reglab/statecodes huggingface dataset:
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 14VAC5-41-40 - General disclosure requirements

Current through Register Vol. 40, No. 24, July 15, 2024
A. The information required to be disclosed
				by this chapter shall not be minimized, rendered obscure, or presented in an
				ambiguous fashion or intermingled with the text of an advertisement so as to
				confuse or mislead.
B. If an
				advertisement uses the terms "nonmedical," "no medical examination required,"
				or similar terms where issue is not guaranteed, these terms shall be
				accompanied by a further disclosure of equal prominence and juxtaposition to
				the effect that issuance of the policy may depend upon the answers to the
				health questions contained in the application.
C. An advertisement shall not contain
				figures, dollar amounts, or statistical information unless it accurately
				reflects recent and relevant facts. The source of any figures, dollar amounts,
				or statistics used in advertisements shall be identified therein.
D. An advertisement for a life insurance
				policy containing graded or modified benefits shall prominently display any
				limitation of benefits. If the premium is level and coverage decreases or
				increases with age or duration, that fact shall be commonly disclosed. An
				advertisement of or for a life insurance policy under which the death benefit
				varies with the length of time the policy has been in force shall accurately
				describe and clearly call attention to the amount of minimum death benefit
				under the policy.
E. Any
				advertisement that mentions or refers to universal life insurance premiums
				shall indicate that it is possible that coverage will expire when either no
				premiums are paid following the initial premium, or subsequent premiums are
				insufficient to continue coverage, if true.
F. An insurer or agent shall advise a
				prospective applicant who is considering replacing a policy that under the
				existing policy the period of time during which the existing insurer could
				contest the policy or deny coverage for death caused by suicide may have
				expired or may expire earlier than it will under the proposed policy.
G. An advertisement for life insurance or an
				annuity that is to be used to fund a preneed funeral contract shall disclose
				that fact.
H. An advertisement of a
				life insurance policy or annuity that will not fund a preneed funeral contract
				and that includes a listing, summary, description, or comparison of actual or
				estimated costs of funeral goods or services shall contain the following
				disclosure:
"This (life insurance or annuity) does not specifically
				  cover funeral goods or services, and may not cover the entire cost of your
				  funeral at the time of your death. The beneficiary of this (life insurance or
				  annuity) may use the proceeds for any purpose, unless otherwise
				  directed."
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 14VAC5-41-50 - Premiums

Current through Register Vol. 40, No. 24, July 15, 2024
A. An amount that
				is a premium for a policy shall be referred to in any advertisement only as a
				premium. The use of words such as "deposit," "deposit premium," "investment,"
				or other misleading or confusing terminology to refer to a premium is
				prohibited.
B. An advertisement
				shall not contain a statement or representation that premiums paid for a policy
				can be withdrawn under the terms of the policy. Reference may be made to
				amounts paid into an advance premium fund, which are intended to pay premiums
				at a future time, to the effect that they may be withdrawn under the conditions
				of the prepayment agreement. Reference also may be made to withdrawal rights
				under any unconditional premium refund offer.
C. An advertisement for a policy with
				nonlevel premiums shall prominently describe the premium changes.
D. An advertisement in which the insurer
				describes a policy that reserves the right to change the amount of the premium
				during the policy term shall prominently describe this feature.
E. An advertisement for a policy with pure
				endowment benefits payable within the premium paying period shall contain
				information regarding the premium charged in a clearly identified separate
				amount. The specific amount of each separate endowment shall be shown in dollar
				amounts only. An advertisement shall not represent a pure endowment benefit as
				a "profit" or "return" on the premium paid, rather than a policy benefit for
				which a specified premium is paid.
F. An advertisement shall not imply the
				existence of an actuarial relationship between a specific premium or portion
				thereof, and a specific benefit or portion thereof, provided under a policy
				where, in fact, none exists. No premium or a portion of a premium shall be
				represented as an "additional," "separate," or "special" premium unless there
				is an actuarial relationship between the premium or portion thereof, and some
				specifically identifiable benefit or portion thereof.
G. No artificial relationships among
				premiums, interest rates, and benefits or portions thereof shall be implied or
				created.
H. An advertisement shall
				not represent that premium payments will not be required for each year of the
				policy in order to maintain the illustrated death benefits, unless that is the
				fact.
I. An advertisement shall not
				use the term "vanish," "vanishing premium," or a similar term that implies the
				policy becomes paid up, to describe a plan using nonguaranteed elements to pay
				a portion of future premiums.
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 14VAC5-41-60 - Nonguaranteed policy elements

