reglab/statecodes huggingface dataset:
Virginia Administrative Code › Title 13 - HOUSING › Agency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Chapter 190 - RULES AND REGULATIONS FOR QUALIFIED MORTGAGE CREDIT CERTIFICATE PROGRAMS › Section 13VAC10-190-190 - Issuance of an MCC

Current through Register Vol. 40, No. 24, July 15, 2024
The closing of the loan shall be consummated in accordance
				  with the terms of the commitment. Upon receipt of such forms, documents,
				  information, and fees as the executive director may require upon closing, the
				  authority shall issue an MCC to the applicant. The MCC shall specify the
				  certificate credit rate and the certified indebtedness amount and shall
				  otherwise satisfy the requirements of 26 CFR 1.25-6 T.
Statutory Authority: § 36-55.30:3 of the Code of
					 Virginia.
Virginia Administrative Code › Title 13 - HOUSING › Agency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Chapter 190 - RULES AND REGULATIONS FOR QUALIFIED MORTGAGE CREDIT CERTIFICATE PROGRAMS › Section 13VAC10-190-200 - Compliance investigations

Current through Register Vol. 40, No. 24, July 15, 2024
After each MCC is issued, the authority shall have the right,
				  but not the obligation, to investigate the facts and circumstances relating to
				  any application and the issuance of the related MCC and, if there are proper
				  grounds, to revoke the MCC and take other appropriate legal
				  action.
Statutory Authority: §
											36-55.30:3
					 of the Code of Virginia.
Virginia Administrative Code › Title 13 - HOUSING › Agency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Chapter 200 - RULES AND REGULATIONS FOR THE ALLOCATION OF VIRGINIA HOUSING OPPORTUNITY TAX CREDITS › Section 13VAC10-200-10 - Definitions

Current through Register Vol. 40, No. 24, July 15, 2024
The following words and terms when used in this chapter shall
				  have the following meanings, unless the context clearly indicates
				  otherwise:
"Applicant" means an applicant for HOTC under this chapter
				  and also means the owner of the development to whom the HOTC are
				  allocated.
"Authority" means the Virginia Housing Development
				  Authority.
"Eligibility certificate" means a certificate issued by the
				  Authority to the owner of a qualified project certifying that such project
				  qualifies for the HOTC, has been awarded HOTC pursuant to the provisions of
				  this chapter, and specifying the amount of HOTC that the owner of such
				  qualified project may claim.
"Enabling legislation" means §§ 58.1-439.29 and
				  58.1-439.30 of the Code of Virginia, and any amendments or supplements
				  thereto.
"HOTC" or "credits" means the Virginia housing opportunity
				  tax credits as created in the enabling legislation, as implemented in this
				  chapter.
"IRC" means the Internal Revenue Code of 1986, as amended,
				  and the rules, regulations, notices, and other official pronouncements
				  promulgated under the IRC.
"IRS" means the Internal Revenue Service.
"LIHTC" means the federal low-income housing tax credits as
				  provided in § 42 of the IRC, as amended.
"Qualified application" means a written request for HOTC
				  which is submitted by an applicant on a form or forms prescribed or approved by
				  the executive director together with all documents required by the authority
				  for submission and meets all mandatory items and any minimum scoring
				  requirements as set forth on the application form, instructions, or other
				  communication available to the public.
"Qualified low-income buildings" or "qualified low-income
				  development" means the buildings or development, which meets the applicable
				  requirements in § 42 of the IRC to qualify for an allocation of credits
				  under § 42.
"Qualified project" means a qualified low-income building or
				  qualified low-income development that is located in Virginia, is placed in
				  service on or after January 1, 2021, has received an allocation of HOTC under
				  this chapter, and is issued an eligibility certificate.
Statutory Authority: § 36-55.30:3 of the Code of
					 Virginia.
Virginia Administrative Code › Title 13 - HOUSING › Agency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Chapter 200 - RULES AND REGULATIONS FOR THE ALLOCATION OF VIRGINIA HOUSING OPPORTUNITY TAX CREDITS › Section 13VAC10-200-20 - General

Current through Register Vol. 40, No. 24, July 15, 2024
A. The authority is
				designated in the enabling legislation to administer the HOTC and is authorized
				to promulgate these regulations, guidelines, instructions, and documents
				necessary to implement and administer the HOTC and approve, allocate, and
				certify the use of the HOTC, including the issuance of eligibility
				certificates.
B. The executive
				director is authorized to waive or modify any provision in this chapter where
				the executive director deems it appropriate for good cause to promote the goals
				and interests of the Commonwealth in the HOTC program, to the extent not
				inconsistent with the IRC or the enabling legislation.
Statutory Authority: § 36-55.30:3 of the Code of
					 Virginia.
Virginia Administrative Code › Title 13 - HOUSING › Agency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Chapter 200 - RULES AND REGULATIONS FOR THE ALLOCATION OF VIRGINIA HOUSING OPPORTUNITY TAX CREDITS › Section 13VAC10-200-30 - Availability and amount of HOTC

