                                 CODE OF VIRGINIA

DEFINITIONS (§ 38.2-3117.1)

As used in this article, unless the context requires a different meaning:

&#8220;Insurer&#8221; means an insurance company licensed in the Commonwealth
that offers retained asset accounts for death benefits.

&#8220;Policy&#8221; means any policy or certificate of insurance that provides
a death benefit.

&#8220;Retained asset account&#8221; 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.

HISTORY: 2011, cc. 194, 227.