Regulation · State guide
Virginia annuity rules
Top 5-year MYGA
6.30%
B++ or better, yield to surrender
- FIA S&P cap
- 17.00%
- As of
- Oct 27
What Virginia law says
Free-look period
If the annuity you bought replaced an existing policy or contract, Virginia gives you at least 10 days from delivery to examine and return it for a full refund of your premium.
14VAC5-30-51, Virginia Administrative Code 14VAC5-30-51 — Rules Governing Life Insurance and Annuity Replacements, duties of replacing insurers that use agentsVerified 2026-08-25
What your agent owes you
An agent recommending an annuity in Virginia must act in your best interest, without placing their own or the insurer's financial interest ahead of yours.
14VAC5-45-40, Virginia Administrative Code 14VAC5-45-40 — Rules Governing Suitability in Annuity Transactions, duties of insurers and agentsVerified 2026-08-25
How Virginia taxes annuity income
Virginia starts from your federal adjusted gross income to compute state income tax, so the taxable portion of an annuity payment is taxed as ordinary Virginia income.
Va. Code Ann. § 58.1-322, Code of Virginia § 58.1-322 — Virginia taxable income of residentsVerified 2026-08-25
Who regulates annuities in Virginia
Fixed annuities are insurance products, so they are overseen by the state insurance department rather than by the SEC. The department licenses the carriers and the producers who sell them, and it takes consumer complaints.
The Virginia guaranty association
Every state has a life and health insurance guaranty association that steps in when a member insurer fails. Coverage terms are set by state law and differ by state and by product. Contact the association directly for what applies to a specific contract.
Virginia Life, Accident & Sickness Insurance Guaranty Association
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This page is educational and is not legal, tax, or insurance advice. State rules change. Verify anything here with the Virginia insurance department before acting.
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