Current through Register Vol. 40, No. 24, July 15, 2024
A.
				An advertisement shall not utilize or describe nonguaranteed policy elements in
				a manner that is misleading or has the capacity or tendency to mislead. In this
				connection, analogies and comparisons between dividends payable on shares of
				stock and dividends payable under a policy are prohibited unless the
				advertisement fully, clearly, and accurately describes the
				differences.
B. An advertisement
				shall not state or imply that the payment or amount of nonguaranteed policy
				elements is guaranteed. If nonguaranteed policy elements are illustrated, they
				shall be based on the insurer's current scale, and the illustration shall
				contain a prominent statement to the effect that the nonguaranteed policy
				elements are not to be construed as guarantees of amounts to be paid in the
				future.
C. An advertisement shall
				not state or imply that illustrated dividends or other nonguaranteed policy
				elements under either or both a participating policy or pure endowment will be
				or can be sufficient at any future time to assure without the future payment of
				premiums, the receipt of benefits, such as a paid-up policy, unless the
				advertisement clearly and precisely explains the benefits or coverage provided
				at that time and the conditions required for that to occur.
D. An advertisement shall not state or imply
				that dividends are other than mainly a refund or return of part of the premium
				paid or that dividends are guaranteed. An advertisement may if true state or
				imply that dividends are dependent on the investment earnings, lapse
				experience, mortality experience, and expense experience of the
				insurer.
E. An advertisement shall
				not state or imply that a prospective policyholder will receive dividends or
				other nonguaranteed benefits, or special or favored treatment in the allowance
				or payment of amounts or other monetary benefits not expressly provided in the
				policy.
F. An advertisement shall
				not refer to dividends as "tax free" or use words of similar import, unless the
				tax treatment of dividends is fully explained and the nature of the dividend as
				a return of premium is indicated clearly.
G. If a dividend illustration is determined
				in a manner involving substantial deviation from the contribution principle, an
				advertisement showing illustrated dividends shall prominently display the
				following caution: "The illustrated dividends for this policy were determined
				in a manner inconsistent with generally accepted practices."
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 14VAC5-41-80 - Policy costs and cost comparisons

Current through Register Vol. 40, No. 24, July 15, 2024
A. The words
				"free," "no cost," "without cost," "no additional cost," "at no extra cost," or
				words of similar import shall not be used with respect to any benefit or
				service being made available with a policy unless true. If there is no charge
				to the insured, then the identity of the payor and the amount of the payment
				shall be prominently disclosed. An advertisement may specify the charge for a
				benefit or a service or may state that a charge is included in the premium or
				use other appropriate language.
B.
				An advertisement for a policy marketed by direct response techniques or a life
				insurance policy containing graded or modified benefits shall not use the
				phrase "affordable," "inexpensive," "low cost," or any phrase or word of
				similar import when the policy being advertised is guaranteed issue.
C. An advertisement shall not imply or state
				that all older policies are more or less costly than newer policies.
D. An advertisement of two or more policies
				sold as a "package" or other combination shall not direct attention improperly
				at the cost competitiveness of one part of the "package" when the cost
				competitiveness of that part is not indicative of the cost competitiveness of
				the "package" as a whole.
E. An
				advertisement of a single policy shall not direct attention improperly at the
				cost competitiveness of a part of the policy when the cost competitiveness of
				that part is not indicative of the cost competitiveness of the entire
				policy.
F. An advertisement of a
				policy at a particular issue age, sex, or amount shall not lead prospective
				policyholders to believe that the cost competitiveness of the policy is similar
				at other issue ages, sex, or amounts unless that is a fact.
G. An advertisement containing a cost
				comparison of two or more policies with nonguaranteed policy elements in which
				the method of investment income allocation differs between or among the
				policies shall state that fact and shall contain a brief explanation of the
				implications of the cost comparison.
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 14VAC5-41-100 - Testimonials, appraisals, analyses, and endorsements

Current through Register Vol. 40, No. 24, July 15, 2024
A. A testimonial, appraisal, analysis, or
				endorsement used in an advertisement shall be genuine; represent the current
				opinion of the author; be applicable to the policy advertised, if any; and be
				accurately reproduced with sufficient completeness to avoid misleading or
				deceiving prospective insureds as to the nature or scope of the testimonial,
				appraisal, analysis, or endorsement. In using testimonials, appraisals,
				analyses, or endorsements the insurer or agent makes as its own all the
				statements contained therein, and these statements are subject to all
				provisions of this chapter.
B. If
				the individual making a testimonial, appraisal, analysis, or endorsement has a
				financial interest in the insurer or a related entity as a stockholder,
				director, officer, employee, or otherwise, that fact shall be clearly and
				prominently disclosed in the advertisement. If an individual receives any
				financial benefit directly or indirectly, greater than required union scale
				wages, that fact shall be clearly and prominently disclosed in the
				advertisement by language identical or substantially similar to the following:
				"THIS IS A PAID ENDORSEMENT."
C. An
				advertisement shall not state or imply that an insurer or a policy has been
				approved or endorsed by a group of individuals, society, association, or other
				organization unless that is the fact and unless any proprietary relationship
				between an organization and the insurer is disclosed. If the entity making the
				endorsement or testimonial is owned, controlled, or managed by the insurer or
				receives any payment or other consideration from the insurer for making the
				endorsement or testimonial, that fact shall be disclosed 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 41 - RULES GOVERNING ADVERTISEMENT OF LIFE INSURANCE AND ANNUITIES › Section 14VAC5-41-120 - Policies sold to students

