Virginia Administrative Code
Title 14 - INSURANCE
Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE
Chapter 80 - RULES GOVERNING VARIABLE LIFE INSURANCE
Article III - Qualification of Insurer to Issue Variable Life Insurance
Section 14VAC5-80-50 - Standards of suitability

Universal Citation: 14 VA Admin Code 14VAC5-80-50
Current through Register Vol. 41, No. 3, September 23, 2024

Every insurer seeking approval to enter into the variable life insurance business in this Commonwealth shall establish and maintain a written statement specifying the Standards of Suitability to be used by the insurer. Such Standards of Suitability shall specify that no recommendations shall be made to an applicant to purchase a variable life insurance policy and that no variable life insurance policy or certificate shall be issued in the absence of reasonable grounds to believe that the purchase of such policy or certificate is not unsuitable for such applicant on the basis of information furnished after reasonable inquiry of such applicant concerning the applicant's insurance and investment objectives, financial situation and needs, and any other information known to the insurer or to the agent making the recommendation.

Statutory Authority

§§ 12.1-13 and 38.2-3313 of the Code of Virginia.

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