                                 CODE OF VIRGINIA

ANNUITY CONTRACT PURCHASED TO FUND RETIREMENT BENEFITS; TRANSFER SUBJECT TO
COMMISSION APPROVAL (§ 38.2-3111.1)

A. As used in this section:
			&#8220;Employer&#8221; means a person doing business in or operating within
the Commonwealth who employs a resident of the Commonwealth to work for wages or
a salary or on commission and includes any similar entity acting directly or
indirectly in the interest of an employer in relation to an employee.
&#8220;Employer&#8221; does not include the Commonwealth or any of its agencies,
institutions, or political subdivisions or any public body.
			&#8220;Pension plan&#8221; has the same meaning ascribed to that term in
&#xA7; 3(2) of ERISA.
			&#8220;Retirement annuity contract&#8221; means an allocated or unallocated
group annuity contract that is issued or issued for delivery by an insurer to an
employer or a pension plan, pension plan sponsor, or affiliate of such employer,
pension plan, or pension plan sponsor, for the purpose of providing retirement
benefits to employees or retirees of the employer under a defined benefit plan
and that (i) is issued or issued for delivery in the Commonwealth or (ii)
affects retired employees residing in the Commonwealth who are certificate
holders or beneficiaries of a contract if the Commission has jurisdiction over
the insurer issuing the contract.

B. On or after July 1, 2018, no retirement annuity contract shall be transferred
to or assumed by another insurer unless:

   1. The transfer is made to an assuming insurer that has a rating equivalent of
   A or better from two or more nationally recognized rating agencies; or

   2. The transfer to the assuming insurer is approved by the Commission, which
   approval shall not be granted unless the assuming insurer meets all of the
   requirements of &#xA7; 38.2-1024.

C. If the Commission determines that an insurer has violated this section or any
order or regulation adopted hereunder, the Commission, after notice and
opportunity to be heard, may impose a penalty in accordance with &#xA7;&#xA7;
38.2-218 and 38.2-219.

HISTORY: 2018, c. 847.