Current through Register Vol. 40, No. 24, July 15, 2024
A. Based upon the legislative intent of
				§ 58.1-439.30 G of the Code of Virginia, notwithstanding any provisions of
				the enabling legislation inconsistent with § 58.1-439.30 G, the authority
				will award:
1. For calendar year 2021, up to
				$15 million of HOTC for qualified projects. The credit period shall be one
				year.
2. For calendar years 2022
				through 2025, up to $60 million of HOTC for qualified projects for each of the
				four calendar years beginning in calendar years 2022 through 2025. The credit
				period shall be 10 years. The credit shall be allowed ratably for each
				qualified project, with one-tenth of the credit amount allowed annually for 10
				years over the credit period, except that there shall be a reduction in the tax
				credit allowable in the first year of the credit period due to the calculation
				in 26 USC §
											42(f)(2), and any reduction
				by reason of 26 USC §
											42(f)(2) in the credit
				allowable for the first taxable year of the credit period shall be allowable
				for the first taxable year following the credit period.
The aggregate HOTC program for calendar years 2021 through
				  2025 for qualified projects shall equal up to $255 million. Any HOTC not used
				  by taxpayer in a taxable year may be carried forward by a qualified taxpayer
				  for the succeeding five years. If a HOTC has been awarded prior to January 1,
				  2026, such credit may continue to be claimed on a return for taxable years on
				  and after January 1, 2026, but only pursuant to its applicable credit
				  period.
Virginia Administrative Code › Title 13 - HOUSING › Agency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Chapter 200 - RULES AND REGULATIONS FOR THE ALLOCATION OF VIRGINIA HOUSING OPPORTUNITY TAX CREDITS › Section 13VAC10-200-40 - Applications, ranking of applications and award of HOTC

Current through Register Vol. 40, No. 24, July 15, 2024
A. Application for a reservation of credits
				shall be commenced by filing with the authority an application, on such forms
				as the executive director may from time to time prescribe or approve, together
				with such documents and additional information as may be requested by the
				authority in order to comply with this chapter and to make the reservation and
				allocation of the credits in accordance with this chapter.
B. For purposes of subsection A of this
				section, the authority may utilize the application submitted for LIHTC, alone
				or with an HOTC addendum, or may require an entirely new HOTC application be
				submitted.
C. The executive
				director may:
1. Reject any application from
				consideration for a reservation or allocation of credits if in such application
				the applicant does not provide the proper documentation or information on the
				forms prescribed by the executive director.
2. Prescribe such deadlines for submission of
				applications for reservation and allocation of credits for any calendar year as
				deemed necessary or desirable to allow sufficient processing time for the
				Authority to make such reservations and allocations.
3. Divide the amount of credits into separate
				pools and each separate pool may be further divided into separate tiers. The
				division of such pools and tiers may be based upon one or more of the following
				factors:
a. Geographical areas of the
				state;
b. Types or characteristics
				of housing;
c.
				Construction;
d.
				Financing;
e. Owners;
f. Occupants;
g. Source of credits; or
h. Any other factors deemed appropriate by
				the executive director to best meet the housing needs of the
				Commonwealth.
Virginia Administrative Code › Title 13 - HOUSING › Agency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Chapter 200 - RULES AND REGULATIONS FOR THE ALLOCATION OF VIRGINIA HOUSING OPPORTUNITY TAX CREDITS › Section 13VAC10-200-50 - Eligibility certificate

Current through Register Vol. 40, No. 24, July 15, 2024
Upon the authority's approval of a final cost certification
				  that complies with the authority's requirements and the satisfaction of all
				  requirements set forth in the HOTC award letter issued by the authority, the
				  executive director shall issue an eligibility certificate to a qualified
				  project.
Statutory Authority: § 36-55.30:3 of the Code of
					 Virginia.
Virginia Administrative Code › Title 13 - HOUSING › Agency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Chapter 200 - RULES AND REGULATIONS FOR THE ALLOCATION OF VIRGINIA HOUSING OPPORTUNITY TAX CREDITS › Section 13VAC10-200-60 - Recapture of HOTC

