reglab/statecodes huggingface dataset:
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 80 - RULES GOVERNING VARIABLE LIFE INSURANCE › Article VI - Separate Accounts › Section 14VAC5-80-200 - Establishment and administration of separate accounts

Current through Register Vol. 40, No. 24, July 15, 2024
The following requirements apply to the establishment and
					 administration of variable life insurance separate accounts by any domestic
					 insurer.
Any domestic insurer issuing variable life insurance shall
					 establish one or more separate accounts pursuant to § 38.2-3113 of the
					 Code of Virginia.
1. If no law or
				  other regulation provides for the custody of separate account assets and if
				  such insurer is not the custodian of such separate account assets, all
				  contracts for custody of such assets shall be in writing and the Commission
				  shall have authority to review and approve or disapprove of both the terms of
				  any such contract and the proposed custodian prior to the transfer of
				  custody.
2. Such insurer shall not
				  without the prior written approval of the Commission employ in any material
				  capacity in connection with the handling of separate account assets any person
				  who:
a. Within the last 10 years has been
				  convicted of any felony or a misdemeanor arising out of such person's conduct
				  involving embezzlement, fraudulent conversion, or misappropriation of funds or
				  securities or involving violation of Sections 1341, 1342, or 1343 of Title 18,
				  United States Code; or
b. Within
				  the last 10 years has been found by any state regulatory authority to have
				  violated or has acknowledged violation of any provision of any state insurance
				  law involving fraud, deceit, or knowing misrepresentation; or
c. Within the last 10 years has been found by
				  federal or state regulatory authorities to have violated or has acknowledged
				  violation of any provision of federal or state securities laws involving fraud,
				  deceit, or knowing misrepresentation.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 80 - RULES GOVERNING VARIABLE LIFE INSURANCE › Article VI - Separate Accounts › Section 14VAC5-80-210 - Amounts in the separate account

Current through Register Vol. 40, No. 24, July 15, 2024
The insurer shall maintain in each separate account assets
					 with a value at least equal to the greater of the valuation reserves for the
					 variable portion of the variable life insurance policies or the benefit base
					 for such policies.
Statutory Authority
§§ 12.1-13 and 38.2-3313 of the Code of
						Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 80 - RULES GOVERNING VARIABLE LIFE INSURANCE › Article VI - Separate Accounts › Section 14VAC5-80-220 - Investment by the separate account

Current through Register Vol. 40, No. 24, July 15, 2024
A. No sale, exchange, or other transfer of
				  assets may be made by an insurer or any of its affiliates between any of its
				  separate accounts or between any other investment account and one or more of
				  its separate accounts unless:
1. 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 policies with respect to the
				  separate account to which the transfer is made; and
2. Such transfer, whether into or from a
				  separate account, is made by a transfer of cash; but other assets may be
				  transferred if approved by the Commission in advance.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 80 - RULES GOVERNING VARIABLE LIFE INSURANCE › Article VI - Separate Accounts › Section 14VAC5-80-230 - Limitations on ownership

Current through Register Vol. 40, No. 24, July 15, 2024
A. A
				  separate account shall not purchase or otherwise acquire the securities of any
				  issuer, other than securities issued or guaranteed as to principal and interest
				  by the United States government, if immediately after such purchase or
				  acquisition the value of such investment, together with prior investments of
				  such account in such security valued as required by this chapter, would exceed
				  10% of the value of the assets of the separate account. The Commission may
				  waive this limitation in writing if it believes such waiver will not render the
				  operation of the separate account hazardous to the public or the policyholders
				  in this Commonwealth.
B. No
				  separate account shall purchase or otherwise acquire the voting securities of
				  any issuer if as a result of such acquisition the insurer and its separate
				  accounts in the aggregate will own more than 10% of the total issued and
				  outstanding voting securities of such issuer. The Commission may waive this
				  limitation in writing if it believes such waiver will not render the operation
				  of the separate account hazardous to the public or the policyholders in this
				  Commonwealth or jeopardize the independent operation of the issuer of such
				  securities.
C. The percentage
				  limitation specified in subsection A of this section shall not be construed to
				  preclude the investment of the assets of separate accounts in shares of
				  investment companies registered pursuant to the Investment Company Act of 1940
				  ( 15 USC § 80a-1 et seq.) or other pools of investment assets if the
				  investments and investment policies of such investment companies or asset pools
				  comply substantially with the provisions of
				  14VAC5-80-220 of this chapter and
				  other applicable portions of this chapter.
Statutory Authority
§§ 12.1-13 and 38.2-3313 of the Code of
						Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 80 - RULES GOVERNING VARIABLE LIFE INSURANCE › Article VI - Separate Accounts › Section 14VAC5-80-240 - Valuation of separate account assets

