Virginia Administrative Code
Title 14 - INSURANCE
Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE
Chapter 41 - RULES GOVERNING ADVERTISEMENT OF LIFE INSURANCE AND ANNUITIES
Section 14VAC5-41-130 - Individual deferred annuity contracts or deposit funds

A. Any illustrations or statements containing or based upon nonguaranteed interest rates shall likewise set forth with equal prominence comparable illustrations or statements containing or based upon the guaranteed accumulation rates. The nonguaranteed interest rate shall not be greater than those currently being credited by the company unless the nonguaranteed rates have been publicly declared by the company with an effective date for new issues not more than three months subsequent to the date of declaration.

B. If an advertisement for a particular annuity or advance premium fund states the accumulation interest rate based on net contributions, it shall also disclose in close proximity and with equal prominence, the accumulation interest rate based on gross contribution and the relationship between gross and net contributions.

C. An advertisement shall not state or imply that annuities or advance premium funds are accorded preferential tax treatment unless the advertisement describes the tax consequences of purchasing an annuity or making payments into an advance premium fund, including tax consequences on surrender and on death.

D. If the contract does not provide a cash surrender benefit prior to commencement of payment of annuity benefits, an illustration or statement concerning the contract shall prominently state that cash surrender benefits are not provided.

E. Any illustrations, depictions, or statements containing or based on determinable policy elements shall set forth with equal prominence comparable illustrations, depictions, or statements containing or based on guaranteed policy elements.