                                 CODE OF VIRGINIA

DELIVERY OF INDIVIDUAL LIFE INSURANCE POLICIES (§ 38.2-3301.1)

A. For purposes of determining the commencement of the period during which the
owner of an individual life insurance policy may exercise any statutory right to
examine, surrender, or return the policy for cancellation, the date of delivery
of the policy shall be:

   1. The date of the signed receipt of delivery if the life insurance policy is
   (i) delivered by United States mail or other postal delivery system, or (ii)
   physically delivered to the owner by a representative of the insurer; or

   2. The date of electronic transmission of the policy, provided the electronic
   transmission has been effected in accordance with this title and any other
   state or federal laws governing the electronic transmission of documents and
   information. The insurer shall retain evidence of electronic transmittal for
   the entire period of the life insurance policy.

B. If an insurer does not deliver a policy by the means set forth in subsection
A, the burden of proof shall be on the insurer to establish that the policy was
delivered, in the event of a dispute with the owner of the policy.

C. Notwithstanding subsections A and B, a policy shall be deemed to have been
received by the owner of the policy as of the date of its issuance if six months
have passed since its issuance and the owner of the policy has paid the premiums
pursuant to the contract for those six months.

HISTORY: 2009, c. 299.