Current through Register Vol. 40, No. 24, July 15, 2024
A.
				The envelope in which advertisement material is contained may be addressed to
				the parents of students. The address shall not include any combination of words
				that imply that the correspondence is from a school, college, university, or
				other education or training institution nor shall it imply that the institution
				has endorsed the material or supplied the insurer with information about the
				student unless that is a fact.
B.
				All advertisements including, but not limited to, informational flyers shall be
				clearly identified as coming from an insurer or agent, if that is the case, and
				these entities shall be clearly marked as such.
C. The return address on the envelope shall
				not imply that the soliciting insurer or agent is affiliated with a university,
				college, school, or other educational or training institution unless that is a
				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 41 - RULES GOVERNING ADVERTISEMENT OF LIFE INSURANCE AND ANNUITIES › Section 14VAC5-41-130 - Individual deferred annuity contracts or deposit funds

Current through Register Vol. 40, No. 24, July 15, 2024
A. Any illustrations or statements containing
				or based upon nonguaranteed interest rates shall likewise set forth with equal
				prominence comparable illustrations or statements containing or based upon the
				guaranteed accumulation rates. The nonguaranteed interest rate shall not be
				greater than those currently being credited by the company unless the
				nonguaranteed rates have been publicly declared by the company with an
				effective date for new issues not more than three months subsequent to the date
				of declaration.
B. If an
				advertisement for a particular annuity or advance premium fund states the
				accumulation interest rate based on net contributions, it shall also disclose
				in close proximity and with equal prominence, the accumulation interest rate
				based on gross contribution and the relationship between gross and net
				contributions.
C. An advertisement
				shall not state or imply that annuities or advance premium funds are accorded
				preferential tax treatment unless the advertisement describes the tax
				consequences of purchasing an annuity or making payments into an advance
				premium fund, including tax consequences on surrender and on death.
D. If the contract does not provide a cash
				surrender benefit prior to commencement of payment of annuity benefits, an
				illustration or statement concerning the contract shall prominently state that
				cash surrender benefits are not provided.
E. Any illustrations, depictions, or
				statements containing or based on determinable policy elements shall set forth
				with equal prominence comparable illustrations, depictions, or statements
				containing or based on guaranteed policy elements.
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 14VAC5-41-140 - Jurisdictional licensing

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 or agent is licensed shall not imply
				licensing beyond those limits.
B.
				An advertisement may state that an insurer or agent is licensed in the state
				where the advertisement appears, provided it does not exaggerate that fact or
				suggest or imply that competing insurers or agents may not be so
				licensed.
C. An advertisement shall
				not create the impression that the insurer, its financial condition or status,
				the payment of its claims, or the merits, desirability, or advisability of its
				policy forms or kinds of plans of insurance are recommended or endorsed by any
				governmental entity. However, where a governmental entity has recommended or
				endorsed a policy form or plan, that fact may be stated if the entity
				authorizes its recommendation or endorsement to be used in an
				advertisement.
D. An advertisement
				shall not represent or imply that any financial ratio, illustrative material or
				advertisement, including pictures, diagrams, charts, projections, or other
				material, has been approved or sanctioned by the commission, unless that is a
				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 41 - RULES GOVERNING ADVERTISEMENT OF LIFE INSURANCE AND ANNUITIES › Section 14VAC5-41-150 - Approval and records maintenance requirements

