38.2-3210 - Same; life insurance providing future premium determination. - Virginia Statutes

§ 38.2-3210. Same; life insurance providing future premium determination.

For any plan of life insurance providing for future premium determination,the amounts of which are to be determined by the insurer based on thenestimates of future experience, or for any plan of life insurance for whichminimum values cannot be determined by the methods described in §§ 38.2-3202through 38.2-3209, then:

1. The Commission shall be satisfied that the benefits provided under theplan are substantially as favorable to policyholders and insureds as theminimum benefits otherwise required by §§ 38.2-3202 through 38.2-3209;

2. The Commission shall be satisfied that the benefits and the pattern ofpremiums of the plan are not misleading to prospective policyholders orinsureds; and

3. The cash surrender values and paid-up nonforfeiture benefits provided bythe plan shall not be less than the minimum values and benefits required forthe plan computed by a method consistent with the principles of §§ 38.2-3202through 38.2-3213, as determined by the Commission.

(1982, c. 228, § 38.1-465.4; 1986, c. 562.)