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2009 SESSION

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090136320
SENATE BILL NO. 1480 Offered January 21, 2009 A BILL to amend the Code of Virginia by adding a section numbered 38.2-3301.1, relating to delivery of life insurance policies. ---------- Patron-- Ruff ---------- Referred to Committee on Commerce and Labor ----------

Be it enacted by the General Assembly of Virginia:

1.  That the Code of Virginia is amended by adding a section numbered 38.2-3301.1 as follows:

§ 38.2-3301.1. Delivery of life insurance policies.

A.  An insurer that is required to deliver a life insurance policy to the owner of the policy in order to start the period running during which the owner may exercise any statutory right to examine, surrender, or return a policy for cancellation, shall accomplish the delivery by:

1. Registered or certified mail;

2. Personal delivery, with a signed, written receipt of delivery;

3. First-class mail, with a signed, written receipt of delivery; or

4. Other reasonable means, as determined by the Commissioner.

B. If an insurer does not deliver a policy by the means set forth in subsection A, the burden of proof shall be on the insurer to establish that the policy was delivered, in the event of a dispute with the owner of the policy.

C. Notwithstanding subsections A and B, a policy shall be deemed to have been received six months after the date of issuance if the insured has paid premiums pursuant to the contract.