38.2-3117 - Standards for certain policies; prohibited policies. - Virginia Statutes

§ 38.2-3117. Standards for certain policies; prohibited policies.

A. Pursuant to the authority granted under § 38.2-223, the Commission mayissue rules and regulations that may include but shall not be limited topolicy provisions, definitions, standards for full and fair disclosure andstandards for minimum benefits, for variable life insurance policies,universal life insurance policies or other nontraditional types of lifeinsurance policies, annuities and variable annuities.

B. The Commission may prescribe the method of identification of policies andcontracts based upon coverage provided.

C. The Commission may issue rules and regulations that specify prohibitedpolicies or policy provisions not otherwise specifically authorized bystatute which in the opinion of the Commission are unjust, unfair or unfairlydiscriminatory to the policyholder, beneficiary, owner, or any other personinsured under the policy.

(1986, c. 562.)