38.2-3116 - Commission to establish standards for simplified and readable life insurance and annuity policies. - Virginia Statutes

§ 38.2-3116. Commission to establish standards for simplified and readablelife insurance and annuity policies.

A. Pursuant to the authority granted under § 38.2-223, the Commission mayissue rules and regulations establishing standards for simplified andreadable life insurance policies and annuity contracts. The standards shallapply to all policy forms for annuities as defined in §§ 38.2-106 and38.2-107 and life insurance as defined in §§ 38.2-102 through 38.2-105.

B. As used in this section, "policy form" means:

1. Any individual life insurance policy, plan or agreement, and any annuitycontract delivered or issued for delivery in this Commonwealth;

2. Any policy, certificate or contract, including any riders, endorsements oramendments providing death benefits, delivered or issued for delivery in thisCommonwealth by a fraternal benefit society;

3. Any group life insurance policy, contract, plan or agreement, includingany riders, endorsements or amendments, delivered or issued for delivery inthis Commonwealth, to a group with ten or fewer members; or

4. Any certificate, including any riders, endorsements or amendments, issuedunder a group life insurance policy delivered or issued for delivery in thisCommonwealth.

C. No insurer shall issue a life insurance policy that has been filed withthe Commission unless the Commission has determined that the policy formsatisfies the readability standards established by the rules and regulationsand complies with other statutory requirements.

(1986, c. 562.)