Va. Code § 38.2-1377

Current with changes from the 2024 legislative session through ch. 845

Section 38.2-1377 - Reserve calculation; indeterminate premium plans

In the case of a plan of life insurance that provides for future premium determination, the amounts of which are to be determined by the insurance company based on then estimates of future experience, or in the case of a plan of life insurance or annuity that is of such a nature that the minimum reserves cannot be determined by the methods described in §§ 38.2-1372, 38.2-1373, and 38.2-1376, the reserves that are held under the plan shall:

1. Be appropriate in relation to the benefits and the pattern of premiums for that plan; and

2. Be computed by a method that is consistent with the principles of this article, as determined by regulations adopted by the Commission.

Va. Code § 38.2-1377

2014, c. 571.

Amended by Acts 2014 c. 571, § 1, eff. 1/1/2015.