Current through Register Vol. 40, No. 24, July 15, 2024
Investments of the separate account shall be valued at
					 their market value on the date of valuation, or at amortized cost if it
					 approximates market value.
Statutory Authority
§§ 12.1-13 and 38.2-3313 of the Code of
						Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 80 - RULES GOVERNING VARIABLE LIFE INSURANCE › Article VI - Separate Accounts › Section 14VAC5-80-250 - Separate account investment policy

Current through Register Vol. 40, No. 24, July 15, 2024
The investment policy of a separate account operated by a
					 domestic insurer filed under subdivision 3 of
					 14VAC5-80-40 of Article III shall
					 not be changed without first filing such change with the Commission.
1. Any change filed pursuant to this section
				  shall be effective 60 days after the date it was filed with the Commission,
				  unless the Commission notifies the insurer before the end of such 60 day period
				  of its disapproval of the proposed change. At any time the Commission may,
				  after notice and opportunity to be heard, disapprove any change that has become
				  effective pursuant to this section.
2. The Commission may disapprove the change
				  if it determines that the change would be detrimental to the interests of the
				  policyholders participating in such separate account.
Statutory Authority
§§ 12.1-13 and 38.2-3313 of the Code of
						Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 80 - RULES GOVERNING VARIABLE LIFE INSURANCE › Article VI - Separate Accounts › Section 14VAC5-80-260 - Charges against separate account

Current through Register Vol. 40, No. 24, July 15, 2024
The insurer must disclose to the policyholder and/or
					 certificateholder in writing, prior to or at the time of delivery of the policy
					 or certificate, all charges that may be made against the separate account,
					 including, but not limited to, the following:
1. Taxes or reserves for taxes attributable
				  to investment gains and income of the separate account;
2. Actual cost of reasonable brokerage fees
				  and similar direct acquisition and sale costs incurred in the purchase of sale
				  of separate account assets;
3.
				  Actuarially determined costs of insurance (tabular costs) and the release of
				  separate account liabilities;
4.
				  Charges for administrative expenses and investment management expenses,
				  including internal costs attributable to the investment management of assets of
				  the separate account;
5. A charge,
				  at a rate specified in the policy, for mortality and expense
				  guarantees;
6. Any amounts in
				  excess of those required to be held in the separate accounts; and
7. Charges for incidental insurance
				  benefits.
Statutory Authority
§§ 12.1-13 and 38.2-3313 of the Code of
						Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 80 - RULES GOVERNING VARIABLE LIFE INSURANCE › Article VI - Separate Accounts › Section 14VAC5-80-270 - Standards of conduct

Current through Register Vol. 40, No. 24, July 15, 2024
Every insurer seeking approval to enter into the variable
					 life insurance business in this Commonwealth shall adopt by formal action of
					 its board of directors a written statement specifying the standards of conduct
					 of the insurer, its officers, directors, employees, and affiliates with respect
					 to the purchase or sale of investments of separate accounts. Such standards of
					 conduct shall be binding on the insurer and those to whom it refers. A code or
					 codes of ethics meeting the requirements of Section 17j under the Investment
					 Company Act of 1940 ( 15 USC § 80a-1 et seq.) and applicable rules and
					 regulations thereunder shall satisfy the provisions of this
					 section.
Statutory Authority
§§ 12.1-13 and 38.2-3313 of the Code of
						Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 80 - RULES GOVERNING VARIABLE LIFE INSURANCE › Article VI - Separate Accounts › Section 14VAC5-80-280 - Conflicts of interest

Current through Register Vol. 40, No. 24, July 15, 2024
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 accounts committee or other similar
					 body.
Statutory Authority
§§ 12.1-13 and 38.2-3313 of the Code of
						Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 80 - RULES GOVERNING VARIABLE LIFE INSURANCE › Article VII - Information Furnished to Applicants › Section 14VAC5-80-300 - Information furnished to applicants

