reglab/housing_qa huggingface dataset:
VA Code § 38.2-3116 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 31 - Life Insurance|§ 38.2-3116. Commission to establish standards for simplified and readable life insurance and annuity policies

A. Pursuant to the authority granted under § 38.2-223, the Commission may issue rules and regulations establishing standards for simplified and readable life insurance policies and annuity contracts. The standards shall apply to all policy forms for annuities as defined in §§ 38.2-106 and 38.2-107 and life insurance as defined in §§ 38.2-102 through 38.2-105.B. As used in this section, "policy form" means:1. Any individual life insurance policy, plan or agreement, and any annuity contract delivered or issued for delivery in this Commonwealth;2. Any policy, certificate or contract, including any riders, endorsements or amendments providing death benefits, delivered or issued for delivery in this Commonwealth by a fraternal benefit society;3. Any group life insurance policy, contract, plan or agreement, including any riders, endorsements or amendments, delivered or issued for delivery in this Commonwealth, to a group with ten or fewer members; or4. Any certificate, including any riders, endorsements or amendments, issued under a group life insurance policy delivered or issued for delivery in this Commonwealth.C. No insurer shall issue a life insurance policy that has been filed with the Commission unless the Commission has determined that the policy form satisfies the readability standards established by the rules and regulations and complies with other statutory requirements.1986, c. 562.
VA Code § 38.2-3117 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 31 - Life Insurance|§ 38.2-3117. Standards for certain policies; prohibited policies

A. Pursuant to the authority granted under § 38.2-223, the Commission may issue rules and regulations that may include but shall not be limited to policy provisions, definitions, standards for full and fair disclosure and standards for minimum benefits, for variable life insurance policies, universal life insurance policies or other nontraditional types of life insurance policies, annuities and variable annuities.B. The Commission may prescribe the method of identification of policies and contracts based upon coverage provided.C. The Commission may issue rules and regulations that specify prohibited policies or policy provisions not otherwise specifically authorized by statute which in the opinion of the Commission are unjust, unfair or unfairly discriminatory to the policyholder, beneficiary, owner, or any other person insured under the policy.1986, c. 562.
VA Code § 38.2-3117.01 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 31 - Life Insurance|§ 38.2-3117.01. Provision of life insurance information upon notification of insured's death

Upon receipt of a request for information regarding a deceased person's life insurance policy from a funeral service provider that complies with § 54.1-2818.5, a life insurer doing business in the Commonwealth may provide certain information to the funeral service provider regarding the existence of any life insurance policy issued by the insurer or any affiliated insurer insuring the life of the deceased person identified in the request. The information may include the names and contact information, if available, of any beneficiaries on record under any such policy insuring such life. Nothing in this section shall require a life insurer to provide information that is confidential or protected from disclosure under applicable state or federal law. A life insurer may respond to such a request for information in a manner that is consistent with the terms of any applicable life insurance policy and the life insurer's administrative practices and procedures.2017, c. 482.
VA Code § 38.2-3117.1 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 31 - Life Insurance|§ 38.2-3117.1. Definitions

As used in this article, unless the context requires a different meaning:"Insurer" means an insurance company licensed in the Commonwealth that offers retained asset accounts for death benefits."Policy" means any policy or certificate of insurance that provides a death benefit."Retained asset account" 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.2011, cc. 194, 227.
VA Code § 38.2-3117.2 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 31 - Life Insurance|§ 38.2-3117.2. Explanation of settlement options

The insurer shall provide the beneficiary, at the time a claim is made, written information describing the settlement options available under the policy and how to obtain specific details relevant to the options.2011, cc. 194, 227.
VA Code § 38.2-3117.3 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 31 - Life Insurance|§ 38.2-3117.3. Supplemental contract

If the insurer settles benefits through a retained asset account, the insurer shall provide the beneficiary with a supplemental contract that clearly discloses the rights of the beneficiary and the obligations of the insurer under the supplemental contract.2011, cc. 194, 227.
VA Code § 38.2-3117.4 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 31 - Life Insurance|§ 38.2-3117.4. Disclosures for retained asset accounts to beneficiaries