Current through Register Vol. 40, No. 24, July 15, 2024
A. The
				authority will monitor the developments receiving HOTC in the same manner it
				monitors LIHTC properties pursuant to the IRC and in accordance with
				13VAC10-180, Rules and Regulations for Allocation of Low-Income Housing Tax
				Credits.
B. If under § 42 of
				the IRC, a portion of any federal LIHTC taken on a qualified project is
				required to be recaptured or is otherwise disallowed during the one-year HOTC
				credit period, the taxpayer claiming HOTC with respect to such project shall
				also be required to recapture a portion of any HOTC. The percentage of HOTC
				subject to recapture shall be equal to the percentage of LIHTC subject to
				recapture or otherwise disallowed during such period. Any tax credits
				recaptured or disallowed shall increase the income tax liability of the
				qualified taxpayer who claimed the tax credits in a like amount and shall be
				included on the tax return of the qualified taxpayer submitted for the taxable
				year in which the recapture or disallowance event is identified.
C. In the event the HOTC is awarded as a
				stand-alone credit, the percentage of HOTC subject to recapture shall be equal
				to the percentage of LIHTC that would have been subject to recapture or
				otherwise disallowed, as determined by the executive director, during such
				period.
Statutory Authority: § 36-55.30:3 of the Code of
					 Virginia.
Virginia Administrative Code › Title 13 - HOUSING › Agency 10 - VIRGINIA HOUSING DEVELOPMENT AUTHORITY › Chapter 200 - RULES AND REGULATIONS FOR THE ALLOCATION OF VIRGINIA HOUSING OPPORTUNITY TAX CREDITS › Section 13VAC10-200-70 - Fees

Current through Register Vol. 40, No. 24, July 15, 2024
The executive director may impose application, allocation,
				  certification, and monitoring fees designed to recoup the costs of the
				  authority in administering the HOTC. Such fees shall be payable at such time as
				  the executive director shall require.
Statutory Authority: § 36-55.30:3 of the Code of
					 Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 10 - ACCIDENT AIRTRIP INSURANCE › Section 14VAC5-10-10

Current through Register Vol. 40, No. 24, July 15, 2024
Statutory Authority: §§ 12.1-13 and 38.2-223 of
					 the Code of Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 20 - VARIABLE CONTRACT REGULATIONS › Article I - Definitions › Section 14VAC5-20-10 - Definitions

Current through Register Vol. 40, No. 24, July 15, 2024
The following words and terms, when used in this chapter,
					 shall have the following meanings unless the context clearly indicates
					 otherwise:
"Agent", when used in this chapter (14VAC5-20-10 et seq.) means any
					 individual, partnership or corporation which under the laws of this State is
					 licensed as a life insurance agent, or nonresident life insurance
					 broker.
"Commission", when used in this chapter (14VAC5-20-10 et seq.) means the
					 State Corporation Commission.
"Contract on a variable basis" or "variable contract", when
					 used in this chapter (14VAC5-20-10 et seq.)
					 means any policy or contract which provides for insurance or annuity benefits
					 which may vary according to the investment experience of any separate account
					 or accounts maintained by the insurer as to such policy or contract, as
					 provided for in § 38.2-3113 of the Code of Virginia.
"Satisfactory alternative examination" to Part I of the
					 written examination called for by subsection C of
					 14VAC5-20-80 shall include any
					 securities examination which is declared by the Commission to be an equivalent
					 examination on the basis of content and administration. The following
					 examinations are deemed to be a satisfactory alternative examination:
1. A state securities sales examination
				  acceptable to the Securities and Exchange Commission;
2. The National Association of Securities
				  Dealers, Inc. Examination for Principals, or Examination for Qualification as a
				  Registered Representative;
3. The
				  various securities examinations required by the New York Stock Exchange, the
				  American Stock Exchange, Pacific Stock Exchange, or any other registered
				  national securities exchange;
4.
				  The Securities and Exchange Commission test given pursuant to Section 15(b) (8)
				  of the Securities Exchange Act of 1934 ( 15 USC § 78a et seq.);
5. The examination recommended for the
				  testing of variable contract agents by the National Association of Insurance
				  Commissioners, when adopted by the Insurance Department of any State or
				  Territory of the United States and approved for use by such Department by the
				  Securities and Exchange Commission.
"Variable contract agent", when used in this chapter
					 (14VAC5-20-10 et seq.) means an
					 agent who shall sell or offer to sell any contract on a variable
					 basis.
Statutory Authority
§ 38.2-3113 of the Code of Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 20 - VARIABLE CONTRACT REGULATIONS › Article II - Qualification of Insurance Companies to Issue "Variable Contracts" › Section 14VAC5-20-20 - Delivery of variable contracts

Current through Register Vol. 40, No. 24, July 15, 2024
A. No company shall deliver or issue for
				  delivery variable contracts within this Commonwealth unless (i) it is licensed
				  to do a life insurance or annuity business in this Commonwealth; and (ii) the
				  Commission is satisfied that its condition or method of operation in connection
				  with the issuance of such contracts will not render its operation hazardous to
				  the public or its policyholders in this Commonwealth. In this connection, the
				  Commission shall consider among other things:
1. The history and financial condition of the
				  company;
2. The character,
				  responsibility and fitness of the officers and directors of the company;
				  and
3. The law and regulation under
				  which the company is authorized in the state of domicile to issue variable
				  contracts.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 20 - VARIABLE CONTRACT REGULATIONS › Article III - Separate Account or Separate Accounts › Section 14VAC5-20-30 - Separate accounts; provisions

