Which document must insurance companies provide annually to policyholders?

Insurance companies are required to provide an annual statement to policyholders as part of regulatory compliance and transparency. This document typically includes detailed information about the policyholder's coverage, the status of the policy, claims history, and financial performance of the insurer. The annual statement serves as a key communication tool, ensuring that policyholders are kept informed about their policies and any important changes or updates.

The significance of the annual statement lies in its role in maintaining trust and accountability between the insurance company and policyholders. It provides policyholders with critical information that helps them understand their benefits, ensure they are adequately covered, and assess their insurance needs moving forward.

While other documents, such as a premium payment schedule or a summary of policy changes, may also be important, they do not carry the same obligation for annual distribution. The policyholder’s rights notice is typically provided at the time of policy issuance rather than on an annual basis. Thus, the annual statement is essential for keeping policyholders informed and is a mandated requirement under Virginia Life Insurance laws.