State Codes and Statutes
Statutes > Virginia > Title-38-2 > Chapter-31 > 38-2-3100-3§ 38.2-3100.3. Requirements of life insurance or annuity contracts used tofund preneed funeral contracts.
A. For purposes of this section, "preneed funeral contract" means anyagreement where payment is made by the insured prior to the receipt ofservices or supplies contracted for, which evidences arrangements prior todeath for (i) the providing of funeral services or (ii) the sale of funeralsupplies.
B. Each individual and group life insurance policy issued or issued fordelivery in Virginia, each individual and group annuity contract issued orissued for delivery in Virginia, and each certificate issued in connectionwith a group life insurance policy or group annuity contract issued or issuedfor delivery in Virginia shall include a provision specifying the means bywhich face amount adjustments will be made and benefits payable upon deathwill be adjusted, according to the provisions of subsection C of § 54.1-2820,when such a policy or contract will be used to fund a preneed funeralcontract.
C. Each insurer proposing to issue individual or group life insurancepolicies or individual or group annuity contracts in Virginia for purposes offunding preneed funeral contracts shall clearly disclose the intended purposeand market for such policies and contracts when submitting the forms with theCommission for approval, in accordance with § 38.2-316.
(2009, c. 653.)
