{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2026\/code-json\/38.2-3117.1.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2026\/code-text\/38.2-3117.1.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2026\/code-xml\/38.2-3117.1.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2026\/code-html\/38.2-3117.1.html"}],"law_id":362005,"edition_id":2,"section_id":362005,"structure_id":51731,"section_number":"38.2-3117.1","catch_line":"Definitions","history":"2011, cc. 194, 227.","full_text":"As used in this article, unless the context requires a different meaning:\n\n“Insurer” means an insurance company licensed in the Commonwealth that offers retained asset accounts for death benefits.\n\n“Policy” means any policy or certificate of insurance that provides a death benefit.\n\n“Retained asset account” means any mechanism whereby the settlement of proceeds payable under a life insurance policy is accomplished by the insurer or an entity acting on behalf of the insurer depositing the proceeds into an account with check or draft writing privileges where those proceeds are retained by the insurer pursuant to a supplementary contract not involving annuity benefits.\n\n","order_by":null,"text":{"0":{"id":1347731,"text":"As used in this article, unless the context requires a different meaning:","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"next_prefix":""},"1":{"id":1347732,"text":"“Insurer” means an insurance company licensed in the Commonwealth that offers retained asset accounts for death benefits.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"prior_prefix":"","next_prefix":""},"2":{"id":1347733,"text":"“Policy” means any policy or certificate of insurance that provides a death benefit.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"prior_prefix":"","next_prefix":""},"3":{"id":1347734,"text":"“Retained asset account” means any mechanism whereby the settlement of proceeds payable under a life insurance policy is accomplished by the insurer or an entity acting on behalf of the insurer depositing the proceeds into an account with check or draft writing privileges where those proceeds are retained by the insurer pursuant to a supplementary contract not involving annuity benefits.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"prior_prefix":""}},"ancestry":[{"id":51731,"edition_id":2,"name":"Use of Retained Asset Accounts","identifier":"1.1","label":"article","depth":3,"order_by":2,"parent_id":51729,"metadata":{"child_laws":4,"child_structures":0},"date_created":"2026-08-02 02:47:28","date_modified":"2026-08-02 12:33:09","permalink":{"id":1441445,"object_type":"structure","relational_id":51731,"identifier":"1.1","token":"38.2\/31\/1.1","url":"\/38.2\/31\/1.1\/","edition_id":2,"permalink":0,"preferred":1}},{"id":51729,"edition_id":2,"name":"Life Insurance","identifier":"31","label":"chapter","depth":2,"order_by":31,"parent_id":51644,"metadata":{"child_laws":41,"child_structures":4},"date_created":"2026-08-02 02:47:26","date_modified":"2026-08-02 12:33:09","permalink":{"id":1441333,"object_type":"structure","relational_id":51729,"identifier":"31","token":"38.2\/31","url":"\/38.2\/31\/","edition_id":2,"permalink":0,"preferred":1}},{"id":51644,"edition_id":2,"name":"Insurance","identifier":"38.2","label":"title","depth":1,"order_by":88,"parent_id":null,"metadata":{"child_laws":1890,"child_structures":173},"date_created":"2026-08-02 02:45:30","date_modified":"2026-08-02 12:32:55","permalink":{"id":1437663,"object_type":"structure","relational_id":51644,"identifier":"38.2","token":"38.2","url":"\/38.2\/","edition_id":2,"permalink":0,"preferred":1}}],"structure_contents":[{"id":362005,"structure_id":51731,"section_number":"38.2-3117.1","catch_line":"Definitions","url":"\/38.2-3117.1\/","token":"38.2\/31\/1.1\/38.2-3117.1","metadata":false},{"id":362006,"structure_id":51731,"section_number":"38.2-3117.2","catch_line":"Explanation of settlement options","url":"\/38.2-3117.2\/","token":"38.2\/31\/1.1\/38.2-3117.2","metadata":false},{"id":362007,"structure_id":51731,"section_number":"38.2-3117.3","catch_line":"Supplemental contract","url":"\/38.2-3117.3\/","token":"38.2\/31\/1.1\/38.2-3117.3","metadata":false},{"id":362008,"structure_id":51731,"section_number":"38.2-3117.4","catch_line":"Disclosures for retained asset accounts to beneficiaries","url":"\/38.2-3117.4\/","token":"38.2\/31\/1.1\/38.2-3117.4","metadata":false}],"next_section":{"id":362006,"structure_id":51731,"section_number":"38.2-3117.2","catch_line":"Explanation of settlement options","url":"\/38.2-3117.2\/","token":"38.2\/31\/1.1\/38.2-3117.2","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-3117.1\/","history_text":"

This law was first created in 2011. The record of its establishment is cataloged in chapters 194<\/a> and 227<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year.<\/p>","references":false,"refers_to":false,"permalink":{"id":1441447,"object_type":"law","relational_id":362005,"identifier":"38.2-3117.1","token":"38.2\/31\/1.1\/38.2-3117.1","url":"\/38.2-3117.1\/","edition_id":2,"permalink":0,"preferred":1},"url":"\/38.2-3117.1\/","token":"38.2\/31\/1.1\/38.2-3117.1","dublin_core":{"Title":"Definitions","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-3117.1","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

As used in this article, unless the context requires a different meaning:<\/p>

“Insurer<\/span>” means an insurance company<\/span> licensed in the Commonwealth that offers retained asset accounts<\/span> for death benefits.<\/p>

“Policy<\/span>” means any policy<\/span> or certificate of insurance that provides a death benefit.<\/p>

“Retained asset account<\/span>” means any mechanism whereby the settlement<\/span> of proceeds payable under a life insurance policy<\/span> is accomplished by the insurer<\/span> or an entity acting on behalf of the insurer<\/span> depositing the proceeds into an account with check or draft writing privileges<\/span> where those proceeds are retained by the insurer<\/span> pursuant to a supplementary contract<\/span> not involving annuity benefits.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nDEFINITIONS (\u00a7 38.2-3117.1)\n\nAs used in this article, unless the context requires a different meaning:\n\n“Insurer” means an insurance company licensed in the Commonwealth\nthat offers retained asset accounts for death benefits.\n\n“Policy” means any policy or certificate of insurance that provides\na death benefit.\n\n“Retained asset account” means any mechanism whereby the settlement\nof proceeds payable under a life insurance policy is accomplished by the insurer\nor an entity acting on behalf of the insurer depositing the proceeds into an\naccount with check or draft writing privileges where those proceeds are retained\nby the insurer pursuant to a supplementary contract not involving annuity\nbenefits.\n\nHISTORY: 2011, cc. 194, 227.","edition":{"id":2,"name":"2026","slug":"2026","date_created":"2026-07-16 18:40:23","date_modified":"2026-08-02 15:14:36","current":1,"order_by":2,"last_import":"2026-08-02 12:37:30"}}