The insurer shall provide the following written disclosures to the beneficiary of a policy before the retained asset account is selected, if optional, or established, if not optional:1. Payment of the full benefit amount is accomplished by delivery of the draft book or check book;2. One draft or check may be written to access the entire amount, including interest, of the retained asset account at any time;3. Whether other available settlement options are preserved until the entire balance is withdrawn or the balance drops below the insurer's minimum balance requirements;4. A statement identifying the account as either a checking account or a draft account and an explanation of how the account works;5. Information about the account services provided and contact information where the beneficiary may request and obtain more details about such services;6. A description of fees charged, if applicable;7. The frequency of statements showing the current account balance, the interest credited, drafts or checks written, and any other account activity;8. The minimum interest rate to be credited to the account and how the actual interest rate will be determined;9. The interest earned on the account may be taxable;10. Retained asset account funds held by insurance companies are not insured by the Federal Deposit Insurance Corporation but are guaranteed by the state guaranty association. The beneficiary should be advised to contact the National Organization of Life and Health Insurance Guaranty Associations via the association's website to learn more about the coverage limitations to the account under a state guaranty association; and11. A description of the insurer's policy regarding retained asset accounts that become inactive.2011, cc. 194, 227.
VA Code § 38.2-3118 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 31 - Life Insurance|§ 38.2-3118. Spendthrift trusts created under life insurance policies

If, under the terms of any life insurance policy or of any written agreement supplemental to a life insurance policy, the proceeds are retained by the insurer at maturity or otherwise, no person entitled to any part of the proceeds, or to any installment of interest due or becoming due, may commute, anticipate, encumber, alienate or assign the proceeds or any part of the proceeds or interest if permission is expressly withheld by the terms of the policy or supplemental agreement. If the life insurance policy or supplemental agreement provides, no payments of interest or principal shall be in any way subject to the person's debts, contracts or engagements, nor to any judicial process to levy upon or attach the interest or principal for payment of those debts, contracts, or engagements.Code 1950, § 38-115; 1952, c. 317, § 38.1-444; 1986, c. 562.
VA Code § 38.2-3119 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 31 - Life Insurance|§ 38.2-3119. Limitation on § 38.2-3118

A. The provisions of § 38.2-3118 shall not apply to any proportionate part of the proceeds of any such policy or supplemental contract mentioned in § 38.2-3118 arising or resulting from premiums paid by the beneficiary. The proportionate part of the proceeds shall be determined by comparing the total premiums paid for the policy, without interest, with the premiums for the policy, without interest, paid by the beneficiary.B. Notwithstanding the other provisions of this section, an insurer who (i) has no written notice of any claim that premiums have been paid by the beneficiary and (ii) has no written notice of an adverse claim of any other character under this section, shall be protected in making or withholding payments pursuant to the terms of a policy or supplemental agreement.C. Notwithstanding the other provisions of this section, upon an insurer's acceptance of proof that premiums have been paid by the beneficiary and the insurer's payment of the corresponding proportionate part of the proceeds of the policy or supplemental agreement, the insurer's payment shall constitute full release of the insurer from all liability with respect to the proportionate part of the proceeds of the policy or supplemental agreement.Code 1950, § 38-116; 1952, c. 317, § 38.1-445; 1986, c. 562.
VA Code § 38.2-3121 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 31 - Life Insurance|§ 38.2-3121. Segregation of proceeds not required

No insurer holding the proceeds of any policy mentioned in § 38.2-3118 shall be required to segregate the proceeds but may hold them as a part of its general corporate funds.Code 1950, § 38-118; 1952, c. 317, § 38.1-447; 1986, c. 562.
VA Code § 38.2-3122.1 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 31 - Life Insurance|§ 38.2-3122.1. Annuity contract purchased to fund retirement benefits; protection from creditor's claims

A. As used in this section:"Employer" means a person doing business in or operating within the Commonwealth who employs another to work for wages or a salary or on commission and includes any similar entity acting directly or indirectly in the interest of an employer in relation to an employee. "Employer" does not include the Commonwealth or any of its agencies, institutions, or political subdivisions or any public body."ERISA" means the federal Employee Retirement Income Security Act of 1974 (P.L. 93-406, 88 Stat. 829), as amended."Pension plan" has the same meaning ascribed to that term in § 3(2) of ERISA.B. Any interest in or amounts payable to a participant or beneficiary from any allocated or unallocated group annuity contract issued or issued for delivery in the Commonwealth to an employer or a pension plan for the purpose of providing retirement benefits to employees or retirees of the employer under a defined benefit plan, which retirement benefits were protected under ERISA or the Federal Pension Benefit Guaranty Corporation prior to the effective date of the group annuity contract and will not be protected under ERISA or the Federal Pension Benefit Guaranty Corporation on and after the effective date of the group annuity contract, shall be exempt from the claims of all creditors of such participant or beneficiary.C. The exemption from the claims of creditors provided under subsection B shall not apply to claims arising under a qualified domestic relations order.D. The exemption from the claims of creditors provided under subsection B shall not apply to any claim by a creditor with respect to an annuity contract that was taken out, made, or assigned in writing for the benefit of the creditor.E. Notwithstanding the provisions of subsection B and subject to the applicable statute of limitations, the amount of any premiums or other amounts paid for the related annuity contract that were paid with the intent to defraud creditors, with the interest thereon, shall inure to the benefit of the creditors from the proceeds of the policy, contract, or deposit.F. The exemption provided by this section shall not apply to any protected annuity contract issued or effected during the six months preceding the date that the person claiming the exemption (i) files a voluntary petition in bankruptcy; (ii) becomes the subject of an order for relief or is declared insolvent in any federal or state bankruptcy or insolvency proceeding; or (iii) files a petition or answer seeking for himself any reorganization, arrangement, composition, readjustment, liquidation, dissolution, or similar relief under any statute, law, or regulation.2018, c. 847.
VA Code § 38.2-3124 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 31 - Life Insurance|§ 38.2-3124. Protection of insurers from creditor's claims