Current through Register Vol. 40, No. 24, July 15, 2024
A domestic company issuing variable contracts shall
					 establish one or more separate accounts pursuant to § 38.2-3113 of the
					 Code of Virginia of the insurance laws of this Commonwealth, subject to the
					 following provisions of this article:
1. Unless otherwise approved by the
				  Commission assets allocated to a separate account shall be valued at their
				  market value on the date of valuation, or if there is no readily available
				  market, then as provided under the terms of the contract or the rules or other
				  written agreement applicable to such separate account.
2. No sale, exchange or other transfer of
				  assets may be made by a company between any of its separate accounts or between
				  any other investment account and one or more of its separate accounts unless,
				  in case of a transfer into a separate account, such transfer is made solely to
				  establish the account or to support the operation of the contracts with respect
				  to the separate account to which the transfer is made, and unless such
				  transfer, whether into or from a separate account is made (i) by a transfer of
				  cash, or (ii) by a transfer of securities having a valuation which could be
				  readily determined in the marketplace, provided that such transfer of
				  securities is approved by the Commission. The Commission may authorize other
				  transfers among such accounts if, in its opinion, such transfers would not be
				  inequitable.
3. The company shall
				  maintain in each such separate account assets with a value at least equal to
				  the reserves and other contract liabilities with respect to such account,
				  except as may otherwise be approved by the Commission.
4. Rules under any provision of the insurance
				  laws of this Commonwealth or any regulation applicable to the officers and
				  directors of insurance companies with respect to conflicts of interest shall
				  also apply to members of any separate account's committee, board or other
				  similar body. No officer or director of such company nor any member of the
				  committee, board or body of a separate account shall receive directly or
				  indirectly any commission or any other compensation with respect to the
				  purchase or sale of assets of such separate account.
5. A company may with respect to any separate
				  account registered with the Securities and Exchange Commission as a unit
				  investment trust exercise voting rights in connection with any securities of a
				  regulated investment company registered under the Investment Company Act of
				  1940 ( 15 USC § 80a-1 et seq.) and held in such separate accounts in
				  accordance with instructions from persons having interests in such accounts
				  ratably as determined by the company.
Statutory Authority
§ 38.2-3113 of the Code of Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 20 - VARIABLE CONTRACT REGULATIONS › Article IV - Filing of Contracts › Section 14VAC5-20-40 - Filing of contracts

Current through Register Vol. 40, No. 24, July 15, 2024
The filing requirements applicable to variable contracts
					 shall be those filing requirements otherwise applicable under existing statutes
					 and regulations of this Commonwealth with respect to individual and group life
					 insurance and annuity form filings, to the extent
					 appropriate.
Statutory Authority
§ 38.2-3113 of the Code of Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 20 - VARIABLE CONTRACT REGULATIONS › Article V - Contracts Providing for Variable Benefits › Section 14VAC5-20-50 - Procedures

Current through Register Vol. 40, No. 24, July 15, 2024
A. Any variable
				  contract providing benefits payable in variable amounts delivered or issued for
				  delivery in this Commonwealth shall contain a statement of the essential
				  features of the procedures to be followed by the insurance company in
				  determining the dollar amount of such variable benefits. Any such contract,
				  including a group contract and any certificate issued thereunder, shall state
				  that such dollar amount will vary to reflect investment experience and shall
				  contain on its first page a clear statement to the effect that the benefits
				  thereunder are on a variable basis.
B. Illustrations of benefits payable under
				  any contract providing benefits payable in variable amounts shall not include
				  projections of past investment experience into the future or attempted
				  predictions of future investment experience; provided that nothing contained
				  herein is intended to prohibit use of hypothetical assumed rates of return to
				  illustrate possible levels of annuity payments.
C. Any individual variable annuity contract
				  delivered or issued for delivery in this Commonwealth shall stipulate the
				  expense, mortality, and investment increment factors to be used in computing
				  the dollar amount of variable benefits or other contractual payments or values
				  thereunder, and may guarantee that expense and/or mortality results shall not
				  adversely affect such dollar amounts.
In computing the dollar amount of variable benefits or
					 other contractual payments or values under an individual variable annuity
					 contract:
1. The annual net investment
				  increment assumption shall not exceed 5.0%, except with the approval of the
				  Commission;
2. To the extent that
				  the level of benefits may be affected by mortality results, the mortality
				  factor shall be determined from the Annuity Mortality Table for 1949, Ultimate,
				  or any modification of that table not having a higher mortality rate at any
				  age, or, if approved by the Commission, from another table.
"Expense", as used in this subdivision, may exclude some or
					 all taxes, as stipulated in the contract.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 20 - VARIABLE CONTRACT REGULATIONS › Article VI - Required Reports › Section 14VAC5-20-60 - Required reports