Current through Register Vol. 40, No. 24, July 15, 2024
A. All advertisements written, created,
				designed, or presented by an agent or other party responsible for advertisement
				shall be approved by the insurer.
B. Each insurer shall establish and at all
				times maintain a system of control over the method of dissemination, content,
				and form of all advertisements of its policies. A system of control shall
				include regular and routine notification to agents, brokers, and others
				authorized by the insurer to disseminate advertisements of the requirement and
				procedures for company approval prior to the use of any advertisement that is
				not furnished by the insurer.
C.
				Each insurer shall maintain at its home or principal office a complete file
				containing a specimen copy of every printed, published, or prepared
				advertisement of its individual policies and specimen copies of typical
				printed, published, or prepared advertisements of its blanket, franchise, and
				group policies, disseminated in this Commonwealth, with a notation indicating
				the manner and extent of distribution and the form number of any policy
				referred to in any advertisement. The file shall be subject to inspection by
				the commission. All advertisements shall be maintained in the file for a period
				of five years after discontinuance of their use or publication.
D. Each insurer shall inform its agents of
				the requirements of this regulation.
E. If the commission finds that it may be in
				the best interests of the public, at the commission's specific request, it may
				require particular insurers or agents to submit all or any part of their
				advertisements to the commission for review or approval prior to use.
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 14VAC5-41-160 - 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 43 - RULES GOVERNING USE OF SENIOR-SPECIFIC CERTIFICATIONS AND PROFESSIONAL DESIGNATIONS IN SALE OF LIFE OR ACCIDENT AND SICKNESS INSURANCE OR ANNUITIES › Section 14VAC5-43-10 - Applicability

Current through Register Vol. 40, No. 24, July 15, 2024
A. The purpose of
				this chapter is to set forth standards to protect consumers from misleading and
				fraudulent trade practices with respect to the use of senior-specific
				certifications and professional designations in the marketing, solicitation,
				sale or purchase of, or advice made in connection with, a life or accident and
				sickness insurance or an annuity product.
B. This chapter shall apply to any marketing,
				solicitation, sale or purchase of, or advice made in connection with, a life or
				accident and sickness insurance policy or annuity product by an insurance
				agent, whether issued on an individual or group basis. This includes, but is
				not limited to, fixed and variable annuities, long-term care insurance,
				including long-term partnership plans, Medicare Supplement, Medicare Part C,
				and Medicare Part D.
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 43 - RULES GOVERNING USE OF SENIOR-SPECIFIC CERTIFICATIONS AND PROFESSIONAL DESIGNATIONS IN SALE OF LIFE OR ACCIDENT AND SICKNESS INSURANCE OR ANNUITIES › Section 14VAC5-43-20 - Senior-specific certifications and professional designations

Current through Register Vol. 40, No. 24, July 15, 2024
A. No insurance agent shall use a
				senior-specific certification or professional designation that indicates or
				implies in such a way as to mislead a purchaser or prospective purchaser that
				the insurance agent has special certification or training in advertising or
				servicing seniors in connection with the marketing, solicitation, sale or
				purchase of a life or accident and sickness insurance policy or annuity
				product, or in the provision of advice as to the value of or the advisability
				of purchasing or selling a life or accident and sickness insurance policy or
				annuity product, either directly or indirectly through publications or
				writings, or by issuing or promulgating analyses or reports related to a life
				or accident and sickness insurance policy or annuity product.
B. The prohibited use of senior-specific
				certifications or professional designations includes, but is not limited to,
				the following:
1. Use of a certification or
				professional designation by an insurance agent who has not actually earned or
				is otherwise ineligible to use such certification or designation;
2. Use of a nonexistent or self-conferred
				certification or professional designation;
3. Use of a certification or professional
				designation that indicates or implies a level of occupational qualifications
				obtained through education, training or experience that the insurance agent
				using the certification or designation does not have; and
4. Use of a certification or professional
				designation that was obtained from a certifying or designating organization
				that:
a. Is primarily engaged in the business
				of instruction in sales or marketing;
b. Does not have reasonable standards or
				procedures for assuring the competency of its certificants or
				designees;
c. Does not have
				reasonable standards or procedures for monitoring and disciplining its
				certificants or designees for improper or unethical conduct; or
d. Does not have reasonable continuing
				education requirements for its certificants or designees in order to maintain
				the certificate or designation.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 43 - RULES GOVERNING USE OF SENIOR-SPECIFIC CERTIFICATIONS AND PROFESSIONAL DESIGNATIONS IN SALE OF LIFE OR ACCIDENT AND SICKNESS INSURANCE OR ANNUITIES › Section 14VAC5-43-30 - Severability

Current through Register Vol. 40, No. 24, July 15, 2024
If any section or a portion of this chapter, or the
				  applicability thereof to any person or circumstance is held to be invalid by a
				  court, the remainder of this chapter, or the applicability of such provisions
				  to other persons shall not be affected thereby.
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 45 - RULES GOVERNING SUTAIBILITY IN ANNUITY TRANSACTIONS › Section 14VAC5-45-10 - Purpose and scope

