies, services, or methods of marketing. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

G.<\/span> The name of the viatical settlement licensee shall be clearly identified in all advertisements about the licensee or its viatical settlement contracts<\/span><\/span>, products, or services, and if any specific viatical settlement contract<\/span> is advertised, the viatical settlement contract<\/span> shall be identified either by form number or some other appropriate description. If an application is part of the advertisement, the name of the viatical settlement provider<\/span> shall be shown on the application. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

H.<\/span> An advertisement shall not use a trade name, group designation, name of the parent company of a viatical settlement licensee, name of a particular division of the viatical settlement licensee, service mark, slogan, symbol, or other device or reference without disclosing the name of the viatical settlement licensee, if the advertisement would have the capacity or tendency to mislead or deceive as to the true identity of the viatical settlement licensee, or to create the impression that a company other than the viatical settlement licensee would have any responsibility for the financial obligation under a viatical settlement contract<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

I.<\/span> An advertisement shall not use any combination of words, symbols, or physical materials<\/span> that by their content, phraseology, shape, color, or other characteristics are so similar to a combination of words, symbols, or physical materials<\/span> used by a government program or agency or otherwise appear to be of such a nature that they tend to mislead prospective viators<\/span> into believing that the solicitation is in some manner connected with a government program or agency. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

J.<\/span> An advertisement may state<\/span> that a viatical settlement licensee is licensed in the state<\/span> where the advertisement appears, provided it does not exaggerate that fact<\/span> or suggest or imply that a competing viatical settlement licensee may not be so licensed. The advertisement may ask the audience to consult the licensee’s website or contact the Bureau of Insurance<\/span> to find out if this Commonwealth requires licensing and, if so, whether the viatical settlement provider<\/span> or viatical settlement broker<\/span> is licensed. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

K.<\/span> An advertisement shall not create the impression that the viatical settlement provider<\/span>, its financial condition or status, the payment of its claims or the merits, desirability, or advisability of its viatical settlement contracts<\/span><\/span> are recommended or endorsed by any government entity. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

L.<\/span> The name of the actual licensee shall be stated in all of its advertisements. An advertisement shall not use a trade name, any group designation, name of any affiliate, or controlling entity of the licensee, service mark, slogan, symbol, or other device in a manner that would have the capacity or tendency to mislead or deceive as to the true identity of the actual licensee or create the false impression that an affiliate or controlling entity would have any responsibility for the financial obligation of the licensee. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

M.<\/span> An advertisement shall not directly or indirectly create the impression that any division or agency of the state<\/span> or of the U.S. government endorses, approves, or favors: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Any viatical settlement licensee or its business practices or methods of operation; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> The merits, desirability, or advisability of any viatical settlement contract<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> Any viatical settlement contract<\/span>; or <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> Any life insurance policy<\/span> or life insurance company<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

N.<\/span> If the advertiser emphasizes the speed with which the viatication will occur, the advertising<\/span> must disclose the average time frame from completed application to the date of offer and from acceptance of the offer to receipt of the funds by the viator<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