Current through Register Vol. 40, No. 24, July 15, 2024
A. Any
				  company issuing individual variable contracts providing benefits in variable
				  amounts shall mail to the contractholder at least once in each contract year
				  after the first at his last address known to the company, a statement or
				  statements reporting the investments held in the separate account and, in the
				  case of contracts under which payments have not yet commenced, a statement
				  reporting as of a date not more than four months previous to the date of
				  mailing, (i) the number of accumulation units credited to such contracts and
				  the dollar value of a unit, or (ii) the value of the contractholder's
				  account.
B. The company shall
				  submit annually to the Commission a statement of the business of its separate
				  account or accounts in such form as may be prescribed by the National
				  Association of Insurance Commissioners.
Statutory Authority
§ 38.2-3113 of the Code of Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 20 - VARIABLE CONTRACT REGULATIONS › Article VII - Foreign Companies › Section 14VAC5-20-70 - Foreign companies

Current through Register Vol. 40, No. 24, July 15, 2024
If the law or regulation in the place of domicile of a
					 foreign company provides a degree of protection to the policyholders and the
					 public which is substantially equal to that provided by this chapter, the
					 Commission, to the extent deemed appropriate by it in its discretion, may
					 consider compliance with such law or regulation as compliance with this
					 chapter.
Statutory Authority
§ 38.2-3113 of the Code of Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 20 - VARIABLE CONTRACT REGULATIONS › Article VIII - Qualification and Examination of Agents › Section 14VAC5-20-80 - Agents

Current through Register Vol. 40, No. 24, July 15, 2024
A.
1. No agent shall be eligible to sell or
				  offer for sale a contract on a variable basis unless prior to making
				  solicitation or sale of such a contract, he also be licensed as a variable
				  contract agent.
2. Any agent who
				  participates only in the sale or offering for sale of variable contracts that
				  are not registered under the federal Securities Act of 1933 ( 15 USC § 77a
				  et seq.) need not be licensed as a variable contract agent.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 20 - VARIABLE CONTRACT REGULATIONS › Article VIII - Qualification and Examination of Agents › Section 14VAC5-20-90 - Examination of other persons

Current through Register Vol. 40, No. 24, July 15, 2024
Part I  of the written examination provided for in
					 subsection C of
					 14VAC5-20-80 shall also be
					 administered to other persons who are not required to be licensed to sell life
					 insurance in this Commonwealth upon their submission of the required
					 application and payment of the examination fee.
Statutory Authority
§ 38.2-3113 of the Code of Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 20 - VARIABLE CONTRACT REGULATIONS › Article VIII - Qualification and Examination of Agents › Section 14VAC5-20-100 - Records of examination

Current through Register Vol. 40, No. 24, July 15, 2024
A.
				  Results of the examination administered pursuant to subsection C of
				  14VAC5-20-80 will be reported by
				  the Bureau of Insurance to the applicant's company. In addition, examination
				  results will be reported by the Bureau of Insurance to any other State
				  Insurance Department requesting confirmation of the examination grade, either
				  upon request of such Department or upon request of the applicant or his
				  company.
B. Records of the
				  examination grade of each applicant upon an examination administered by the
				  Bureau of Insurance, or upon an examination deemed to be a satisfactory
				  alternative examination and administered by another agency or authority and
				  reported to the Bureau of Insurance will be retained in the file pertaining to
				  said applicant.
Statutory Authority
§ 38.2-3113 of the Code of Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 20 - VARIABLE CONTRACT REGULATIONS › Article VIII - Qualification and Examination of Agents › Section 14VAC5-20-110 - General

Current through Register Vol. 40, No. 24, July 15, 2024
A. Any person
				  licensed in this Commonwealth as a variable contract agent shall immediately
				  report to the Commission (i) any suspension or revocation of his variable
				  contract agent's license or life insurance agent's license in any other state
				  or territory of the United States, (ii) the imposition of any disciplinary
				  sanction (including suspension or expulsion from membership, suspension or
				  revocation of or denial of registration) imposed upon him by any national
				  securities exchange, or national securities association, or any federal, or
				  state or territorial agency with jurisdiction over securities or contracts on a
				  variable basis; (iii) any judgment or injunction entered against him on the
				  basis of conduct deemed to have involved fraud, deceit, misrepresentation, or
				  violation of any insurance or securities law or regulation.
B. The Commission may reject any application
				  or suspend or revoke or refuse to renew any variable contract agent's license
				  upon any ground that would bar such applicant or such agent from being licensed
				  to sell life insurance contracts in this Commonwealth. The rules governing any
				  proceeding relating to the suspension or revocation of a life insurance agent's
				  license shall also govern any proceeding for suspension or revocation of a
				  variable contract agent's license.
C. Renewal of a variable contract agent's
				  license shall follow the same procedure established for renewal of an agent's
				  license to sell life insurance contracts in this Commonwealth.
Statutory Authority
§ 38.2-3113 of the Code of Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 30 - RULES GOVERNING LIFE INSURANCE AND ANNUITY REPLACEMENTS › Section 14VAC5-30-10 - Purpose

