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Code of Virginia

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Code of Virginia
Title 38.2. Insurance
Chapter 1. General Provisions
7/4/2026

§ 38.2-106. Annuities. (2026 updated section)

"Annuities" means all agreements to make periodic payments in specified or calculable sums pursuant to the terms of a contract for a stated period of time or for the life of the person or persons specified in the contract. "Annuities" does not include contracts defined in § 38.2-102 and qualified charitable gift annuities as defined in § 38.2-106.1.

As used in this title, unless the context requires otherwise, "annuity" shall be deemed to include "variable annuity" and "modified guaranteed annuity," and shall be deemed to include a contract under which a lump sum cash settlement is an alternative to the option of periodic payments.

"Contingent deferred annuity" means an annuity that establishes a life insurer's obligation to make periodic payments for the life of the person or persons specified in the annuity upon the depletion to a specified amount of designated investments that are not owned or held by the insurer due to contractually permitted withdrawals, market performance, fees, or other charges.

1952, c. 317, § 38.1-4; 1966, c. 289; 1970, c. 532; 1985, c. 312; 1986, c. 562; 1992, c. 210; 1993, c. 764; 1996, c. 425; 2001, c. 64; 2026, c. 486.