Administrative Code

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Virginia Administrative Code
Title 14. Insurance
Agency 5. State Corporation Commission, Bureau Of Insurance
Chapter 80. Rules Governing Variable Life Insurance

14VAC5-80-150. Other policy provisions.

The following provisions may in substance be included in a variable life insurance policy or related form delivered or issued for delivery in this Commonwealth:

1. For any increase in death benefits which results from an application of the owner subsequent to the policy issue date, the policy may provide an exclusion for suicide within two years of such increase as to the increased amount of death benefits. Any refund due under a suicide exclusion may be adjusted to reflect the investment activity of the variable account;

2. Incidental insurance benefits may be offered on a fixed or variable basis;

3. A provision allowing the policyholder to elect in writing in the application for the policy or thereafter an automatic premium loan on a basis not less favorable than that required of policy loans under 14VAC5-80-140, except that a restriction that no more than two consecutive premiums can be paid under this provision may be imposed;

4. A provision allowing the policyholder to make partial withdrawals;

5. Any other policy provision approved by the Commission.

Statutory Authority

§§ 12.1-13 and 38.2-3313 of the Code of Virginia.

Historical Notes

Derived from Regulation 26, Case No. INS920077, Article V, § 5, eff. June 15, 1992.

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