Notwithstanding § 38.2-3122, any insurer issuing any insurance policy shall be discharged of all liability on that policy by payment of its proceeds in accordance with its terms, unless before payment the insurer receives written notice by or on behalf of a creditor of a claim, stating the amount claimed and the nature of the claim.Code 1950, § 38-121; 1952, c. 317, § 38.1-450; 1986, c. 562; 2018, c. 304.
VA Code § 38.2-3125 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 31 - Life Insurance|§ 38.2-3125. Other rights of beneficiaries and assignees protected

Since the purpose of §§ 38.2-3122 and 38.2-3122.1 is to confer additional rights, privileges, and benefits upon beneficiaries and assignees of policies, no beneficiary or assignee shall by reason of these sections be divested or deprived of or prohibited from exercising or enjoying any right, privilege, or benefit that he would have or could exercise or enjoy had §§ 38.2-3122 and 38.2-3122.1 not been enacted.Code 1950, § 38-119; 1952, c. 317, § 38.1-451; 1986, c. 562; 2018, cc. 304, 847.
VA Code § 38.2-3200 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 32 - Standard Nonforfeiture Provisions for Life Insurance|§ 38.2-3200. Nonforfeiture benefits and cash surrender values in life policies issued prior to operative date stated in § 38.2-3214

A. This section shall apply only to life insurance policies issued prior to the operative date stated in § 38.2-3214.B. The nonforfeiture benefit referred to in § 38.2-3309 shall be available to the insured in the event of default in premium payments, after premiums have been paid for three full years. The premium paid for the insured under any policy provision shall not be considered in default. The nonforfeiture benefit shall be a stipulated form of insurance, effective from the due date of the defaulted premium, the net value of which shall at least equal the reserve at the date of default on the policy and on any dividend additions to the policy, exclusive of the reserve on account of return premium insurance and on total and permanent disability and additional accidental death benefits, less a sum not more than 2 1/2 percent of the amount insured by the policy and of any dividend additions to the policy and less any existing indebtedness to the insurer on or secured by the policy. The policy shall specify the mortality table and rate of interest used in computing these reserves. Instead of allowing a deduction from the reserve of a sum not more than 2 1/2 percent of the amount insured by the policy, and of any dividend additions to the policy, the insurer may insert in the policy a provision that one-fifth of the reserve may be deducted, or may provide in the policy that a deduction may be made of 2 1/2 percent of the amount insured by the policy or one-fifth of the reserve, at the insurer's option. The cash surrender value referred to in § 38.2-3309 shall be available upon surrender of the policy to the insurer within one month of the due date of the defaulted premium and shall at least equal the sum which would otherwise be available for the purchase of insurance. The insurer may defer payment for not more than three months after the application for the cash surrender value is made.C. If more than one option is provided, the policy shall stipulate which of the options shall be effective if the insured does not elect any option on or before the expiration of the grace period allowed for the payment of the premium.D. A provision may also be inserted in the policy that in the event of default in a premium payment before the options become available, the reserve on any dividend additions then in force may, at the insurer's option, be paid in cash or applied as a net premium to the purchase of paid-up term insurance for any amount not exceeding the face amount of the original policy.E. This section shall apply to term insurance policies only if the term is for more than twenty years.Code 1950, § 38-374; 1952, c. 317, § 38.1-459; 1986, c. 562.
VA Code § 38.2-3201 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 32 - Standard Nonforfeiture Provisions for Life Insurance|§ 38.2-3201. Same; for industrial life policies