Current through Register Vol. 40, No. 24, July 15, 2024
The purpose of this chapter is to regulate the activities of
				  insurers and agents with respect to the replacement of existing life insurance
				  and annuities and to protect the interests of life insurance and annuity
				  purchasers by establishing minimum standards of conduct to be observed in
				  replacement or financed purchase transactions.
Statutory Authority
§§ 12.1-13 and 38.2-223 of the Code of Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 30 - RULES GOVERNING LIFE INSURANCE AND ANNUITY REPLACEMENTS › Section 14VAC5-30-40 - Duties of agents

Current through Register Vol. 40, No. 24, July 15, 2024
A. An
				agent who initiates an application shall submit to the insurer, with or as part
				of the application, a statement signed by both the applicant and the agent as
				to whether the applicant has existing policies or contracts. If no policies or
				contracts are indicated, the agent's duties with respect to replacement are
				complete.
B. If policies or
				contracts are listed indicating existing coverage referred to in subsection A
				of this section, the agent shall present and read to the applicant, not later
				than at the time of taking the application, a notice regarding replacements
				(Form 30-A) or other substantially similar form approved by the commission.
				However, no approval shall be required when amendments to the notice are
				limited to the omission of references not applicable to the product being sold
				or replaced. The notice shall be signed by both the applicant and the agent,
				attesting that the notice has been read aloud by the agent or that the
				applicant did not wish the notice to be read aloud (in which case the agent
				need not have read the notice aloud). The notice shall be left with the
				applicant.
C. The notice shall list
				all life insurance policies or annuities proposed to be replaced, properly
				identified by name of insurer, the insured or annuitant, and policy or contract
				number if available; and shall include a statement as to whether each policy or
				contract will be replaced or whether a policy will be used as a source of
				financing for the new policy or contract. If a policy or contract number has
				not been issued by the existing insurer, alternative identification, such as an
				application or receipt number, shall be listed.
D. In connection with a replacement
				transaction, the agent shall leave with the applicant, at the time an
				application for a new policy or contract is completed, the original or a copy
				of all marketing communications. Electronically presented marketing
				communications shall be provided to the policy or contract owner in printed
				form no later than at the time of policy or contract delivery.
E. Except as provided in
				14VAC5-30-51 C, in connection with
				a replacement transaction, the agent shall submit to the insurer to which an
				application for a policy or contract is presented, a copy of each document
				required by this section, a statement identifying any preprinted or
				electronically presented company-approved marketing communications used, and
				copies of any individualized marketing communications, including any
				illustrations related to the specific policy or contract purchased.
Statutory Authority
§§ 12.1-13 and 38.2-223 of the Code of Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 30 - RULES GOVERNING LIFE INSURANCE AND ANNUITY REPLACEMENTS › Section 14VAC5-30-51 - Duties of replacing insurers that use agents

Current through Register Vol. 40, No. 24, July 15, 2024
A. Where a replacement is involved in the
				transaction, the replacing insurer shall:
1.
				Verify that the required forms are received and are in compliance with this
				chapter;
2. Notify any other
				existing insurer that may be affected by the proposed replacement within five
				business days of receipt of a completed application indicating replacement or
				when the replacement is identified, if not indicated on the application, and
				mail a copy of the available illustration or policy summary for the proposed
				policy or available disclosure document for the proposed contract within five
				business days of a request from an existing insurer;
3. Be able to produce copies of the
				notification regarding replacement required in
				14VAC5-30-40 B, indexed by agent,
				for at least five years; and
4.
				Provide to the policy or contract owner notice of the right to examine the
				policy or contract for at least 10 days from the delivery of the policy or
				contract and the right of return to receive an unconditional full refund of all
				premiums or considerations paid on it, including any policy fees or charges or,
				in the case of a variable or market value adjustment contract, a payment of the
				cash surrender value provided under the contract plus the fees and other
				charges deducted from the gross premiums or considerations or imposed under the
				contract. The notice may be included in Form 30-A or 30-C.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 30 - RULES GOVERNING LIFE INSURANCE AND ANNUITY REPLACEMENTS › Section 14VAC5-30-55 - Duties of the existing insurer