Current through Register Vol. 40, No. 24, July 15, 2024
The purpose of this chapter is to require agents, as defined
				  in this chapter, to act in the best interest of the consumer when making a
				  recommendation of an annuity and to require insurers to establish and maintain
				  a system to supervise recommendations so that the insurance needs and financial
				  objectives of consumers at the time of the transaction are effectively
				  addressed. This chapter shall apply to any sale or recommendation of an annuity
				  .
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 45 - RULES GOVERNING SUTAIBILITY IN ANNUITY TRANSACTIONS › Section 14VAC5-45-30 - Exemptions

Current through Register Vol. 40, No. 24, July 15, 2024
Unless otherwise specifically included, this chapter shall
				  not apply to transactions involving:
1. Direct response solicitations where there
				is no recommendation based on information collected from the consumer pursuant
				to this chapter.
2. Contracts used
				to fund:
a. An employee pension or welfare
				benefit plan that is covered by the Employee Retirement Income Security Act of
				1974 (29 USC §
											1001 et seq.);
b. A plan described by
				26 USC
				§
											401(a),
				401(k),
				403(b),
				408(k),
				or
				408(p)
				of the Internal Revenue Code, if established or maintained by an
				employer;
c. A government or church
				plan defined in
				26 USC §
											414 of the Internal Revenue Code, a
				government or church welfare benefit plan, or a deferred compensation plan of a
				state or local government or tax exempt organization under
				26
				USC §
											457 of the Internal Revenue Code;
				or
d. A nonqualified deferred
				compensation arrangement established or maintained by an employer or plan
				sponsor;
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 45 - RULES GOVERNING SUTAIBILITY IN ANNUITY TRANSACTIONS › Section 14VAC5-45-40 - Duties of insurers and agents

Current through Register Vol. 40, No. 24, July 15, 2024
A. Best interest obligations. An agent, when
				making a recommendation of an annuity, shall act in the best interest of the
				consumer under the circumstances known at the time the recommendation is made,
				without placing the agent's or the insurer's financial interest ahead of the
				consumer's interest. An agent has acted in the best interest of the consumer if
				the agent has satisfied the following obligations regarding care, disclosure,
				conflict of interest, and documentation:
1.
				Care Obligation.
a. The agent, in making a
				recommendation shall exercise reasonable diligence, care, and skill to:
(1) Know the consumer's financial situation,
				insurance needs, and financial objectives;
(2) Understand the available recommendation
				options after making a reasonable inquiry into options available to the
				agent;
(3) Have a reasonable basis
				to believe the recommended option effectively addresses the consumer's
				financial situation, insurance needs, and financial objectives over the life of
				the product, as evaluated in light of the consumer profile information;
				and
(4) Communicate the basis of
				the recommendation.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 45 - RULES GOVERNING SUTAIBILITY IN ANNUITY TRANSACTIONS › Section 14VAC5-45-47 - Recordkeeping

Current through Register Vol. 40, No. 24, July 15, 2024
A. Insurers,
				agencies, and agents shall maintain or be able to make available to the
				commission records of the information collected from the consumer; disclosures
				made to the consumer, including summaries of oral disclosures; and other
				information used in making the recommendations that were the basis for
				insurance transactions for five years after the insurance transaction is
				completed by the insurer. An insurer is permitted, but shall not be required,
				to maintain documentation on behalf of an agent.
B. Records required to be maintained by this
				chapter may be maintained in paper, photographic, micro-process, magnetic,
				mechanical, or electronic media or by any process that accurately reproduces
				the actual document.
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 45 - RULES GOVERNING SUTAIBILITY IN ANNUITY TRANSACTIONS › Section 14VAC5-45-50 - 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 45 - RULES GOVERNING SUTAIBILITY IN ANNUITY TRANSACTIONS › Form - FORMS (14VAC5-45)

Current through Register Vol. 40, No. 24, July 15, 2024
Insurance
				  Agent (Producer) Disclosure for Annuities, CN01 (Eff. 9/1/2021)
Consumer
				  Refusal to Provide Information, CN02 (Eff. 9/1/2021)
Consumer
				  Decision to Purchase an Annuity Not Based on a Recommendation, CN03 (Eff.
				  9/1/2021)
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 50 - RULES GOVERNING NEW ANNUITY MORTALITY TABLES FOR USE IN DETERMINING RESERVE LIABILITIES FOR ANNUITIES › Section 14VAC5-50-10 - Purpose

Current through Register Vol. 40, No. 24, July 15, 2024
The purpose of this chapter (14VAC5-50-10 et seq.) is to
				  recognize the following mortality tables for use in determining the minimum
				  standard of valuation for annuity and pure endowment contracts: the 1983 Group
				  Annuity Mortality (1983 GAM) Table, the 1983 Table "a," the Annuity 2000
				  Mortality Table, and the 1994 Group Annuity Reserving (1994 GAR)
				  Table.
Statutory Authority
§ 12.1-13 of the Code of Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 50 - RULES GOVERNING NEW ANNUITY MORTALITY TABLES FOR USE IN DETERMINING RESERVE LIABILITIES FOR ANNUITIES › Section 14VAC5-50-20 - Definitions

