LIS

Administrative Code

Creating a Report: Check the sections you'd like to appear in the report, then use the "Create Report" button at the bottom of the page to generate your report. Once the report is generated you'll then have the option to download it as a pdf, print or email the report.

Virginia Administrative Code
Title 14. Insurance
Agency 5. State Corporation Commission, Bureau of Insurance
Chapter 20. Variable Contract Regulations
11/22/2024

14VAC5-20-10. Definitions.

The following words and terms, when used in this chapter, shall have the following meanings unless the context clearly indicates otherwise:

"Agent", when used in this chapter (14VAC5-20-10 et seq.) means any individual, partnership or corporation which under the laws of this State is licensed as a life insurance agent, or nonresident life insurance broker.

"Commission", when used in this chapter (14VAC5-20-10 et seq.) means the State Corporation Commission.

"Contract on a variable basis" or "variable contract", when used in this chapter (14VAC5-20-10 et seq.) means any policy or contract which provides for insurance or annuity benefits which may vary according to the investment experience of any separate account or accounts maintained by the insurer as to such policy or contract, as provided for in § 38.2-3113 of the Code of Virginia.

"Satisfactory alternative examination" to Part I of the written examination called for by subsection C of 14VAC5-20-80 shall include any securities examination which is declared by the Commission to be an equivalent examination on the basis of content and administration. The following examinations are deemed to be a satisfactory alternative examination:

1. A state securities sales examination acceptable to the Securities and Exchange Commission;

2. The National Association of Securities Dealers, Inc. Examination for Principals, or Examination for Qualification as a Registered Representative;

3. The various securities examinations required by the New York Stock Exchange, the American Stock Exchange, Pacific Stock Exchange, or any other registered national securities exchange;

4. The Securities and Exchange Commission test given pursuant to Section 15(b) (8) of the Securities Exchange Act of 1934 (15 USC § 78a et seq.);

5. The examination recommended for the testing of variable contract agents by the National Association of Insurance Commissioners, when adopted by the Insurance Department of any State or Territory of the United States and approved for use by such Department by the Securities and Exchange Commission.

"Variable contract agent", when used in this chapter (14VAC5-20-10 et seq.) means an agent who shall sell or offer to sell any contract on a variable basis.

Statutory Authority

§ 38.2-3113 of the Code of Virginia.

Historical Notes

Derived from Regulation 3, Case No. 18623, § 2, eff. March 1, 1969.

Website addresses provided in the Virginia Administrative Code to documents incorporated by reference are for the reader's convenience only, may not necessarily be active or current, and should not be relied upon. To ensure the information incorporated by reference is accurate, the reader is encouraged to use the source document described in the regulation.

As a service to the public, the Virginia Administrative Code is provided online by the Virginia General Assembly. We are unable to answer legal questions or respond to requests for legal advice, including application of law to specific fact. To understand and protect your legal rights, you should consult an attorney.