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Virginia Administrative Code (Last Updated: January 10, 2017) |
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Title 14. Insurance |
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Agency 5. State Corporation Commission, Bureau of Insurance |
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Chapter 45. Rules Governing Suitability in Annuity Transactions |
Section 20. Definitions
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The following words and terms when used in this chapter shall have the following meaning, unless the context clearly indicates otherwise:
"Agent" or "insurance agent" means an individual or business entity that sells, solicits, or negotiates contracts of insurance or annuity in this Commonwealth.
"Annuity" means a fixed, variable or modified guaranteed annuity that is individually solicited, whether the product is classified as an individual annuity or group annuity.
"Commission" means the State Corporation Commission.
"Insurer" means an insurance company required to be licensed under the laws of this Commonwealth.
"Recommendation" means advice provided by an agent, or an insurer where no agent is involved, to an individual consumer that results in a purchase or exchange of an annuity in accordance with that advice.
Historical Notes
Derived from Volume 23, Issue 09, eff. April 1, 2007.