Current through Register Vol. 40, No. 24, July 15, 2024
An insurer delivering or issuing for delivery in this
					 Commonwealth variable life insurance policies shall deliver to the applicant
					 for the policy or certificate, and obtain a written acknowledgement of receipt
					 from such applicant coincident with or prior to the execution of the
					 application, the following information. The requirements of this Article shall
					 be deemed to have been satisfied to the extent that a disclosure containing
					 information required by this Article is delivered, either in the form of (i) a
					 prospectus included in the requirements of the Securities Act of 1933 ( 15 USC
					 § 77a et seq.) and which was declared effective by the Securities and
					 Exchange Commission; or (ii) all information and reports required by the
					 Employee Retirement Income Security Act of 1974 ( 29 USC § 1001 et seq.)
					 if the policies are exempted from the registration requirements of the
					 Securities Act of 1933 pursuant to Section 3(a)(2) thereof.
1. A summary explanation, in non-technical
				  terms, of the principal features of the policy, including a description of the
				  manner in which the variable benefits will reflect the investment experience of
				  the separate account and the factors which affect such variation. Such
				  explanation must include notices of the provisions required by § 38.2-3301
				  and § 38.2-3304 of the Code of Virginia regarding the 10 day free look and
				  entire contract provisions of the policy or certificate.
2. A statement of the investment policy of
				  the separate account, including:
a. A
				  description of the investment objectives intended for the separate account and
				  the principal types of investments intended to be made; and
b. any restriction or limitations on the
				  manner in which the operations of the separate account are intended to be
				  conducted.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 80 - RULES GOVERNING VARIABLE LIFE INSURANCE › Article VIII - Applications › Section 14VAC5-80-310 - Applications

Current through Register Vol. 40, No. 24, July 15, 2024
The application for a variable life insurance policy shall
					 contain:
1. A prominent statement in
				  boldface capital letters that the death benefit may be variable or fixed under
				  specified conditions;
2. A
				  prominent statement in boldface capital letters that cash values may increase
				  or decrease in accordance with the experience of the separate account (subject
				  to any specified minimum guarantees);
3. Questions based on the insurer's standards
				  of suitability so that in view of the applicant's other insurance, investment
				  objectives, age, earnings, marital status, number and age of dependents,
				  current life insurance program, the value of savings and other assets, net
				  worth, and any other pertinent information, the insurer may determine that
				  variable life insurance is suitable for the applicant.
Statutory Authority
§§ 12.1-13 and 38.2-3313 of the Code of
						Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 80 - RULES GOVERNING VARIABLE LIFE INSURANCE › Article IX - Reports to Policyholders › Section 14VAC5-80-320 - Reports to policyholders

Current through Register Vol. 40, No. 24, July 15, 2024
Any insurer delivering or issuing for delivery in this
					 Commonwealth any variable life insurance policies or certificates shall mail to
					 each variable life insurance policyholder and certificateholder at his or her
					 last known address the following reports:
1. Within 30 days after each anniversary of
				  the policy, a statement or statements with serialized pages of the cash
				  surrender value, loan value if less than 100% of the cash surrender value,
				  death benefit, any partial withdrawal or policy loan, any interest charge, and
				  any optional payments allowed pursuant to 15VAC5-80-140 of Article IV under the
				  policy computed as of the policy anniversary date. Provided, however, that such
				  statement may be furnished within 30 days after a specified date in each policy
				  year so long as the information contained therein is computed as of a date not
				  more than 60 days prior to the mailing of such notice. This statement shall
				  state that, in accordance with the investment experience of the separate
				  account, the cash values and the variable death benefit may increase or
				  decrease, and shall prominently identify any value described therein which may
				  be recomputed prior to the next statement required by this section. If the
				  policy guarantees that the variable death benefit on the next policy
				  anniversary date will not be less than the variable death benefit specified in
				  such statement, the statement shall be modified to so indicate. For flexible
				  premium policies, the report must contain a reconciliation of the change since
				  the previous report in cash value and cash surrender value, if different,
				  because of payments made (less deductions for expense charges), withdrawals,
				  investment experience, insurance charges and any other charges made against the
				  cash value. The report must show the loan value separately if the loan value is
				  less than 100% of the policy's cash surrender value. In addition, the report
				  must show the projected cash value, and cash surrender value if different from
				  the projected cash value, and projected loan value if less than 100% of the
				  policy's projected cash surrender value, as of one year from the end of the
				  period covered by the report assuming that:
(i) planned periodic premiums, if any, are
				  paid as scheduled;
(ii) guaranteed
				  costs of insurance are deducted; and
(iii) the net investment return is equal to
				  the guaranteed rate or, in the absence of a guaranteed rate, is not greater
				  than zero. If the projected value is less than zero, a warning message must be
				  included that states that the policy may be in danger of terminating without
				  value in the next 12 months unless additional premium is paid.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 80 - RULES GOVERNING VARIABLE LIFE INSURANCE › Article X - Foreign Companies › Section 14VAC5-80-330 - 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 similar 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 these
					 regulations.
Statutory Authority
§§ 12.1-13 and 38.2-3313 of the Code of
						Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 80 - RULES GOVERNING VARIABLE LIFE INSURANCE › Article XI - Qualifications of Agents for the Sale of Variable Life Insurance › Section 14VAC5-80-340 - Qualification to sell variable life insurance

