                                 CODE OF VIRGINIA

DEFINITIONS (§ 38.2-3117.1)

As used in this article, unless the context requires a different meaning:
		&#8220;Insurer&#8221; means an insurance company licensed in the Commonwealth
that offers retained asset accounts for death benefits.
		&#8220;Policy&#8221; means any policy or certificate of insurance that
provides a death benefit.
		&#8220;Retained asset account&#8221; means any mechanism whereby the
settlement of proceeds payable under a life insurance policy is accomplished by
the insurer or an entity acting on behalf of the insurer depositing the proceeds
into an account with check or draft writing privileges where those proceeds are
retained by the insurer pursuant to a supplementary contract not involving
annuity benefits.

HISTORY: 2011, cc. 194, 227.