Current through Register Vol. 40, No. 24, July 15, 2024
As used in this chapter (14VAC5-50-10 et seq.):
"1983 Group Annuity Mortality Table" and "1983 GAM Table"
				  mean that mortality table developed by the Society of Actuaries Committee on
				  Annuities and adopted as a recognized mortality table for annuities in December
				  1983 by the National Association of Insurance Commissioners.
"1983 Table "a'" means that mortality table developed by the
				  Society of Actuaries Committee to Recommend a New Mortality Basis for
				  Individual Annuity Valuation and adopted as a recognized mortality table for
				  annuities in June 1982 by the National Association of Insurance
				  Commissioners.
"1994 Group Annuity Reserving Table" and "1994 GAR Table"
				  mean that mortality table developed by the Society of Actuaries Group Annuity
				  Valuation Table Task Force and adopted as a recognized mortality table for
				  annuities in December 1995 by the National Association of Insurance
				  Commissioners.
"Annuity 2000 Mortality Table" means that mortality table
				  developed by the Society of Actuaries Committee on Life Insurance Research and
				  adopted as a recognized mortality table in December 1996 by the National
				  Association of Insurance Commissioners.
Statutory Authority
§ 12.1-13 of the Code of Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 50 - RULES GOVERNING NEW ANNUITY MORTALITY TABLES FOR USE IN DETERMINING RESERVE LIABILITIES FOR ANNUITIES › Section 14VAC5-50-30 - Individual annuity or pure endowment contracts

Current through Register Vol. 40, No. 24, July 15, 2024
A. Except as provided in subsections B and C
				of this section, the 1983 Table "a" is recognized and approved as an individual
				annuity mortality table for valuation and, at the option of the company, may be
				used for purposes of determining the minimum standard of valuation for any
				individual annuity or pure endowment contract issued on or after July 1,
				1979.
B. Except as provided in
				subsection C of this section, either the 1983 Table "a" or the Annuity 2000
				Mortality Table shall be used for determining the minimum standard of valuation
				for any individual annuity or pure endowment contract issued on or after
				January 1, 1987.
C. Except as
				provided in subsection D of this section, the Annuity 2000 Mortality Table
				shall be used for determining the minimum standard of valuation for an
				individual annuity or a pure endowment contract issued on or after January 1,
				1999.
D. The 1983 Table "a" without
				projection is to be used for determining the minimum standards of valuation for
				an individual annuity or pure endowment contract issued on or after January 1,
				1999, solely when the contract is based on life contingencies and is issued to
				fund periodic benefits arising from:
1.
				Settlements of various forms of claims pertaining to court settlements or out
				of court settlements from tort actions;
2. Settlements involving similar actions such
				as workers' compensation claims; or
3. Settlements of long-term disability claims
				where a temporary or life annuity has been used in lieu of continuing
				disability payments.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 50 - RULES GOVERNING NEW ANNUITY MORTALITY TABLES FOR USE IN DETERMINING RESERVE LIABILITIES FOR ANNUITIES › Section 14VAC5-50-35 - Application of the 2012 IAR Mortality Table

Current through Register Vol. 40, No. 24, July 15, 2024
In using the 2012 IAR Mortality Table, the mortality rate for
				  a person age x in year (2012 + n) is calculated as follows:
qx2012+n =
				  qx2012(1 -
				  G2x)n
The resulting
				  qx2012+n shall be rounded to
				  three decimal places per 1,000 (e.g., 0.741 deaths per 1,000). Also, the
				  rounding shall occur according to the formula above, starting at the 2012
				  Period Table rate.
For example, for a male age 30,
				  qx2012 = 0.741.
qx2013 =
				  0.741 * (1 - 0.010) ^ 1 = 0.73359, which is rounded to 0.734.
qx2014 =
				  0.741 * (1 - 0.010) ^ 2 = 0.7262541, which is rounded to 0.726.
A method leading to incorrect rounding would be to calculate
				  qx2014 as
				  qx2013 * (1 - 0.010), or
				  0.734 * 0.99 = 0.727. It is incorrect to use the already rounded
				  qx2013 to calculate
				  qx2014.
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 50 - RULES GOVERNING NEW ANNUITY MORTALITY TABLES FOR USE IN DETERMINING RESERVE LIABILITIES FOR ANNUITIES › Section 14VAC5-50-40 - Group annuity or pure endowment contracts