O.<\/span> If the advertising<\/span> emphasizes the dollar amounts available to viators<\/span>, the advertising<\/span> shall disclose the average purchase price as a percent of face value obtained by viators<\/span> contracting with the licensee during the past six months. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nADVERTISING FOR VIATICAL SETTLEMENTS (\u00a7 38.2-6010)\n\nA. This section shall apply to any advertising of viatical settlement contracts,\nor related products or services intended for dissemination in this Commonwealth,\nincluding Internet advertising viewed by persons located in this Commonwealth.\nWhere disclosure requirements are established pursuant to federal regulation,\nthis section shall be interpreted so as to minimize or eliminate conflict with\nfederal regulation wherever possible.\n\nB. Each licensee under this chapter shall establish and at all times maintain a\nsystem of control over the content, form and method of dissemination of all\nadvertisements of its contracts, products, and services. All advertisements,\nregardless of by whom written, created, designed, or presented, shall be the\nresponsibility of the licensee, as well as the individual who created or\npresented the advertisement. A system of control shall include regular routine\nnotification, at least once a year, to agents and others authorized by the\nlicensee who disseminates advertisements of the requirements and procedures for\napproval prior to the use of any advertisements not furnished by the licensee.\n\nC. Advertisements shall be truthful and not misleading in fact or by\nimplication. The form and content of an advertisement of a viatical settlement\ncontract shall be sufficiently complete and clear so as to avoid deception. It\nshall not have the capacity or tendency to mislead or deceive. Whether an\nadvertisement has the capacity or tendency to mislead or deceive shall be\ndetermined by the Commission from the overall impression that the advertisement\nmay be reasonably expected to create upon a person of average education or\nintelligence within the segment of the public to which it is directed.\n\nD. The information required to be disclosed under this section shall not be\nminimized, rendered obscure, or presented in an ambiguous fashion or\nintermingled with the text of the advertisement so as to be confusing or\nmisleading.\n\n 1. An advertisement shall not omit material information or use words, phrases,\n statements, references, or illustrations if the omission or use has the\n capacity, tendency, or effect of misleading or deceiving viators, as to the\n nature or extent of any benefit, loss covered, premium payable, or state or\n federal tax consequence. The fact that the viatical settlement contract\n offered is made available for inspection prior to consummation of the sale, or\n an offer is made to refund the payment if the viator is not satisfied or that\n the viatical settlement contract includes a “free look” period\n that satisfies or exceeds legal requirements, does not remedy misleading\n statements.\n\n 2. An advertisement shall not use the name or title of a life insurance\n company or a life insurance policy unless the advertisement has been approved\n by the insurer.\n\n 3. An advertisement shall not state or imply that interest charged on an\n accelerated death benefit or a policy loan is unfair, inequitable, or in any\n manner an incorrect or improper practice.\n\n 4. The words “free,” “no cost,” “without\n cost,” “no additional cost,” “at no extra cost,”\n or words of similar import shall not be used with respect to any benefit or\n service unless true. An advertisement may specify the charge for a benefit or\n a service or may state that a charge is included in the payment or use other\n appropriate language.\n\n 5. Testimonials, appraisals, or analysis used in advertisements must be\n genuine; represent the current opinion of the author; be applicable to the\n viatical settlement contract, product, or service advertised, if any; and be\n accurately reproduced with sufficient completeness to avoid misleading or\n deceiving prospective viators as to the nature or scope of the testimonials,\n appraisal, analysis, or endorsement. In using testimonials, appraisals, or\n analysis, the viatical settlement licensee makes as its own all the statements\n contained therein, and the statements are subject to all the provisions of\n this section.\n \t\t\t\ta. If the individual making a testimonial, appraisal, analysis, or an\n endorsement has a financial interest in the viatical settlement provider,\n viatical settlement broker, or related entity as a stockholder, director,\n officer, employee, or otherwise, or receives any benefit directly or\n indirectly other than required union scale wages, that fact shall be\n prominently disclosed in the advertisement.\n \t\t\t\tb. An advertisement shall not state or imply that a viatical settlement\n contract benefit or service has been approved or endorsed by a group of\n individuals, society, association, or other organization unless that is the\n fact and unless any relationship between an organization and the viatical\n settlement licensee is disclosed. If the entity making the endorsement or\n testimonial is owned, controlled, or managed by the viatical settlement\n licensee, or receives any payment or other consideration from the viatical\n settlement licensee for making an endorsement or testimonial, that fact shall\n be disclosed in the advertisement.\n \t\t\t\tc. When an endorsement refers to benefits received under a viatical\n settlement contract all pertinent information shall be retained for a period\n of five years after its use.\n\nE. An advertisement shall not contain statistical information unless it\naccurately reflects recent and relevant facts. The source of all statistics used\nin an advertisement shall be identified.\n\nF. An advertisement shall not disparage insurers, viatical settlement providers,\nviatical settlement brokers, viatical settlement investment agents, insurance\nproducers, policies, services, or methods of marketing.\n\nG. The name of the viatical settlement licensee shall be clearly identified in\nall advertisements about the licensee or its viatical settlement contracts,\nproducts, or services, and if any specific viatical settlement contract is\nadvertised, the viatical settlement contract shall be identified either by form\nnumber or some other appropriate description. If an application is part of the\nadvertisement, the name of the viatical settlement provider shall be shown on\nthe application.\n\nH. An advertisement shall not use a trade name, group designation, name of the\nparent company of a viatical settlement licensee, name of a particular division\nof the viatical settlement licensee, service mark, slogan, symbol, or other\ndevice or reference without disclosing the name of the viatical settlement\nlicensee, if the advertisement would have the capacity or tendency to mislead or\ndeceive as to the true identity of the viatical settlement licensee, or to\ncreate the impression that a company other than the viatical settlement licensee\nwould have any responsibility for the financial obligation under a viatical\nsettlement contract.\n\nI. An advertisement shall not use any combination of words, symbols, or physical\nmaterials that by their content, phraseology, shape, color, or other\ncharacteristics are so similar to a combination of words, symbols, or physical\nmaterials used by a government program or agency or otherwise appear to be of\nsuch a nature that they tend to mislead prospective viators into believing that\nthe solicitation is in some manner connected with a government program or\nagency.\n\nJ. An advertisement may state that a viatical settlement licensee is licensed in\nthe state where the advertisement appears, provided it does not exaggerate that\nfact or suggest or imply that a competing viatical settlement licensee may not\nbe so licensed. The advertisement may ask the audience to consult the\nlicensee’s website or contact the Bureau of Insurance to find out if this\nCommonwealth requires licensing and, if so, whether the viatical settlement\nprovider or viatical settlement broker is licensed.\n\nK. An advertisement shall not create the impression that the viatical settlement\nprovider, its financial condition or status, the payment of its claims or the\nmerits, desirability, or advisability of its viatical settlement contracts are\nrecommended or endorsed by any government entity.\n\nL. The name of the actual licensee shall be stated in all of its advertisements.\nAn advertisement shall not use a trade name, any group designation, name of any\naffiliate, or controlling entity of the licensee, service mark, slogan, symbol,\nor other device in a manner that would have the capacity or tendency to mislead\nor deceive as to the true identity of the actual licensee or create the false\nimpression that an affiliate or controlling entity would have any responsibility\nfor the financial obligation of the licensee.\n\nM. An advertisement shall not directly or indirectly create the impression that\nany division or agency of the state or of the U.S. government endorses,\napproves, or favors:\n\n 1. Any viatical settlement licensee or its business practices or methods of\n operation;\n\n 2. The merits, desirability, or advisability of any viatical settlement\n contract;\n\n 3. Any viatical settlement contract; or\n\n 4. Any life insurance policy or life insurance company.\n\nN. If the advertiser emphasizes the speed with which the viatication will occur,\nthe advertising must disclose the average time frame from completed application\nto the date of offer and from acceptance of the offer to receipt of the funds by\nthe viator.\n\nO. If the advertising emphasizes the dollar amounts available to viators, the\nadvertising shall disclose the average purchase price as a percent of face value\nobtained by viators contracting with the licensee during the past six months.\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}}