Current through Register Vol. 40, No. 24, July 15, 2024
A. No person may sell or offer for sale in
				  this Commonwealth any variable life insurance policy unless such person is
				  currently licensed by the Commission as a life and health insurance agent, is
				  authorized to represent the insurer through which the policy is offered and
				  evidence has been filed with the Commission, in a form satisfactory to the
				  Commission, that such person also holds any license or authorization which may
				  be required by this Commonwealth or the federal government for the solicitation
				  or sale of variable life insurance.
B. Any examination administered by the
				  Commission for the purpose of determining the eligibility of any person for
				  licensing as an agent shall, after June 15, 1992, include such questions
				  concerning the history, purpose, regulation, and sale of variable life
				  insurance as the Commission deems appropriate.
Statutory Authority
§§ 12.1-13 and 38.2-3313 of the Code of
						Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 80 - RULES GOVERNING VARIABLE LIFE INSURANCE › Article XI - Qualifications of Agents for the Sale of Variable Life Insurance › Section 14VAC5-80-350 - Reports of disciplinary actions

Current through Register Vol. 40, No. 24, July 15, 2024
Any person qualified in this Commonwealth under this
					 article to sell or offer to sell variable life insurance shall immediately
					 report to the Commission:
1. Any
				  suspension or revocation of his agent's license in any other state or territory
				  of the United States;
2. 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, state, or territorial agency with jurisdiction
				  over securities or variable life insurance; and
3. 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.
Statutory Authority
§§ 12.1-13 and 38.2-3313 of the Code of
						Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 80 - RULES GOVERNING VARIABLE LIFE INSURANCE › Article XI - Qualifications of Agents for the Sale of Variable Life Insurance › Section 14VAC5-80-360 - Refusal to qualify agent to sell variable life insurance: suspension, revocation, or nonrenewal of qualification

Current through Register Vol. 40, No. 24, July 15, 2024
The Commission may reject any application or suspend or
					 revoke or refuse to renew any agent's qualification under this article to sell
					 or offer to sell variable life insurance upon any ground that would bar such
					 applicant or such agent from being licensed to sell other life insurance
					 contracts in this Commonwealth. The rules governing any proceeding relating to
					 the suspension or revocation of any agent's license shall also govern any
					 preceeding for suspension or revocation of an agent's qualification to sell or
					 to offer to sell variable life insurance.
Statutory Authority
§§ 12.1-13 and 38.2-3313 of the Code of
						Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 80 - RULES GOVERNING VARIABLE LIFE INSURANCE › Article XII - Severability › Section 14VAC5-80-370 - Severability

Current through Register Vol. 40, No. 24, July 15, 2024
If any provision of this chapter or the application thereof
					 to any person or circumstance is for any reason held to be invalid, the
					 remainder of the chapter and the application of such provision to other persons
					 or circumstances shall be not affected thereby.
Statutory Authority
§§ 12.1-13 and 38.2-3313 of the Code of
						Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 90 - RULES GOVERNING ADVERTISEMENT OF ACCIDENT AND SICKNESS INSURANCE › Section 14VAC5-90-10 - Purpose

