                                 CODE OF VIRGINIA

PRORATION OF VALUES; ADDITIONAL BENEFITS (§ 38.2-3228)

For any contract that provides, within the same contract by rider or
supplemental contract provision, both annuity benefits and life insurance
benefits that are in excess of the greater of cash surrender benefits or a
return of the gross considerations with interest, the minimum nonforfeiture
benefits shall equal the sum of the minimum nonforfeiture benefits for the
annuity portion and any minimum nonforfeiture benefits for the life insurance
portion computed as if each portion were a separate contract. Notwithstanding
the provisions of §§ 38.2-3222 through 38.2-3225 and 38.2-3227, additional
benefits payable (i) in the event of total and permanent disability, (ii) as
reversionary annuity or deferred reversionary annuity benefits, or (iii) as
other policy benefits additional to life insurance, endowment and annuity
benefits, and considerations for all the additional benefits, shall be
disregarded in ascertaining the minimum nonforfeiture amounts, paid-up annuity,
cash surrender and death benefits that may be required by this article. The
inclusion of these additional benefits shall not be required in any paid-up
benefits, unless the additional benefits separately would require minimum
nonforfeiture amounts, paid-up annuity, cash surrender and death benefits.

HISTORY: 1979, c. 437, § 38.1-470.1; 1986, c. 562.