CHAPTER 282

An Act to amend and reenact § 38.1-424 of the Code of Virginia, as
amended, relating to standard provisions of policies of group life in-
surance and exceptions.

fH 705]

Approved April 1, 1968

Be it enacted by the General Assembly of Virginia:
ba That § 38.1-424 of the Code of Virginia be amended and reenacted as

ollows:

§ 38.1-424. No policy of group life insurance shall be delivered or
issued for delivery in this State unless it contains in substance the provi-
sions prescribed in this article, or provisions which in the opinion of the
Commission are more favorable to the persons insured, or at least as favor-
able to the persons insured and more favorable to the policyholder; pro-
vided, however, (a) that provisions in §§ 38.1-427.1 to 38.1-428.3 inclusive
shall not apply to policies issued to a creditor to insure debtors of such
creditor; (b) that the standard provisions required for individual life in-
surance policies shall not apply to group life insurance policies; and (c)
that if the group life insurance policy is on a plan of insurance other than
the term plan, it shall contain a nonforfeiture provision or provisions which
in the opinion of the Commission is or are equitable to the insured persons
and to the policvholder, but nothing herein shall be construed to require
that group life insurance policies contain the same nonforfeiture provi-
sions as are required for individual life insurance policies; and provided
further that any person insured under a group life msurance contract
may make, pursuant to an arrangement among the msured, his employer
and the insurer, to any person, other than his employer, an vrrevocable
assignment of the rights and benefits conferred on him by any provision
of such policy or by this article.