Section 10. Scope

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Article I. Scope

All life insurance, as defined in § 38.2-102 of the Code of Virginia, payable in variable dollar amounts shall be subject to the provisions of this chapter. In the event of conflict between the provisions of this regulation and the provisions of any other regulation issued by the Commission, the provisions of this chapter shall be controlling as to variable life insurance.

Nothing contained in this chapter (14VAC5-80-10 et seq.), shall be construed to relieve an insurer of complying with the statutory requirements set forth in Title 38.2 of the Code of Virginia to the extent such statutory requirements may be deemed by the Commission to be applicable to variable life insurance.

Historical Notes

Derived from Regulation 26, Case No. INS920077, Article II, § 1, eff. June 15, 1992.

Statutory Authority

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

                    
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