The Vermont Statutes Online
The Statutes below include the actions of the 2025 session of the General Assembly.
NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.
Subchapter
006
:
VARIABLE ANNUITIES-SEPARATE ACCOUNTS
(Cite as: 8 V.S.A. § 3859)
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§ 3859. Grace; reinstatement; nonforfeiture
(a) Except for subdivisions 3731(2), (7), (8), and (9) of this title, sections 3760-3773 of this title, inclusive, section 3813 of this title in the case of a variable life insurance policy, and section 3750 of this title in the case of a variable annuity contract, and except as otherwise provided in this
subchapter, all pertinent provisions of this title apply to separate accounts and
contracts relating thereto. Any individual variable life insurance contract delivered
or issued for delivery in this State shall contain grace, reinstatement, and nonforfeiture
provisions appropriate to such a contract. Any group variable life insurance contract
delivered or issued for delivery in this State shall contain grace provisions appropriate
to such a contract.
(b) The reserve liability for variable contracts shall be established in accordance with
actuarial procedures that recognize the variable nature of the benefits provided and
any mortality guarantees. (Added 1971, No. 106, § 5, eff. April 22, 1971; amended 1981, No. 43, § 11, eff. April 21, 1981; 2019, No. 103 (Adj. Sess.), § 21.)