                                 CODE OF VIRGINIA

REQUIREMENTS; EXCEPTIONS (§ 38.2-3300)

A. No individual life insurance policy shall be delivered or issued for delivery
in this Commonwealth unless it contains in substance all of the requirements
prescribed in &#xA7;&#xA7; 38.2-3301 through 38.2-3315 of this article.

B. As used in this article, &#8220;individual life insurance&#8221; means any
life insurance other than group life insurance, industrial life insurance,
annuities, credit life insurance, and pure endowments, with or without return of
premiums or of premiums and interest. However, for the purposes of &#xA7;
38.2-3308, &#8220;policy&#8221; includes annuity contracts that provide for
policy loans and certificates issued by a fraternal benefit society.

C. The requirements of &#xA7;&#xA7; 38.2-3300 through 38.2-3315 shall not apply
to policies of reinsurance or to policies issued or granted in exchange for
lapsed or surrendered policies.

HISTORY: Code 1950, §§ 38-371, 38-373; 1952, c. 317, §§ 38.1-390, 38.1-405;
1977, c. 174; 1986, c. 562.