Virginia Statutes
§ 38.2-3117.1 — Definitions
Virginia § 38.2-3117.1
This text of Virginia § 38.2-3117.1 (Definitions) is published on Counsel Stack Legal Research, covering Virginia primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Bluebook
Va. Code Ann. § 38.2-3117.1 (2026).
Text
As used in this article, unless the context requires a different meaning:
"Insurer" means an insurance company licensed in the Commonwealth that offers retained asset accounts for death benefits.
"Policy" means any policy or certificate of insurance that provides a death benefit.
"Retained asset account" means any mechanism whereby the settlement of proceeds payable under a life insurance policy is accomplished by the insurer or an entity acting on behalf of the insurer depositing the proceeds into an account with check or draft writing privileges where those proceeds are retained by the insurer pursuant to a supplementary contract not involving annuity benefits.
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Legislative History
2011, cc. 194, 227.
Nearby Sections
15
§ 38.2-100
Definitions§ 38.2-1000
Incorporation of domestic stock insurers§ 38.2-1001
Incorporation of domestic mutual insurers§ 38.2-1004
Voting§ 38.2-1005
Certain mutual companies and societies not to become stock companies without approval of Commission§ 38.2-1005.1:1
Definitions§ 38.2-1005.1:10
Conflicts of interest§ 38.2-1005.1:11
Costs and expenses§ 38.2-1005.1:12
Failure to give notice§ 38.2-1005.1:13
Limitation on actionsCite This Page — Counsel Stack
Bluebook (online)
Virginia § 38.2-3117.1, Counsel Stack Legal Research, https://law.counselstack.com/statute/va/38.2/38.2-3117.1.