                                 CODE OF VIRGINIA

INSURANCE AND ANNUITIES (§ 64.2-1631)

Unless the power of attorney otherwise provides, language in a power of attorney
granting general authority with respect to insurance and annuities authorizes
the agent to:

1. Continue, pay the premium or make a contribution on, modify, exchange,
rescind, release, or terminate a contract procured by or on behalf of the
principal that insures or provides an annuity to either the principal or another
person, whether or not the principal is a beneficiary under the contract;

2. Procure new, different, and additional contracts of insurance and annuities
for the principal and the principal&#8217;s spouse, children, and other
dependents and select the amount, type of insurance or annuity, and mode of
payment;

3. Pay the premium or make a contribution on, modify, exchange, rescind,
release, or terminate a contract of insurance or annuity procured by the agent;

4. Apply for and receive a loan secured by a contract of insurance or annuity;

5. Surrender and receive the cash surrender value on a contract of insurance or
annuity;

6. Exercise an election;

7. Exercise investment powers available under a contract of insurance or
annuity;

8. Change the manner of paying premiums on a contract of insurance or annuity;

9. Change or convert the type of insurance or annuity with respect to which the
principal has or claims to have authority described in this section;

10. Apply for and procure a benefit or assistance under a statute or regulation
to guarantee or pay premiums of a contract of insurance on the life of the
principal;

11. Collect, sell, assign, hypothecate, borrow against, or pledge the interest
of the principal in a contract of insurance or annuity;

12. Select the form and timing of the payment of proceeds from a contract of
insurance or annuity; and

13. Pay, from proceeds or otherwise, compromise or contest, and apply for
refunds in connection with a tax or assessment levied by a taxing authority with
respect to a contract of insurance or annuity or its proceeds or liability
accruing by reason of the tax or assessment.

HISTORY: 2010, cc. 455, 632, § 26-104; 2012, c. 614.