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Virginia Administrative Code
Title 14. Insurance
Agency 5. State Corporation Commission, Bureau of Insurance
Chapter 70. Rules Governing Accelerated Benefits Provisions
11/21/2024

14VAC5-70-60. Assignee/beneficiary.

Prior to the payment of the accelerated benefit, the insurer is required to obtain from any assignee or irrevocable beneficiary a signed acknowledgement of concurrence for payout. If the insurer making the accelerated benefit is itself the assignee under the policy, no such acknowledgement is required.

Statutory Authority

§ 38.2-223 of the Code of Virginia.

Historical Notes

Derived from Regulation 44, Case No. INS920076, § 7, eff. June 1, 1992.

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