                                 CODE OF VIRGINIA

SAME; EXEMPTIONS FROM APPLICATION OF CERTAIN SECTIONS (§ 38.2-3213)

A. Sections 38.2-3202 through 38.2-3212 shall not apply to any:

   1. Certificates of fraternal benefit societies;

   2. Reinsurance;

   3. Group insurance;

   4. Pure endowments;

   5. Annuities or reversionary annuity contracts;

   6. Term policies of uniform amount (i) that provide no guaranteed
   nonforfeiture or endowment benefits, or renewal thereof; (ii) that are of
   twenty years or less expiring before age seventy-one; and (iii) for which
   uniform premiums are payable during the entire term of the policy;

   7. Term policies of decreasing amount (i) that provide no guaranteed
   nonforfeiture or endowment benefits; (ii) on which each adjusted premium
   calculated as specified in &#xA7;&#xA7; 38.2-3205 through 38.2-3209 is less
   than the adjusted premium calculated on term policies of uniform amount, or
   renewal thereof; (iii) that provide no guaranteed nonforfeiture or endowment
   benefits; (iv) that are issued at the same age and for the same initial
   amounts of insurance and for terms of twenty years or less expiring before age
   seventy-one; and (v) for which uniform premiums are payable during the entire
   term of the policy;

   8. Policies (i) that provide no guaranteed nonforfeiture or endowment benefits
   and (ii) for which any cash surrender value or present value of any paid-up
   nonforfeiture benefit at the beginning of any policy year, calculated as
   specified in &#xA7;&#xA7; 38.2-3203 through 38.2-3209, does not exceed 2 1/2%
   of the amount of insurance at the beginning of the same policy year; or

   9. Policies delivered outside this Commonwealth through an agent or other
   representative of the insurer issuing the policy.

B. For purposes of determining the applicability of &#xA7;&#xA7; 38.2-3202
through 38.2-3216, the age at expiry for a joint term life insurance policy
shall be the age at expiry of the oldest life.

HISTORY: Code 1950, § 38-382; 1952, c. 317, § 38.1-467; 1962, c. 562; 1982, c.
228; 1986, c. 562.