Group life insurance offered to a resident of this Commonwealth under a grouplife insurance policy issued to a group other than one described in §38.2-3318.1 shall be subject to the following requirements:
A. No such group life insurance policy shall be delivered in thisCommonwealth unless the Commission finds that:
1. The issuance of such group policy is not contrary to Virginia's publicpolicy and is in the best interest of the citizens of this Commonwealth;
2. The issuance of the group policy would result in economies of acquisitionor administration; and
3. The benefits are reasonable in relation to the premiums charged.
Insurers filing policy forms seeking approval under the provisions of thissubsection shall accompany the forms with a certification, signed by theofficer of the company with the responsibility for forms compliance, in whichthe company certifies that each such policy form will be issued only wherethe requirements set forth in subdivisions 1 through 3 of this subsectionhave been met.
B. No such group life insurance coverage may be offered in this Commonwealthby an insurer under a policy issued in another state unless this Commonwealthor another state having requirements substantially similar to those containedin subdivisions 1, 2 and 3 of subsection A has made a determination that suchrequirements have been met.
An insurer offering group life insurance coverage in this Commonwealth underthis subsection shall file a certification, signed by the officer of thecompany having responsibility for forms compliance in which the companycertifies that all group insurance coverage marketed to residents of thisCommonwealth under policies which have not been approved by this Commonwealthwill comply with the provisions of § 38.2-3318.1 or have met the requirementsset forth in subdivisions A 1 through A 3 of this section, and which clearlydemonstrates that the substantially similar requirements of the state inwhich the contract will be issued have been met. The certification shall beaccompanied by documentation from such state evidencing the determinationthat such requirements have been met.
C. The premium for the policy shall be paid either from the policyholder'sfunds or from funds contributed by the covered persons, or from both.
D. An insurer may exclude or limit the coverage on any person as to whomevidence of individual insurability is not satisfactory to the insurer.
Group life insurance offered to a resident of this Commonwealth under a grouplife insurance policy issued to a group other than one described in §38.2-3318.1 shall be subject to the following requirements:
A. No such group life insurance policy shall be delivered in thisCommonwealth unless the Commission finds that:
1. The issuance of such group policy is not contrary to Virginia's publicpolicy and is in the best interest of the citizens of this Commonwealth;
2. The issuance of the group policy would result in economies of acquisitionor administration; and
3. The benefits are reasonable in relation to the premiums charged.
Insurers filing policy forms seeking approval under the provisions of thissubsection shall accompany the forms with a certification, signed by theofficer of the company with the responsibility for forms compliance, in whichthe company certifies that each such policy form will be issued only wherethe requirements set forth in subdivisions 1 through 3 of this subsectionhave been met.
B. No such group life insurance coverage may be offered in this Commonwealthby an insurer under a policy issued in another state unless this Commonwealthor another state having requirements substantially similar to those containedin subdivisions 1, 2 and 3 of subsection A has made a determination that suchrequirements have been met.
An insurer offering group life insurance coverage in this Commonwealth underthis subsection shall file a certification, signed by the officer of thecompany having responsibility for forms compliance in which the companycertifies that all group insurance coverage marketed to residents of thisCommonwealth under policies which have not been approved by this Commonwealthwill comply with the provisions of § 38.2-3318.1 or have met the requirementsset forth in subdivisions A 1 through A 3 of this section, and which clearlydemonstrates that the substantially similar requirements of the state inwhich the contract will be issued have been met. The certification shall beaccompanied by documentation from such state evidencing the determinationthat such requirements have been met.
C. The premium for the policy shall be paid either from the policyholder'sfunds or from funds contributed by the covered persons, or from both.
D. An insurer may exclude or limit the coverage on any person as to whomevidence of individual insurability is not satisfactory to the insurer.
Group life insurance offered to a resident of this Commonwealth under a grouplife insurance policy issued to a group other than one described in §38.2-3318.1 shall be subject to the following requirements:
A. No such group life insurance policy shall be delivered in thisCommonwealth unless the Commission finds that:
1. The issuance of such group policy is not contrary to Virginia's publicpolicy and is in the best interest of the citizens of this Commonwealth;
2. The issuance of the group policy would result in economies of acquisitionor administration; and
3. The benefits are reasonable in relation to the premiums charged.
Insurers filing policy forms seeking approval under the provisions of thissubsection shall accompany the forms with a certification, signed by theofficer of the company with the responsibility for forms compliance, in whichthe company certifies that each such policy form will be issued only wherethe requirements set forth in subdivisions 1 through 3 of this subsectionhave been met.
B. No such group life insurance coverage may be offered in this Commonwealthby an insurer under a policy issued in another state unless this Commonwealthor another state having requirements substantially similar to those containedin subdivisions 1, 2 and 3 of subsection A has made a determination that suchrequirements have been met.
An insurer offering group life insurance coverage in this Commonwealth underthis subsection shall file a certification, signed by the officer of thecompany having responsibility for forms compliance in which the companycertifies that all group insurance coverage marketed to residents of thisCommonwealth under policies which have not been approved by this Commonwealthwill comply with the provisions of § 38.2-3318.1 or have met the requirementsset forth in subdivisions A 1 through A 3 of this section, and which clearlydemonstrates that the substantially similar requirements of the state inwhich the contract will be issued have been met. The certification shall beaccompanied by documentation from such state evidencing the determinationthat such requirements have been met.
C. The premium for the policy shall be paid either from the policyholder'sfunds or from funds contributed by the covered persons, or from both.
D. An insurer may exclude or limit the coverage on any person as to whomevidence of individual insurability is not satisfactory to the insurer.