A. This section shall apply only to industrial life insurance policies issued prior to the operative date stated in § 38.2-3214.B. The nonforfeiture benefits referred to in § 38.2-3347 shall be available in the event of default in premium payments after premiums have been paid for five full years, without action on the part of the insured. The nonforfeiture benefit shall be a stipulated form of insurance, effective from the due date of the defaulted premium, the net value of which at least equals the reserve on the policy, excluding any reserves for provisions (i) relating to benefits for specific types of disability, (ii) granting additional insurance specifically against accidental death, and (iii) granting other benefits in addition to life insurance, at the end of the last completed policy year for which premiums have been paid, and on any dividend additions to the policy, less a specified maximum percentage, not more than 2 1/2 percent, of the maximum face amount insured by the policy and of any dividend additions to the policy and less any existing indebtedness to the insurer on or secured by the policy. The policy shall specify the mortality table, rate of interest and method of valuation used for computing these reserves. The policy shall also specify the percentage or other rule of calculation so as to permit determination of the values for each year for which required values are not included in the policy. Instead of allowing for the deduction from the reserve of a sum not more than 2 1/2 percent of the maximum face amount insured by the policy and of any dividend additions to the policy, the insurer may insert in the policy a provision that one-fifth of the reserve may be deducted, or may provide in the policy that a deduction may be made of 2 1/2 percent of the maximum face amount insured by the policy or one-fifth of the reserve at the insurer's option.C. If more than one option is provided, the policy shall stipulate which of the options shall apply if the insured fails to notify the insurer of his selection of an option.D. The cash surrender value referred to in § 38.2-3347 shall be available after premiums have been paid for ten full years upon surrender of the policy to the insurer within three months of the due date of the defaulted premium and shall be at least equal to the sum which would otherwise be available for the purchase of insurance. The insurer may defer payment for not more than three months after the application for the cash surrender value is made. This section shall not apply to term insurance policies of twenty years or less, but such term policy shall specify the mortality table, rate of interest and method of valuation adopted for computing reserves.Code 1950, § 38-375; 1952, c. 317, § 38.1-460; 1986, c. 562.
VA Code § 38.2-3203 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 32 - Standard Nonforfeiture Provisions for Life Insurance|§ 38.2-3203. Same; cash surrender value in case of default

A. Any cash surrender value available under any life insurance policy issued on or after the operative date stated in § 38.2-3214 in the event of default in a premium payment due on any policy anniversary, whether or not required by § 38.2-3202, shall at least equal any excess of the present value, on that anniversary, of the future guaranteed benefits that would have been provided for by the policy, including any existing paid-up additions had there been no default, over the sum of (i) the then present value of the adjusted premiums as defined in §§ 38.2-3205 through 38.2-3209, corresponding to premiums that would have fallen due on and after that anniversary, and (ii) the amount of any indebtedness to the insurer on the policy.B. For any policy issued on or after the operative date of § 38.2-3209 and providing at the option of the insured supplemental life insurance or annuity benefits for an identifiable additional premium by rider or supplemental policy provision, the cash surrender value referred to in subsection A of this section shall at least equal the sum of (i) the cash surrender value defined in subsection A for an otherwise similar policy issued at the same age without the rider or supplemental policy provision and (ii) the cash surrender value defined in subsection A for a policy providing only the benefits provided by the rider or supplemental policy provision.C. For any family policy issued on or after the operative date of § 38.2-3209, defining a primary insured and providing term insurance on the life of the spouse of the primary insured expiring before the spouse achieves the age of seventy-one, the cash surrender value referred to in subsection A of this section shall at least equal the sum of (i) the cash surrender value defined in subsection A for an otherwise similar policy issued at the same age without the term insurance on the life of the spouse and (ii) the cash surrender value defined in subsection A for a policy providing only the benefits provided by the term insurance on the life of the spouse.D. Any cash surrender value available within thirty days after any policy anniversary under any policy paid-up by completion of all premium payments or any policy continued under any paid-up nonforfeiture benefit, whether or not required by § 38.2-3202, shall at least equal the present value, on that anniversary, of the future guaranteed benefits provided for by the policy, including any existing paid-up additions, decreased by any indebtedness to the insurer on the policy.Code 1950, § 38-377; 1952, c. 317, § 38.1-462; 1982, c. 228; 1986, c. 562.
VA Code § 38.2-3204 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 32 - Standard Nonforfeiture Provisions for Life Insurance|§ 38.2-3204. Same; present value of paid-up nonforfeiture benefits on default

Any paid-up nonforfeiture benefit available under a life insurance policy issued on or after the operative date stated in § 38.2-3214 in the event of default in a premium payment due on any policy anniversary shall be such that its present value as of that anniversary shall at least equal the cash surrender value then provided for by the policy or, if none is provided for, shall equal the cash surrender value that would have been required by § 38.2-3203 in the absence of the condition that premiums have been paid for a specified period.Code 1950, § 38-378; 1952, c. 317, § 38.1-463; 1986, c. 562.