{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2026\/code-json\/38.2-3225.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2026\/code-text\/38.2-3225.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2026\/code-xml\/38.2-3225.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2026\/code-html\/38.2-3225.html"}],"law_id":362058,"edition_id":2,"section_id":362058,"structure_id":51734,"section_number":"38.2-3225","catch_line":"Maturity date","history":"1979, c. 437, \u00a7 38.1-470.1; 1986, c. 562.","full_text":"For the purpose of determining the benefits calculated under \u00a7\u00a7 38.2-3223 and 38.2-3224 for annuity contracts under which an election may be made to have annuity payments commence at optional maturity dates, the maturity date shall be deemed to be the latest date for which election is permitted by the contract, but shall not be deemed to be later than the anniversary of the contract next following the annuitant&#8217;s seventieth birthday or the tenth anniversary of the contract, whichever is later.\n\n","order_by":null,"text":{"0":{"id":1347955,"text":"For the purpose of determining the benefits calculated under \u00a7\u00a7 38.2-3223 and 38.2-3224 for annuity contracts under which an election may be made to have annuity payments commence at optional maturity dates, the maturity date shall be deemed to be the latest date for which election is permitted by the contract, but shall not be deemed to be later than the anniversary of the contract next following the annuitant&#8217;s seventieth birthday or the tenth anniversary of the contract, whichever is later.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":51734,"edition_id":2,"name":"Standard Nonforfeiture Provisions for Life Insurance","identifier":"32","label":"chapter","depth":2,"order_by":32,"parent_id":51644,"metadata":{"child_laws":30,"child_structures":0},"date_created":"2026-08-02 02:47:31","date_modified":"2026-08-02 12:33:10","permalink":{"id":1441507,"object_type":"structure","relational_id":51734,"identifier":"32","token":"38.2\/32","url":"\/38.2\/32\/","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":362031,"structure_id":51734,"section_number":"38.2-3200","catch_line":"Nonforfeiture benefits and cash surrender values in life policies issued prior to operative date stated in \u00a7 38.2-3214","url":"\/38.2-3200\/","token":"38.2\/32\/38.2-3200","metadata":false},{"id":362032,"structure_id":51734,"section_number":"38.2-3201","catch_line":"Same; for industrial life policies","url":"\/38.2-3201\/","token":"38.2\/32\/38.2-3201","metadata":false},{"id":362033,"structure_id":51734,"section_number":"38.2-3202","catch_line":"Standard nonforfeiture law; required policy provisions","url":"\/38.2-3202\/","token":"38.2\/32\/38.2-3202","metadata":false},{"id":362034,"structure_id":51734,"section_number":"38.2-3203","catch_line":"Same; cash surrender value in case of default","url":"\/38.2-3203\/","token":"38.2\/32\/38.2-3203","metadata":false},{"id":362035,"structure_id":51734,"section_number":"38.2-3204","catch_line":"Same; present value of paid-up nonforfeiture benefits on default","url":"\/38.2-3204\/","token":"38.2\/32\/38.2-3204","metadata":false},{"id":362036,"structure_id":51734,"section_number":"38.2-3205","catch_line":"Same; calculation of adjusted premiums","url":"\/38.2-3205\/","token":"38.2\/32\/38.2-3205","metadata":false},{"id":362037,"structure_id":51734,"section_number":"38.2-3206","catch_line":"Same; tables used for calculations","url":"\/38.2-3206\/","token":"38.2\/32\/38.2-3206","metadata":false},{"id":362038,"structure_id":51734,"section_number":"38.2-3207","catch_line":"Same; use of new mortality table; ordinary