A. As used in this section:
"Employer" means a person doing business in or operating within the Commonwealth who employs a resident of the Commonwealth to work for wages or a salary or on commission and includes any similar entity acting directly or indirectly in the interest of an employer in relation to an employee. "Employer" does not include the Commonwealth or any of its agencies, institutions, or political subdivisions or any public body.
"Pension plan" has the same meaning ascribed to that term in § 3(2) of ERISA.
"Retirement annuity contract" means an allocated or unallocated group annuity contract that is issued or issued for delivery by an insurer to an employer or a pension plan, pension plan sponsor, or affiliate of such employer, pension plan, or pension plan sponsor, for the purpose of providing retirement benefits to employees or retirees of the employer under a defined benefit plan and that (i) is issued or issued for delivery in the Commonwealth or (ii) affects retired employees residing in the Commonwealth who are certificate holders or beneficiaries of a contract if the Commission has jurisdiction over the insurer issuing the contract.
B. On or after July 1, 2018, no retirement annuity contract shall be transferred to or assumed by another insurer unless:
1. The transfer is made to an assuming insurer that has a rating equivalent of A or better from two or more nationally recognized rating agencies; or
2. The transfer to the assuming insurer is approved by the Commission, which approval shall not be granted unless the assuming insurer meets all of the requirements of § 38.2-1024.
C. If the Commission determines that an insurer has violated this section or any order or regulation adopted hereunder, the Commission, after notice and opportunity to be heard, may impose a penalty in accordance with §§ 38.2-218 and 38.2-219.
2018, c. 847.
Structure Code of Virginia
§ 38.2-3100.1. Forms of insurance authorized
§ 38.2-3100.2. Funding agreements
§ 38.2-3101. Legal reserve insurers
§ 38.2-3103. Fraudulent procurement of policy; penalty
§ 38.2-3105. What contracts with respect to life insurance may be made by minors
§ 38.2-3106. Suicide and execution not grounds of defense; exception
§ 38.2-3107. Incontestability of certain policies
§ 38.2-3108. Misstatement of age
§ 38.2-3109. Contestability of reinstated policy
§ 38.2-3110. Incontestability not applicable to excluded or restricted coverage
§ 38.2-3111. Assignment of life insurance policies
§ 38.2-3112. Designation of testamentary trustee as beneficiary
§ 38.2-3113.3. Educational loan provisions in life insurance policies
§ 38.2-3115. Interest on life insurance and annuity contract proceeds
§ 38.2-3115.1. Accelerated payment of benefits
§ 38.2-3117. Standards for certain policies; prohibited policies
§ 38.2-3117.01. Provision of life insurance information upon notification of insured's death
§ 38.2-3117.2. Explanation of settlement options
§ 38.2-3117.3. Supplemental contract
§ 38.2-3117.4. Disclosures for retained asset accounts to beneficiaries
§ 38.2-3118. Spendthrift trusts created under life insurance policies
§ 38.2-3119. Limitation on § 38.2-3118
§ 38.2-3121. Segregation of proceeds not required
§ 38.2-3124. Protection of insurers from creditor's claims
§ 38.2-3125. Other rights of beneficiaries and assignees protected