Virginia Law

A. Sections 38.2-3220 through 38.2-3229 shall not apply to any (i) reinsurance; (ii) group annuity purchased under a retirement plan or plan of deferred compensation established or maintained by an employer, including a partnership or sole proprietorship, or by an employee organization, or by both, other than a plan providing individual retirement accounts or individual retirement annuities under § 408 of the Internal Revenue Code, as amended; (iii) premium deposit fund; (iv) variable annuity; (v) investment annuity; (vi) immediate annuity; (vii) deferred annuity contract after annuity payments have commenced; (viii) reversionary annuity; (ix) modified guaranteed annuity; or (x) contract delivered outside this Commonwealth through an agent or other representative of the insurer issuing the contract.

B. §§ 38.2-3220 through 38.2-3225 shall not apply to any contingent deferred annuity. The Commission may adopt reasonable standards for contingent deferred annuities, including nonforfeiture benefits, that are equitable to the contract holder, appropriate in relation to the risks insured, and consistent with the general intent of Chapter 32 (§ 38.2-3220 et seq.), as determined by the Commission.

1979, c. 437, § 38.1-470.1; 1986, c. 562; 1992, c. 210; 2026, c. 486.