Current through Register Vol. 40, No. 24, July 15, 2024
The purpose of this chapter (14VAC5-90) is to assure truthful
				  and adequate disclosure of all material and relevant information in the
				  advertising of accident and sickness insurance. This chapter establishes
				  certain minimum standards of conduct in the advertising of accident and
				  sickness insurance in a manner which prevents unfair competition among insurers
				  and is conducive to the accurate presentation and description to the
				  insurance-buying public of insurance offered through various advertising
				  media.
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 90 - RULES GOVERNING ADVERTISEMENT OF ACCIDENT AND SICKNESS INSURANCE › Section 14VAC5-90-20 - Applicability

Current through Register Vol. 40, No. 24, July 15, 2024
A. This chapter
				shall apply to any accident and sickness insurance "advertisement" intended for
				presentation, distribution or dissemination in this Commonwealth when the
				presentation, distribution or dissemination is made either directly or
				indirectly by or on behalf of an insurer or agent as those terms are defined in
				Title 38.2 of the Code of Virginia and this chapter.
B. Every insurer shall establish and at all
				times maintain a system of control over the content, form and method of
				dissemination of all advertisements of its policies. All advertisements,
				regardless of by whom written, created, designed or presented, shall be the
				responsibility of the insurer whose policies are so advertised.
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 90 - RULES GOVERNING ADVERTISEMENT OF ACCIDENT AND SICKNESS INSURANCE › Section 14VAC5-90-40 - Method of disclosure of required information

Current through Register Vol. 40, No. 24, July 15, 2024
All information required to be disclosed by this chapter
				  shall be set out conspicuously and in close conjunction with the statements to
				  which the information relates or under appropriate captions of such prominence
				  that it shall not be minimized, rendered obscure or presented in an ambiguous
				  fashion or intermingled with the context of the advertisement so as to be
				  confusing or misleading.
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 90 - RULES GOVERNING ADVERTISEMENT OF ACCIDENT AND SICKNESS INSURANCE › Section 14VAC5-90-50 - Form and content of advertisements

Current through Register Vol. 40, No. 24, July 15, 2024
A. The format and content of an advertisement
				of an accident or sickness insurance policy shall be sufficiently complete and
				clear to avoid deception or the capacity or tendency to mislead or deceive.
				Whether an advertisement has a 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.
B.
				Advertisements shall be truthful and not misleading in fact or in implication.
				Words or phrases, the meaning of which is clear only by implication or by
				familiarity with insurance terminology, shall not be used.
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 90 - RULES GOVERNING ADVERTISEMENT OF ACCIDENT AND SICKNESS INSURANCE › Section 14VAC5-90-55 - Form and content of invitations to inquire

Current through Register Vol. 40, No. 24, July 15, 2024
A. An invitation to inquire shall contain a
				provision in the following or substantially similar form: "This policy has
				[exclusions] [limitations] [reduction of benefits] [terms under which the
				policy may be continued in force or discontinued]. For costs and complete
				details of the coverage, call [write] your insurance agent or the company
				[whichever is applicable]."
B. An
				invitation to inquire may include rate information without including
				information about benefit exceptions and reductions and limitations so long as
				the advertisement includes prominent disclaimers clearly indicating that (i)
				the rates are illustrative only; (ii) a person should not send money to the
				insurer in response to an advertisement; (iii) a person cannot obtain coverage
				until the person completes an application for coverage; and (iv) benefit
				exclusions and limitations may apply. Any rate information mentioned in any
				advertisement disseminated pursuant to this section shall indicate the age,
				gender, and geographic location on which that rate is based.
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 90 - RULES GOVERNING ADVERTISEMENT OF ACCIDENT AND SICKNESS INSURANCE › Section 14VAC5-90-70 - Necessity for disclosing policy provisions relating to renewability, cancellability, and termination

Current through Register Vol. 40, No. 24, July 15, 2024
When an invitation to contract refers to a dollar amount, a
				  period of time for which any benefit is payable, the cost of the policy, a
				  specific policy benefit, or the loss for which a benefit is payable, it shall
				  disclose the provisions relating to renewability, cancellability and
				  termination, and any modification of benefits, losses covered or premiums
				  because of age or for other reasons, in a manner which shall not minimize or
				  render obscure the qualifying conditions.
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 90 - RULES GOVERNING ADVERTISEMENT OF ACCIDENT AND SICKNESS INSURANCE › Section 14VAC5-90-80 - Testimonials or endorsements by third parties