policies","url":"\/38.2-3207\/","token":"38.2\/32\/38.2-3207","metadata":false},{"id":362039,"structure_id":51734,"section_number":"38.2-3208","catch_line":"Same; industrial policies","url":"\/38.2-3208\/","token":"38.2\/32\/38.2-3208","metadata":false},{"id":362040,"structure_id":51734,"section_number":"38.2-3209","catch_line":"Same; adjusted premiums for policies","url":"\/38.2-3209\/","token":"38.2\/32\/38.2-3209","metadata":false},{"id":362042,"structure_id":51734,"section_number":"38.2-3210","catch_line":"Same; life insurance providing future premium determination","url":"\/38.2-3210\/","token":"38.2\/32\/38.2-3210","metadata":false},{"id":362043,"structure_id":51734,"section_number":"38.2-3211","catch_line":"Same; other factors in calculations","url":"\/38.2-3211\/","token":"38.2\/32\/38.2-3211","metadata":false},{"id":362044,"structure_id":51734,"section_number":"38.2-3212","catch_line":"Same; policies issued on or after January 1, 1986","url":"\/38.2-3212\/","token":"38.2\/32\/38.2-3212","metadata":false},{"id":362045,"structure_id":51734,"section_number":"38.2-3213","catch_line":"Same; exemptions from application of certain sections","url":"\/38.2-3213\/","token":"38.2\/32\/38.2-3213","metadata":false},{"id":362046,"structure_id":51734,"section_number":"38.2-3214","catch_line":"Same; operative date","url":"\/38.2-3214\/","token":"38.2\/32\/38.2-3214","metadata":false},{"id":362047,"structure_id":51734,"section_number":"38.2-3215","catch_line":"Same; operative date for \u00a7 38.2-3207","url":"\/38.2-3215\/","token":"38.2\/32\/38.2-3215","metadata":false},{"id":362048,"structure_id":51734,"section_number":"38.2-3216","catch_line":"Same; operative date for \u00a7 38.2-3208","url":"\/38.2-3216\/","token":"38.2\/32\/38.2-3216","metadata":false},{"id":362049,"structure_id":51734,"section_number":"38.2-3217","catch_line":"Loan provisions in policies issued prior to operative date stated in \u00a7 38.2-3214","url":"\/38.2-3217\/","token":"38.2\/32\/38.2-3217","metadata":false},{"id":362050,"structure_id":51734,"section_number":"38.2-3218","catch_line":"Same; in policies subsequently issued","url":"\/38.2-3218\/","token":"38.2\/32\/38.2-3218","metadata":false},{"id":362051,"structure_id":51734,"section_number":"38.2-3219","catch_line":"Applicability","url":"\/38.2-3219\/","token":"38.2\/32\/38.2-3219","metadata":false},{"id":362053,"structure_id":51734,"section_number":"38.2-3220","catch_line":"Nonforfeiture requirements","url":"\/38.2-3220\/","token":"38.2\/32\/38.2-3220","metadata":false},{"id":362054,"structure_id":51734,"section_number":"38.2-3221","catch_line":"Minimum values","url":"\/38.2-3221\/","token":"38.2\/32\/38.2-3221","metadata":false},{"id":362055,"structure_id":51734,"section_number":"38.2-3222","catch_line":"Computation of present value","url":"\/38.2-3222\/","token":"38.2\/32\/38.2-3222","metadata":false},{"id":362056,"structure_id":51734,"section_number":"38.2-3223","catch_line":"Calculation of cash surrender values","url":"\/38.2-3223\/","token":"38.2\/32\/38.2-3223","metadata":false},{"id":362057,"structure_id":51734,"section_number":"38.2-3224","catch_line":"Calculation of paid-up annuity benefits","url":"\/38.2-3224\/","token":"38.2\/32\/38.2-3224","metadata":false},{"id":362058,"structure_id":51734,"section_number":"38.2-3225","catch_line":"Maturity date","url":"\/38.2-3225\/","token":"38.2\/32\/38.2-3225","metadata":false},{"id":362059,"structure_id":51734,"section_number":"38.2-3226","catch_line":"Disclosure of limited death benefits","url":"\/38.2-3226\/","token":"38.2\/32\/38.2-3226","metadata":false},{"id":362060,"structure_id":51734,"section_number":"38.2-3227","catch_line":"Inclusion of lapse of time considerations","url":"\/38.2-3227\/","token":"38.2\/32\/38.2-3227","metadata":false},{"id":362061,"structure_id":51734,"section_number":"38.2-3228","catch_line":"Proration