Current through Register Vol. 40, No. 24, July 15, 2024
A. Except as provided in subsections B and C
				of this section, the 1983 GAM Table, 1983 Table "a," and the 1994 GAR Table are
				recognized and approved as group annuity mortality tables for valuation and, at
				the option of the company, any of these tables may be used for purposes of
				valuation for any annuity or a pure endowment purchased on or after July 1,
				1979, under a group annuity or pure endowment contract.
B. Except as provided in subsection C of this
				section, the 1983 GAM Table or the 1994 GAR Table shall be used for determining
				the minimum standard of valuation for any annuity or a pure endowment purchased
				on or after January 1, 1987, under a group annuity or pure endowment
				contract.
C. The 1994 GAR Table
				shall be used for determining the minimum standard of valuation for any annuity
				or a pure endowment purchased on or after January 1, 1999, under a group
				annuity or pure endowment contract.
Statutory Authority
§ 12.1-13 of the Code of Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 50 - RULES GOVERNING NEW ANNUITY MORTALITY TABLES FOR USE IN DETERMINING RESERVE LIABILITIES FOR ANNUITIES › Section 14VAC5-50-41 - Application of the 1994 GAR Table

Current through Register Vol. 40, No. 24, July 15, 2024
In using the 1994 GAR Table, the mortality rate for a person
				  age x in year (1994 + n) is calculated as follows:
qx1994+n =
				  qx1994(1 - AAx)n
where the qx1994's and
				  AAx's are as specified in the 1994 GAR
				  Table.
Statutory Authority
§ 12.1-13 of the Code of Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 50 - RULES GOVERNING NEW ANNUITY MORTALITY TABLES FOR USE IN DETERMINING RESERVE LIABILITIES FOR ANNUITIES › Section 14VAC5-50-50 - Severability

Current through Register Vol. 40, No. 24, July 15, 2024
If any provision of this chapter (14VAC5-50-10 et seq.), or the
				  application thereof to any person or circumstances 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 not be affected thereby.
Statutory Authority
§§ 12.1-13 and 38.2-3130 of the Code of
					 Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 60 - RULES PERMITTING SMOKER/NONSMOKER MORTALITY TABLES FOR USE IN DETERMINING MINIMUM RESERVE LIABILITIES AND NONFORFEITURE BENEFITS › Section 14VAC5-60-10 - Purpose

Current through Register Vol. 40, No. 24, July 15, 2024
The purpose of this chapter (14VAC5-60-10 et seq.) is to permit
				  the use of mortality tables that reflect differences in mortality between
				  smokers and nonsmokers in determining minimum reserve liabilities and minimum
				  cash surrender values and amounts of paid-up nonforfeiture benefits for plans
				  of insurance with separate premium rates for smokers and
				  nonsmokers.
Statutory Authority
§§ 12.1-13, 38.2-223, 38.2-3117, 38.2-3130, and
					 38.2-3209 of the Code of Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 60 - RULES PERMITTING SMOKER/NONSMOKER MORTALITY TABLES FOR USE IN DETERMINING MINIMUM RESERVE LIABILITIES AND NONFORFEITURE BENEFITS › Section 14VAC5-60-30 - Alternate tables

Current through Register Vol. 40, No. 24, July 15, 2024
A. For
				any policy of insurance delivered or issued for delivery in this Commonwealth
				after the operative date of § 38.2-3202 for that policy form and before
				January 11, 1989, at the option of the company and subject to the condition
				stated in 14VAC5-60-40:
1. The 1958 CSO Smoker and Nonsmoker
				Mortality Tables may be substituted for the 1980 CSO Table, with or without
				Ten-Year Select Mortality Factors; and
2. The 1958 CET Smoker and Nonsmoker
				Mortality Tables may be substituted for the 1980 CET Table
for use in determining minimum reserve liabilities and
				  minimum cash surrender values and amounts of paid-up nonforfeiture
				  benefits.
Provided that for any category of insurance issued on female
				  lives with minimum reserve liabilities and minimum cash surrender values and
				  amounts of paid-up nonforfeiture benefits determined using the 1958 CSO or 1958
				  CET Smoker and Nonsmoker Mortality Tables, such minimum values may be
				  calculated according to an age not more than six years younger than the actual
				  age of the insured.
Provided further that the substitution of the 1958 CSO or
				  1958 CET Smoker and Nonsmoker Mortality Tables is available only if made for
				  each policy of insurance on a policy form delivered or issued for delivery on
				  or after the operative date for that policy form and before a date not later
				  than January 1, 1989.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 60 - RULES PERMITTING SMOKER/NONSMOKER MORTALITY TABLES FOR USE IN DETERMINING MINIMUM RESERVE LIABILITIES AND NONFORFEITURE BENEFITS › Section 14VAC5-60-40 - Conditions