Current through Register Vol. 40, No. 24, July 15, 2024
A. Where a replacement is involved in the
				transaction, the existing insurer shall retain and be able to produce all
				replacement notifications received, indexed by replacing insurer, for at least
				five years.
B. Where a replacement
				is involved in the transaction, the existing insurer shall send a letter to the
				policy or contract owner advising of the right to receive information regarding
				the existing policy or contract values including, if available, an
				illustration, or policy summary if an illustration cannot be produced within
				five business days of receipt of a notice that an existing policy or contract
				is being replaced. The information shall be provided within five business days
				of receipt of the request from the policy or contract owner.
C. Where a replacement is involved in the
				transaction and upon receipt of a request to borrow, surrender or withdraw any
				policy or contract values, the existing insurer shall send a notice, advising
				the policy or contract owner that the release of policy or contract values may
				affect the guaranteed elements, nonguaranteed elements, face amount or
				surrender value of the policy or contract from which the values are released.
				The notice shall be sent separate from the check if the check is sent to anyone
				other than the policy or contract owner. In the case of consecutive automatic
				premium loans, the insurer is only required to send the notice at the time of
				the first loan.
Statutory Authority
§§ 12.1-13 and 38.2-223 of the Code of Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 30 - RULES GOVERNING LIFE INSURANCE AND ANNUITY REPLACEMENTS › Section 14VAC5-30-60 - Duties of insurers that use agents

Current through Register Vol. 40, No. 24, July 15, 2024
A. Each insurer shall maintain a system of
				supervision and control to insure compliance with the requirements of this
				chapter that shall include at least the following:
1. Inform its agents of the requirements of
				this chapter and incorporate the requirements of this chapter into all relevant
				agent training manuals prepared by the insurer;
2. Provide to each agent a written statement
				of the company's position with respect to the acceptability of replacements
				providing guidance to its agents as to the appropriateness of these
				transactions;
3. A system to review
				the appropriateness of each replacement transaction that the agent does not
				indicate is in accord with subdivision A 2 of this section;
4. Procedures to confirm that the
				requirements of this chapter have been met; and
5. Procedures to detect transactions that are
				replacements of existing policies or contracts by the existing insurer, but
				that have not been reported by the applicant or agent. Compliance with this
				chapter may include, but shall not be limited to, systematic customer surveys,
				interviews, confirmation letters, or programs of internal monitoring.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 30 - RULES GOVERNING LIFE INSURANCE AND ANNUITY REPLACEMENTS › Section 14VAC5-30-70 - Duties of insurers with respect to direct response solicitations

Current through Register Vol. 40, No. 24, July 15, 2024
A. In the case of
				an application that is initiated as a result of a direct response solicitation,
				the insurer shall require, with or as part of each completed application for a
				policy or contract, a statement asking whether the applicant, by applying for
				the proposed policy or contract, intends to replace, discontinue or change an
				existing policy or contract. If the applicant indicates a replacement or change
				is not intended or if the applicant fails to respond to the statement, the
				insurer shall send the applicant, with the policy or contract, a notice
				regarding replacement (Form 30-B), or other substantially similar form approved
				by the commission.
B. If the
				insurer has proposed the replacement or if the applicant indicates a
				replacement is intended and the insurer continues with the replacement, the
				insurer shall:
1. Provide to the applicant or
				prospective applicant with the policy or contract a notice (Form 30-C), or
				other substantially similar form approved by the commission. In these instances
				the insurer may delete the references to the agent, including the agent's
				signature, and references not applicable to the product being sold or replaced,
				without having to obtain approval of the form from the commission. The
				insurer's obligation to obtain the applicant's signature shall be satisfied if
				it can demonstrate that it has made a diligent effort to secure a signed copy
				of this notice. The requirement to make a diligent effort shall be deemed
				satisfied if the insurer includes in the mailing a self-addressed postage
				prepaid envelope with instructions for the return of the signed notice;
				and
2. Comply with the requirements
				of 14VAC5-30-51 A 2, if the applicant
				furnishes the names of the existing insurers, and the requirements of
				14VAC5-30-51 A 3, A 4 and
				B.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 30 - RULES GOVERNING LIFE INSURANCE AND ANNUITY REPLACEMENTS › Section 14VAC5-30-80 - Penalties

Current through Register Vol. 40, No. 24, July 15, 2024
A. An insurer,
				agent, representative, officer, or employee of an insurer failing to comply
				with the requirements of this chapter shall be subject to penalties as may be
				appropriate under the insurance laws of Virginia.
B. Policy and contract owners have the right
				to replace existing policies or contracts after indicating in or as part of the
				application for new coverage that replacement is not their intention. However,
				patterns of action by policy or contract owners who purchase the replacing
				policies from the same agent shall be deemed prima facie evidence of the
				agent's knowledge that replacement was intended in connection with the
				identified transactions, and these patterns of action shall be deemed prima
				facie evidence of the agent's intent to violate this chapter.
C. Where it is determined that the
				requirements of this chapter have not been met, the replacing insurer shall
				provide to the policyowner an in-force illustration if available, or policy
				summary for the replacement policy or available disclosure document for the
				replacement contract and the appropriate notice regarding replacements (Form
				30-A or 30-C).
Statutory Authority
§§ 12.1-13 and 38.2-223 of the Code of Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 30 - RULES GOVERNING LIFE INSURANCE AND ANNUITY REPLACEMENTS › Section 14VAC5-30-90 - Severability