Current through Register Vol. 40, No. 24, July 15, 2024
A. Testimonials and endorsements used in
				advertisements shall be genuine, represent the current opinion of the author,
				be applicable to the policy advertised, and be accurately reproduced. The
				insurer, in using a testimonial or endorsement, makes as its own all of the
				statements contained in it, and the advertisement, including the statement, is
				subject to all the provisions of this chapter.
B. If the person making a testimonial or an
				endorsement has a financial interest in the insurer or a related entity as a
				stockholder, director, officer, employee, or otherwise, this fact shall be
				disclosed in the advertisement. If a person is compensated for making a
				testimonial or endorsement, this fact shall be disclosed in the advertisement
				by language substantially as follows: "Paid Endorsement." This section does not
				require disclosure of union "scale" wages required by union rules if the
				payment is actually for the "scale" for television or radio performances. The
				payment of substantial amounts, directly or indirectly, for "travel and
				entertainment" for filming or recording of television or radio advertisements
				remove the filming or recording from the category of an unsolicited testimonial
				and require disclosure of the compensation.
C. An advertisement shall not state or imply
				that an insurer or a policy has been approved or endorsed by any individual,
				group of individuals, society, association or other organizations, unless this
				is the fact, and unless any proprietary relationship between an organization
				and the insurer is disclosed. If the entity making the endorsement or
				testimonial has been formed by the insurer or is owned or controlled by the
				insurer or the person or persons who own or control the insurer, this fact
				shall be disclosed in the advertisement.
D. When a testimonial refers to benefits
				received under a policy, the specific claim data, including claim number, date
				of loss, and other pertinent information shall be retained by the insurer for
				inspection for a period of four years or until the filing of the next regular
				report on examination of the insurer, whichever is the longer period of
				time.
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 90 - RULES GOVERNING ADVERTISEMENT OF ACCIDENT AND SICKNESS INSURANCE › Section 14VAC5-90-90 - Use of statistics

Current through Register Vol. 40, No. 24, July 15, 2024
A. An
				advertisement relating to the dollar amounts of claims paid, the number of
				persons insured, or similar statistical information relating to any insurer or
				policy shall not use irrelevant facts, and shall not be used unless it
				accurately reflects all current and relevant facts. The advertisement shall not
				imply that the statistics are derived from the policy advertised unless that is
				the fact, and when applicable to other policies or plans shall specifically so
				state.
B. An advertisement shall
				not represent or imply that claim settlements by the insurer are "liberal" or
				"generous," or use words of similar import, or that claim settlements are or
				will be beyond the actual terms of the contract. An unusual amount paid for a
				unique claim for the policy advertised is misleading and shall not be
				used.
C. The source of any
				statistics used in an advertisement shall be identified in the
				advertisement.
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 90 - RULES GOVERNING ADVERTISEMENT OF ACCIDENT AND SICKNESS INSURANCE › Section 14VAC5-90-100 - Identification of plan or number of policies

Current through Register Vol. 40, No. 24, July 15, 2024
A. When a choice of the amount of benefits is
				referred to, an advertisement shall disclose that the amount of benefits
				provided depends upon the plan selected and that the premium will vary with the
				amount of the benefits selected.
B.
				When an advertisement refers to various benefits that may be contained in two
				or more policies, other than group master policies, the advertisement shall
				disclose that such benefits are provided only through a combination of
				policies.
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 90 - RULES GOVERNING ADVERTISEMENT OF ACCIDENT AND SICKNESS INSURANCE › Section 14VAC5-90-110 - Disparaging comparisons and statements

Current through Register Vol. 40, No. 24, July 15, 2024
An advertisement shall not directly or indirectly make unfair
				  or incomplete comparisons of policies or benefits or comparisons of
				  noncomparable policies of other insurers, and shall not disparage competitors,
				  their policies, services or business methods, and shall not disparage or
				  unfairly minimize competing methods of marketing insurance.
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 90 - RULES GOVERNING ADVERTISEMENT OF ACCIDENT AND SICKNESS INSURANCE › Section 14VAC5-90-120 - Jurisdictional licensing and status of insurer

