{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/38.2-6014.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/38.2-6014.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/38.2-6014.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/38.2-6014.html"}],"law_id":58773,"edition_id":1,"section_id":58773,"structure_id":15429,"section_number":"38.2-6014","catch_line":"Commission authority","history":"1997, c. 814, \u00a7 38.2-5706; 2003, c. 717.","full_text":"Pursuant to the authority granted by \u00a7 38.2-223, the Commission may promulgate such rules and regulations as it may deem necessary to implement this chapter, including, but not limited to:\n\n1\n\nEstablishing standards for evaluating reasonableness of payments under viatical settlement contracts for insureds who are terminally or chronically ill. This authority includes, but is not limited to, regulation of discount rates used to determine the amount paid in exchange for assignment, transfer, sale, devise, or bequest of a benefit under a life insurance policy. Viatical settlement providers, where the insured is not terminally ill or chronically ill, shall pay an amount greater than the cash surrender value or accelerated death benefit then available;2\n\nEstablish appropriate licensing requirements, fees, and standards for continued licensure for viatical settlement providers and viatical settlement brokers;3\n\nRequiring and setting the amount of any bond or other mechanism for financial accountability for viatical settlement providers and viatical settlement brokers; and4\n\nAdopting rules governing the relationship and responsibilities of both insurers and viatical settlement providers and viatical settlement brokers during the viatication of a life insurance policy or certificate.","order_by":null,"text":{"0":{"id":215363,"text":"Pursuant to the authority granted by \u00a7 38.2-223, the Commission may promulgate such rules and regulations as it may deem necessary to implement this chapter, including, but not limited to:","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"next_prefix":"1"},"1":{"id":215364,"text":"Establishing standards for evaluating reasonableness of payments under viatical settlement contracts for insureds who are terminally or chronically ill. This authority includes, but is not limited to, regulation of discount rates used to determine the amount paid in exchange for assignment, transfer, sale, devise, or bequest of a benefit under a life insurance policy. Viatical settlement providers, where the insured is not terminally ill or chronically ill, shall pay an amount greater than the cash surrender value or accelerated death benefit then available;","type":"section","prefixes":["1"],"prefix":"1","entire_prefix":"1","prefix_anchor":"1","level":1,"prior_prefix":"","next_prefix":"2"},"2":{"id":215365,"text":"Establish appropriate licensing requirements, fees, and standards for continued licensure for viatical settlement providers and viatical settlement brokers;","type":"section","prefixes":["2"],"prefix":"2","entire_prefix":"2","prefix_anchor":"2","level":1,"prior_prefix":"1","next_prefix":"3"},"3":{"id":215366,"text":"Requiring and setting the amount of any bond or other mechanism for financial accountability for viatical settlement providers and viatical settlement brokers; and","type":"section","prefixes":["3"],"prefix":"3","entire_prefix":"3","prefix_anchor":"3","level":1,"prior_prefix":"2","next_prefix":"4"},"4":{"id":215367,"text":"Adopting rules governing the relationship and responsibilities of both insurers and viatical settlement providers and viatical settlement brokers during the viatication of a life insurance policy or certificate.","type":"section","prefixes":["4"],"prefix":"4","entire_prefix":"4","prefix_anchor":"4","level":1,"prior_prefix":"3"}},"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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-6014\/","history_text":"

This law was first created in 1997. The record of its establishment is cataloged in chapter 814<\/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. It has been modified 1 time. 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. That modification is as follows: in 2003, chapter 717<\/a>.<\/p>","references":[{"id":61028,"section_number":"38.2-6002","catch_line":"Viatical settlement providers, license requirements","order_by":null,"url":"\/38.2-6002\/"}],"refers_to":[{"id":87496,"section_number":"38.2-223","catch_line":"Rules and regulations; orders","order_by":null,"url":"\/38.2-223\/"}],"permalink":{"id":218221,"object_type":"law","relational_id":58773,"identifier":"38.2-6014","token":"38.2\/60\/38.2-6014","url":"\/38.2-6014\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/38.2-6014\/","token":"38.2\/60\/38.2-6014","dublin_core":{"Title":"Commission authority","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-6014","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

Pursuant to the authority granted by \u00a7 38.2-223<\/a>, the Commission<\/span> may promulgate such rules and regulations as it may deem necessary to implement this chapter, including, but not limited to:<\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Establishing standards for evaluating reasonableness of payments under viatical settlement contracts<\/span><\/span> for insureds who are terminally or chronically ill<\/span>. This authority includes, but is not limited to, regulation of discount rates<\/span><\/span> used to determine the amount paid in exchange for assignment, transfer, sale, devise, or bequest of a benefit under a life insurance<\/span> policy<\/span>. Viatical settlement providers<\/span>, where the insured is not terminally ill<\/span> or chronically ill<\/span>, shall pay an amount greater than the cash surrender value or accelerated death benefit then available; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Establish appropriate licensing requirements, fees, and standards for continued licensure for viatical settlement providers<\/span> and viatical settlement brokers<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> Requiring and setting the amount of any bond<\/span> or other mechanism for financial accountability for viatical settlement providers<\/span> and viatical settlement brokers<\/span>; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> Adopting rules governing the relationship and responsibilities of both insurers<\/span> and viatical settlement providers<\/span> and viatical settlement brokers<\/span> during the viatication of a life insurance<\/span> policy<\/span> or certificate. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nCOMMISSION AUTHORITY (\u00a7 38.2-6014)\n\nPursuant to the authority granted by \u00a7 38.2-223, the Commission may promulgate\nsuch rules and regulations as it may deem necessary to implement this chapter,\nincluding, but not limited to:\n\n1. Establishing standards for evaluating reasonableness of payments under\nviatical settlement contracts for insureds who are terminally or chronically\nill. This authority includes, but is not limited to, regulation of discount\nrates used to determine the amount paid in exchange for assignment, transfer,\nsale, devise, or bequest of a benefit under a life insurance policy. Viatical\nsettlement providers, where the insured is not terminally ill or chronically\nill, shall pay an amount greater than the cash surrender value or accelerated\ndeath benefit then available;\n\n2. Establish appropriate licensing requirements, fees, and standards for\ncontinued licensure for viatical settlement providers and viatical settlement\nbrokers;\n\n3. Requiring and setting the amount of any bond or other mechanism for financial\naccountability for viatical settlement providers and viatical settlement\nbrokers; and\n\n4. Adopting rules governing the relationship and responsibilities of both\ninsurers and viatical settlement providers and viatical settlement brokers\nduring the viatication of a life insurance policy or certificate.\n\nHISTORY: 1997, c. 814, \u00a7 38.2-5706; 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}}