Current through Register Vol. 40, No. 24, July 15, 2024
If any provision of this chapter or its application to any
				  person or circumstance is for any reason held to be invalid by a court, the
				  remainder of this chapter and the application of the provisions to other
				  persons or circumstances shall not be affected.
Statutory Authority
§§ 12.1-13 and 38.2-223 of the Code of Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 30 - RULES GOVERNING LIFE INSURANCE AND ANNUITY REPLACEMENTS › Form - FORMS (14VAC5-30)

Current through Register Vol. 40, No. 24, July 15, 2024
Form
				  30-A, Important Notice: Replacement of Life Insurance or Annuities (agent)
				  (eff. 4/07)
Form
				  30-B, Notice Regarding Replacement (eff. 4/07)
Form
				  30-C, Important Notice: Replacement of Life Insurance or Annuities (no agent)
				  (eff. 4/07)
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 41 - RULES GOVERNING ADVERTISEMENT OF LIFE INSURANCE AND ANNUITIES › Section 14VAC5-41-10 - Purpose and applicability

Current through Register Vol. 40, No. 24, July 15, 2024
A. The purpose of this chapter is to set
				forth minimum standards and guidelines to assure a full and truthful disclosure
				to the public of all material and relevant information in the advertising of
				life insurance policies and annuity contracts.
B. All advertisements, regardless of by whom
				written, created, designed, or presented, shall be the responsibility of the
				insurer or the agent who created or presented the advertisement.
C. This chapter shall apply to any life
				insurance or annuity advertisement intended for dissemination in this
				Commonwealth. In variable contracts where disclosure requirements are
				established pursuant to federal regulation, this chapter shall be interpreted
				to eliminate any conflict with federal regulation.
Statutory Authority
§§ 12.1-13 and 38.2-223 of the Code of
					 Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 41 - RULES GOVERNING ADVERTISEMENT OF LIFE INSURANCE AND ANNUITIES › Section 14VAC5-41-30 - Form and content of advertisements

Current through Register Vol. 40, No. 24, July 15, 2024
A. An advertisement shall not be combined or
				included with an advertisement of a product or service that is not life
				insurance or an annuity that disguises, misleads, misinforms or otherwise
				minimizes the nature of the advertisement.
B. An advertisement shall be truthful and not
				misleading in fact or by implication. The form and content of an advertisement
				shall be sufficiently accurate, complete, and clear so as to avoid deception.
				It shall not have the capacity or tendency to mislead or deceive. Whether an
				advertisement has the capacity or tendency to mislead or deceive shall be
				determined by the commission from the overall impression that the advertisement
				may be reasonably expected to create within the segment of the public to which
				it is directed.
C. An advertisement
				shall not omit material information or use words, phrases, statements,
				references, or illustrations if the omission or use has the capacity, tendency,
				or effect of misleading or deceiving purchasers, prospective purchasers or
				policyowners as to the nature of their relationship with the insurer, or the
				nature or extent of any policy benefit, loss covered, premium payable, or state
				or federal tax consequences. The fact that the policy offered is made available
				to a prospective insured for inspection prior to consummation of the sale, or
				an offer is made to refund the premium if the purchaser is not satisfied, does
				not remedy misleading statements.
D. An advertisement shall not make unfair,
				inaccurate, or incomplete comparisons of policies, benefits, dividends, or
				rates of other insurers. An advertisement shall not disparage or falsely or
				unfairly describe other insurers, agents, policies, services, or methods of
				marketing.
E. An advertisement
				shall not use the terms "investment," "investment plan," "founder's plan,"
				"charter plan," "expansion plan," "profit," "profits," "profit sharing,"
				"deposit," "interest plan," "savings," "savings plan," "retirement plan,"
				"private pension plan," or other similar terms in connection with a policy in a
				context or under circumstances or conditions as to have the capacity or
				tendency to mislead a purchaser or prospective purchaser of such policy to
				believe that he will receive, or that it is possible that he will receive,
				something other than a policy or some benefit not available to other persons of
				the same class and equal expectation of life.
F. An advertisement of a particular policy
				shall not state or imply that prospective insureds shall be or become members
				of a special class, group or quasi-group and as such enjoy special rates,
				dividends, or underwriting privileges, unless that is fact.
Statutory Authority
§§ 12.1-13 and 38.2-223 of the Code of
					 Virginia.