Current through Register Vol. 40, No. 24, July 15, 2024
A. An advertisement that is intended to be
				seen or heard beyond the limits of the jurisdiction in which the insurer is
				licensed shall not imply licensing beyond those limits.
B. An advertisement shall not create the
				impression directly or indirectly that the insurer, its financial condition or
				status, or the payment of its claims, or the merits, desirability, or
				advisability of its policy forms or kinds or plans of insurance are approved,
				endorsed, or accredited by any division or agency of this Commonwealth or the
				United States government.
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 90 - RULES GOVERNING ADVERTISEMENT OF ACCIDENT AND SICKNESS INSURANCE › Section 14VAC5-90-130 - Identity of insurer

Current through Register Vol. 40, No. 24, July 15, 2024
A. The
				name of the actual insurer, the form number or numbers of the policies
				advertised, and the form number of any application shall be stated on all
				invitations to contract. An invitation to contract shall not use a trade name,
				any insurance group designation, name of the parent company of the insurer,
				name of a particular division of the insurer, service mark, slogan, symbol or
				other device which without disclosing the name of the actual insurer would have
				the capacity and tendency to mislead or deceive as to the true identity of the
				insurer.
B. An advertisement shall
				not use any combination of words, symbols, or physical materials that by their
				content, phraseology, shape, color or other characteristics are so similar to
				combination of words, symbols, or physical materials used by agencies of the
				federal government or this Commonwealth, or otherwise appear to be of such a
				nature that it tends to confuse or mislead prospective insureds into believing
				that the solicitation is in some manner connected with an agency of the
				municipal, state, or federal government.
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 90 - RULES GOVERNING ADVERTISEMENT OF ACCIDENT AND SICKNESS INSURANCE › Section 14VAC5-90-140 - Group or quasi-group implications

Current through Register Vol. 40, No. 24, July 15, 2024
An advertisement of a particular policy shall not state or
				  imply that prospective insureds become group or quasi-group members covered
				  under a group policy and as such enjoy special rates or underwriting
				  privileges, unless that is the fact.
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 90 - RULES GOVERNING ADVERTISEMENT OF ACCIDENT AND SICKNESS INSURANCE › Section 14VAC5-90-160 - Statements about an insurer

Current through Register Vol. 40, No. 24, July 15, 2024
An advertisement shall not contain statements which are
				  untrue in fact, or by implication misleading, with respect to the assets,
				  corporate structure, financial standing, age or relative position of the
				  insurer in the insurance business. An advertisement shall not contain a
				  recommendation by any commercial rating system unless it clearly indicates the
				  purpose of the recommendation, the name and a description of the entity through
				  which the rating is obtained, and the limitations of the scope and extent of
				  the recommendation.
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 90 - RULES GOVERNING ADVERTISEMENT OF ACCIDENT AND SICKNESS INSURANCE › Section 14VAC5-90-170 - Enforcement procedures; advertising file; corrective advertising

Current through Register Vol. 40, No. 24, July 15, 2024
A. Each insurer
				shall maintain at its home or principal office a complete file containing every
				printed, published or prepared advertisement of its individual policies and
				typical printed, published or prepared advertisements of its blanket, franchise
				and group policies hereafter disseminated in this or any other state, whether
				or not licensed in another state, with a notation attached to each
				advertisement that indicates the manner and extent of distribution and the form
				number of any policy advertised. The file shall be subject to regular and
				periodical inspection by the commission. All the advertisements shall be
				maintained in a file for the longer of four years or until the filing of the
				next regular report on examination of the insurer.
B. If the commission finds, after notice and
				opportunity to be heard, as provided in § 38.2-219 of the Code of
				Virginia, that any advertisement is in violation of the provisions of this
				chapter and that the violation was to substantially deceive or to mislead the
				public, the commission may, in addition to any other remedy or monetary penalty
				it may otherwise impose, order the insurer responsible for the dissemination of
				such advertisement to publish at the insurer's expense, a corrective
				advertisement in a form to be approved by the commission. If an insurer fails
				to publish a corrective advertisement as required by the commission, the
				commission may cause a corrective advertisement to be published, and the
				insurer shall, in addition to any other penalty that may have been imposed,
				reimburse the commission for the expenses incurred in connection with the
				publication of the advertisement.
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 90 - RULES GOVERNING ADVERTISEMENT OF ACCIDENT AND SICKNESS INSURANCE › Section 14VAC5-90-180 - Severability

