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Rules Governing Accelerated Benefits Provisions | Midpage
Collections
Virginia Administrative Code
Title 14
5
Chapter 70
Rules Governing Accelerated Benefits Provisions
10
Purpose.
20
Compliance with the chapter.
30
Applicability and scope.
40
Definitions.
50
Type of product.
60
Assignee/beneficiary.
70
Criteria for payment; lump sum settlement option; restrictions on use of proceeds; accidental death benefit provision.
80
Required disclosure provision; descriptive title; tax consequences; solicitations and disclosures; effect of benefit payment.
90
Effective date of the accelerated benefits.
100
Waiver of premiums.
110
Discrimination.
120
Actuarial standards; financing options; effect on cash value; effect of outstanding policy loans.
130
Actuarial disclosure and reserves.
140
Filing requirement.
150
Severability.