of values; additional benefits","url":"\/38.2-3228\/","token":"38.2\/32\/38.2-3228","metadata":false},{"id":362062,"structure_id":51734,"section_number":"38.2-3229","catch_line":"Effective date","url":"\/38.2-3229\/","token":"38.2\/32\/38.2-3229","metadata":false}],"previous_section":{"id":362057,"structure_id":51734,"section_number":"38.2-3224","catch_line":"Calculation of paid-up annuity benefits","url":"\/38.2-3224\/","token":"38.2\/32\/38.2-3224","metadata":false},"next_section":{"id":362059,"structure_id":51734,"section_number":"38.2-3226","catch_line":"Disclosure of limited death benefits","url":"\/38.2-3226\/","token":"38.2\/32\/38.2-3226","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-3225\/","history_text":"<p>This law was first created in 1979. The record of its establishment is cataloged in chapter 437 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. Unfortunately, the 1979 \u201cActs\u201d aren\u2019t available online. It has been modified 1 time. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. That modification is as follows: in 1986, chapter 562.<\/p>","references":[{"id":362053,"section_number":"38.2-3220","catch_line":"Nonforfeiture requirements","order_by":null,"url":"\/38.2-3220\/"},{"id":362054,"section_number":"38.2-3221","catch_line":"Minimum values","order_by":null,"url":"\/38.2-3221\/"},{"id":362061,"section_number":"38.2-3228","catch_line":"Proration of values; additional benefits","order_by":null,"url":"\/38.2-3228\/"}],"refers_to":[{"id":362056,"section_number":"38.2-3223","catch_line":"Calculation of cash surrender values","order_by":null,"url":"\/38.2-3223\/"},{"id":362057,"section_number":"38.2-3224","catch_line":"Calculation of paid-up annuity benefits","order_by":null,"url":"\/38.2-3224\/"}],"permalink":{"id":1441609,"object_type":"law","relational_id":362058,"identifier":"38.2-3225","token":"38.2\/32\/38.2-3225","url":"\/38.2-3225\/","edition_id":2,"permalink":0,"preferred":1},"url":"\/38.2-3225\/","token":"38.2\/32\/38.2-3225","dublin_core":{"Title":"Maturity date","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-3225","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section><p>For the purpose of determining the benefits calculated under \u00a7\u00a7&nbsp;<a class=\"law\" title=\"Calculation of cash surrender values\" href=\"\/38.2-3223\/\">38.2-3223<\/a> and <a class=\"law\" title=\"Calculation of paid-up annuity benefits\" href=\"\/38.2-3224\/\">38.2-3224<\/a> for annuity <span class=\"dictionary\">contracts<\/span> under which an election may be made to have annuity payments commence at optional maturity dates, the maturity date shall be deemed to be the latest date for which election is permitted by the <span class=\"dictionary\">contract<\/span>, but shall not be deemed to be later than the anniversary of the <span class=\"dictionary\">contract<\/span> next following the annuitant&#8217;s seventieth birthday or the tenth anniversary of the <span class=\"dictionary\">contract<\/span>, whichever is later.<\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\nMATURITY DATE (\u00a7 38.2-3225)\n\nFor the purpose of determining the benefits calculated under \u00a7\u00a7 38.2-3223 and\n38.2-3224 for annuity contracts under which an election may be made to have\nannuity payments commence at optional maturity dates, the maturity date shall be\ndeemed to be the latest date for which election is permitted by the contract,\nbut shall not be deemed to be later than the anniversary of the contract next\nfollowing the annuitant&#8217;s seventieth birthday or the tenth anniversary of\nthe contract, whichever is later.\n\nHISTORY: 1979, c. 437, \u00a7 38.1-470.1; 1986, c. 562.","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"}}