Section 10. Definitions

Article I. Definitions

The following words and terms, when used in this chapter, shall have the following meanings unless the context clearly indicates otherwise:

"Agent", when used in this chapter (14VAC5-20-10 et seq.) means any individual, partnership or corporation which under the laws of this State is licensed as a life insurance agent, or nonresident life insurance broker.

"Commission", when used in this chapter (14VAC5-20-10 et seq.) means the State Corporation Commission.

"Contract on a variable basis" or "variable contract", when used in this chapter (14VAC5-20-10 et seq.) means any policy or contract which provides for insurance or annuity benefits which may vary according to the investment experience of any separate account or accounts maintained by the insurer as to such policy or contract, as provided for in § 38.2-3113 of the Code of Virginia.

"Satisfactory alternative examination" to Part I of the written examination called for by subsection C of 14VAC5-20-80 shall include any securities examination which is declared by the Commission to be an equivalent examination on the basis of content and administration. The following examinations are deemed to be a satisfactory alternative examination:

1. A state securities sales examination acceptable to the Securities and Exchange Commission;

2. The National Association of Securities Dealers, Inc. Examination for Principals, or Examination for Qualification as a Registered Representative;

3. The various securities examinations required by the New York Stock Exchange, the American Stock Exchange, Pacific Stock Exchange, or any other registered national securities exchange;

4. The Securities and Exchange Commission test given pursuant to Section 15(b) (8) of the Securities Exchange Act of 1934 (15 USC § 78a et seq.);

5. The examination recommended for the testing of variable contract agents by the National Association of Insurance Commissioners, when adopted by the Insurance Department of any State or Territory of the United States and approved for use by such Department by the Securities and Exchange Commission.

"Variable contract agent", when used in this chapter (14VAC5-20-10 et seq.) means an agent who shall sell or offer to sell any contract on a variable basis.

Historical Notes

Derived from Regulation 3, Case No. 18623, § 2, eff. March 1, 1969.

Statutory Authority

§ 38.2-3113 of the Code of Virginia.