                                 CODE OF VIRGINIA

STATEMENTS REQUIRED IN VARIABLE LIFE INSURANCE AND VARIABLE ANNUITY CONTRACTS
AND CERTIFICATES ISSUED PURSUANT TO GROUP VARIABLE LIFE INSURANCE AND GROUP
VARIABLE ANNUITY CONTRACTS (§ 38.2-3114)

Any variable life insurance or variable annuity contract delivered or issued for
delivery in this Commonwealth, and any certificate evidencing variable benefits
issued pursuant to any life insurance or annuity contract issued on a group
basis shall:

1. State the essential features of the procedure to be followed by the insurer
in determining the value of benefits or other contractual payments under the
contract;

2. State clearly that the benefits may decrease or increase according to the
procedure; and

3. State clearly on its first page that the benefits or other contractual
payments are on a variable basis.

HISTORY: 1966, c. 289, § 38.1-408; 1976, c. 562; 1986, c. 562.