38.2-3114 - Statements required in variable life insurance and variable annuity contracts and certificates issued pursuant to group variable life insurance and group variable annuity contracts. - Virginia Statutes

§ 38.2-3114. Statements required in variable life insurance and variableannuity contracts and certificates issued pursuant to group variable lifeinsurance and group variable annuity contracts.

Any variable life insurance or variable annuity contract delivered or issuedfor delivery in this Commonwealth, and any certificate evidencing variablebenefits issued pursuant to any life insurance or annuity contract issued ona group basis shall:

1. State the essential features of the procedure to be followed by theinsurer in determining the value of benefits or other contractual paymentsunder the contract;

2. State clearly that the benefits may decrease or increase according to theprocedure; and

3. State clearly on its first page that the benefits or other contractualpayments are on a variable basis.

(1966, c. 289, § 38.1-408; 1976, c. 562; 1986, c. 562.)