Current through Register Vol. 40, No. 24, July 15, 2024
If any provision of this chapter or its applicability to any
				  person or circumstance is held invalid by a court, the remainder of the
				  chapter, or the applicability of the provision 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 101 - RULES GOVERNING LIFE AND HEALTH FORMS FILINGS › Section 14VAC5-101-10 - Purpose

Current through Register Vol. 40, No. 24, July 15, 2024
A. The purpose of
				this chapter is to provide uniform standards for filing forms in accordance
				with §§
									38.2-316,
				38.2-3725,
				and
				38.2-6003
				of the Code of Virginia and to establish rules to expedite the review and
				approval of all forms relating to life, accident and sickness, annuity, credit
				life, credit accident and sickness, viatical settlements, and legal services
				plans filed under Chapter 44 (§
									38.2-4400 et seq.) of
				Title 38.2 of the Code of Virginia that are delivered or issued for delivery in
				the Commonwealth of Virginia.
B.
				Any rate filing submitted to the commission that corresponds with a form
				subject to this chapter shall comply with the applicable filing requirements of
				this chapter.
C. Medicare
				supplement and long-term care marketing communications that are required to be
				filed with the commission pursuant to §
									38.2-3609
				of the Code of Virginia and
				14VAC5-200-160
				shall comply with the applicable filing requirements of this chapter.
D. Policyholder notification letters required
				to be filed with the commission pursuant to
				14VAC5-200-75
				D shall comply with the applicable filing requirements of this
				chapter.
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 101 - RULES GOVERNING LIFE AND HEALTH FORMS FILINGS › Section 14VAC5-101-20 - Applicability and scope

Current through Register Vol. 40, No. 24, July 15, 2024
This chapter shall apply to all companies licensed in this
				  Commonwealth to write the types of insurance covered by this
				  chapter.
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 101 - RULES GOVERNING LIFE AND HEALTH FORMS FILINGS › Section 14VAC5-101-30 - 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:
"Approval" means a disposition applied to a form indicating
				  that it has been filed by a company, reviewed and approved by the commission,
				  and that it may be used in this Commonwealth for the purpose with which it was
				  approved.
"Commission" means the State Corporation Commission.
"Company" means any entity licensed in the Commonwealth to
				  transact the business of insurance or viatical settlements.
"File for use" means a disposition applied to a form that is
				  required to be filed with the commission but does not require approval and may
				  be used in this Commonwealth for the purpose with which it was filed.
"Filing description" means a cover letter or electronic
				  summary of the contents of a form filing.
"Form" means a policy, rider, endorsement, amendment,
				  application, enrollment form, certificate of insurance, evidence of coverage,
				  group agreement, supplemental agreement, or any other form required to be filed
				  with or approved by the commission.
"Policy" means an insurance policy, contract, certificate,
				  evidence of coverage, or other agreement of insurance and includes any attached
				  rider or endorsement.
"SERFF" means the National Association of Insurance
				  Commissioners System for Electronic Rate and Form Filing, or its
				  successor.
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 101 - RULES GOVERNING LIFE AND HEALTH FORMS FILINGS › Section 14VAC5-101-40 - Source of filing

Current through Register Vol. 40, No. 24, July 15, 2024
All filings shall be transmitted electronically through SERFF
				  or submitted in writing to the commission. The filing shall be submitted by the
				  company representative having forms filing responsibilities or by a third-party
				  consulting or legal firm authorized by the company to file its forms. Proof of
				  authorization for any third-party filing shall be included.
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 101 - RULES GOVERNING LIFE AND HEALTH FORMS FILINGS › Section 14VAC5-101-50 - General filing requirements

Current through Register Vol. 40, No. 24, July 15, 2024
A. The commission may set filing deadlines as
				needed. Deadlines shall be strictly enforced.
B. A form is considered filed with the
				commission on the date the filing is received.
C. Each filing shall be accompanied by a
				filing description that shall include:
1. The
				type of insurance form, including a description of the form and the market for
				which the form is intended. Intentions to concentrate on a specialized market
				should be noted.
2. The form number
				of each form that is being filed.
3. An indication that the form is new, or if
				replacing, revising, or modifying a previously approved form, the exact changes
				that are intended.
4. An
				identification of any change in benefits and an indication of whether the
				change affects premium rates for the form.
5. An indication if approval of a form
				submitted has been withdrawn by another regulatory body and the reasons for
				such a withdrawal.