                                 CODE OF VIRGINIA

REQUIREMENTS OF LIFE INSURANCE OR ANNUITY CONTRACTS USED TO FUND PRENEED FUNERAL
CONTRACTS (§ 38.2-3100.3)

A. For purposes of this section, &#8220;preneed funeral contract&#8221; means
any agreement where payment is made by the insured prior to the receipt of
services or supplies contracted for, which evidences arrangements prior to death
for (i) the providing of funeral services or (ii) the sale of funeral supplies.

B. Each individual and group life insurance policy issued or issued for delivery
in Virginia, each individual and group annuity contract issued or issued for
delivery in Virginia, and each certificate issued in connection with a group
life insurance policy or group annuity contract issued or issued for delivery in
Virginia shall include a provision specifying the means by which face amount
adjustments will be made and benefits payable upon death will be adjusted when
such a policy or contract will be used to fund a preneed funeral contract.

C. Each insurer proposing to issue individual or group life insurance policies
or individual or group annuity contracts in Virginia for purposes of funding
preneed funeral contracts shall clearly disclose the intended purpose and market
for such policies and contracts when submitting the forms with the Commission
for approval, in accordance with &#xA7; 38.2-316.

HISTORY: 2009, c. 653; 2022, cc. 18, 641.