CODE OF VIRGINIA

COMMISSION TO ESTABLISH STANDARDS FOR SIMPLIFIED AND READABLE LIFE INSURANCE AND
ANNUITY POLICIES (§ 38.2-3116)

A. Pursuant to the authority granted under § 38.2-223, the Commission may issue
rules and regulations establishing standards for simplified and readable life
insurance policies and annuity contracts. The standards shall apply to all
policy forms for annuities as defined in §§ 38.2-106 and 38.2-107 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 annuity
   contract delivered or issued for delivery in this Commonwealth;

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

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

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

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

HISTORY: 1986, c. 562.