38.2-3301.1 - Delivery of individual life insurance policies. - Virginia Statutes

§ 38.2-3301.1. Delivery of individual life insurance policies.

A. For purposes of determining the commencement of the period during whichthe owner of an individual life insurance policy may exercise any statutoryright to examine, surrender, or return the policy for cancellation, the dateof delivery of the policy shall be:

1. The date of the signed receipt of delivery if the life insurance policy is(i) delivered by United States mail or other postal delivery system, or (ii)physically delivered to the owner by a representative of the insurer; or

2. The date of electronic transmission of the policy, provided the electronictransmission has been effected in accordance with this title and any otherstate or federal laws governing the electronic transmission of documents andinformation. The insurer shall retain evidence of electronic transmittal forthe entire period of the life insurance policy.

B. If an insurer does not deliver a policy by the means set forth insubsection A, the burden of proof shall be on the insurer to establish thatthe policy was delivered, in the event of a dispute with the owner of thepolicy.

C. Notwithstanding subsections A and B, a policy shall be deemed to have beenreceived by the owner of the policy as of the date of its issuance if sixmonths have passed since its issuance and the owner of the policy has paidthe premiums pursuant to the contract for those six months.

(2009, c. 299.)