Current through Register Vol. 40, No. 24, July 15, 2024
For each plan of insurance with separate rates for smokers
				  and nonsmokers an insurer may:
1. Use
				composite mortality tables to determine minimum reserve liabilities and minimum
				cash surrender values and amounts of paid-up nonforfeiture benefits;
2. Use smoker and nonsmoker mortality tables
				to determine the valuation net premiums and additional minimum reserves, if
				any, required by law and use composite mortality tables to determine the basic
				minimum reserves, minimum cash surrender values and amounts of paid-up
				nonforfeiture benefits; or
3. Use
				smoker and nonsmoker mortality tables to determine minimum reserve liabilities
				and minimum cash surrender values and amounts of paid-up nonforfeiture
				benefits.
Statutory Authority
§§ 12.1-13, 38.2-223, 38.2-3117, 38.2-3130, and
					 38.2-3209 of the Code of Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 60 - RULES PERMITTING SMOKER/NONSMOKER MORTALITY TABLES FOR USE IN DETERMINING MINIMUM RESERVE LIABILITIES AND NONFORFEITURE BENEFITS › Section 14VAC5-60-50 - Prohibited provision

Current through Register Vol. 40, No. 24, July 15, 2024
No policy of insurance using mortality tables that reflect
				  differences in mortality between smokers and nonsmokers for determining minimum
				  reserve liabilities and nonforfeiture benefits shall be delivered or issued for
				  delivery in this Commonwealth commencing 30 days from May 1, 1987, or approved
				  for use in this Commonwealth on or after May 1, 1987, if such policy contains
				  any provision permitting the insurer to adjust benefits or values beyond the
				  contestable period in the policy based upon a misstatement made by the insured
				  as to his or her status as a nonsmoker in the application for
				  insurance.
Statutory Authority
§§ 12.1-13, 38.2-223, 38.2-3117, 38.2-3130, and
					 38.2-3209 of the Code of Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 60 - RULES PERMITTING SMOKER/NONSMOKER MORTALITY TABLES FOR USE IN DETERMINING MINIMUM RESERVE LIABILITIES AND NONFORFEITURE BENEFITS › Section 14VAC5-60-60 - Severability

Current through Register Vol. 40, No. 24, July 15, 2024
If any provision of this chapter (14VAC5-60-10 et seq.), 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 not be affected thereby.
Statutory Authority
§§ 12.1-13, 38.2-223, 38.2-3117, 38.2-3130, and
					 38.2-3209 of the Code of Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 70 - RULES GOVERNING ACCELERATED BENEFITS PROVISIONS › Section 14VAC5-70-10 - Purpose

Current through Register Vol. 40, No. 24, July 15, 2024
The purpose of this chapter (14VAC5-70) is to regulate
				  accelerated benefit provisions of individual and group life insurance policies
				  and riders to such policies and to provide required standards of disclosure.
				  This chapter shall apply to all accelerated benefits provisions of individual
				  and group life insurance policies and riders to such policies, except those
				  subject to Rules Governing Long-Term Care Insurance (14VAC5-200), issued or
				  delivered in this Commonwealth, on or after July 1, 2002.
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 70 - RULES GOVERNING ACCELERATED BENEFITS PROVISIONS › Section 14VAC5-70-20 - Compliance with the chapter

Current through Register Vol. 40, No. 24, July 15, 2024
A.
				Any policy or rider complying with this chapter and other regulatory
				requirements may be sold, solicited or negotiated in this Commonwealth, or in
				the case of group life insurance policies or riders, re-issued or renewed in
				this Commonwealth with accelerated benefit provisions as set forth in this
				chapter.
B. No policy or rider
				shall be delivered or issued for delivery in this Commonwealth on or after July
				1, 2002, unless it complies with 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 70 - RULES GOVERNING ACCELERATED BENEFITS PROVISIONS › Section 14VAC5-70-30 - Applicability and scope

Current through Register Vol. 40, No. 24, July 15, 2024
Except as otherwise specifically provided, this chapter shall
				  apply to accelerated benefit provisions in individual and group life insurance
				  policies or riders to such policies delivered or issued for delivery in this
				  Commonwealth, on or after July 1, 2002, by insurers, fraternal benefit
				  societies, cooperative nonprofit life benefit companies or mutual assessment
				  life, accident and sickness insurers, and to renewals or reissues of group life
				  insurance policies or riders occurring on or after July 1,
				  2002.
Statutory Authority
§§ 12.1-13 and 38.2-223 of the Code of Virginia.