reglab/housing_qa huggingface dataset:
VA Code § 38.2-4609 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 46 - Title Insurance|§ 38.2-4609. Loss or claim reserves

Each title insurance company licensed in this Commonwealth shall maintain loss and loss adjustment expense reserves in an amount estimated in the aggregate as being sufficient to provide for the payment of all unpaid losses and claims under title insurance contracts of which the company has received written notice from or on behalf of the insured.1952, c. 317, § 38.1-729; 1986, c. 562; 1990, c. 334.
VA Code § 38.2-4610.1 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 46 - Title Insurance|§ 38.2-4610.1. Unearned premium reserve

A. A domestic title insurance company shall establish and maintain an unearned premium reserve computed in accordance with this section, and all sums attributed to such reserve shall at all times and for all purposes be considered and constitute unearned portions of the original premiums. This reserve shall be reported as a liability of the title insurance company in its financial statements.B. The unearned premium reserve shall be maintained by the title insurance company for the protection of holders of title insurance policies. Except as provided in this section, assets equal in value to the unearned premium reserve are not subject to distribution among creditors or stockholders of the title insurance company until all claims of policyholders or claims under reinsurance contracts have been paid in full, and all liability on the policies or reinsurance contracts has been paid in full and discharged or lawfully reinsured.C. Except as provided in § 38.2-4610.1:1, foreign or alien title insurance company licensed to transact title insurance business in the Commonwealth shall maintain at least the same unearned premium reserves on title insurance policies issued on properties located in the Commonwealth as are required of domestic title insurance companies, unless the laws of the jurisdiction of domicile of the foreign or alien title insurance company require a higher amount.D. The unearned premium reserve shall consist of:1. The amount of the unearned premium reserve on June 30, 1986; and2. A sum equal to $1.50 for each policy, contract or agreement of title insurance covering a single risk written after June 30, 1986, plus a sum equal to 12 1/2 cents of each $1,000 of net retained liability under each such policy, contract or agreement of title insurance on a single risk written after June 30, 1986.E. Amounts placed in the unearned premium reserve in any year in accordance with subdivision 2 of subsection D of this section shall be deducted in determining the net profit of the title insurance company for that year.F. A title insurance company shall release from the unearned premium reserve a sum equal to ten percent of the amount added to the reserve during a calendar year on July 1 of each of the five years following the year in which the sum was added, and shall release from the unearned premium reserve a sum equal to 3 1/3 percent of the amount added to the reserve during that year on each succeeding July 1 until the entire amount for that year has been released. The amount of the unearned premium reserve maintained before July 1, 1986, shall be released in accordance with the law in effect when the respective sums were reserved.1986, c. 404, § 38.1-730.1; 2008, c. 248.
VA Code § 38.2-4610.1:1 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 46 - Title Insurance|§ 38.2-4610.1:1. Unearned premium reserves of foreign title insurance companies

A foreign title insurance company licensed to transact business in the Commonwealth shall be permitted to establish and maintain an unearned premium reserve on title insurance policies issued on properties located in the Commonwealth pursuant to the reserving laws of that foreign title insurance company's domiciliary regulator so long as the domiciliary regulator is accredited under the National Association of Insurance Commissioner's Financial Regulation Standards and Accreditation Program.2008, c. 248.
VA Code § 38.2-4610.2 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 46 - Title Insurance|§ 38.2-4610.2. Loss reserves

A. Each title insurance company licensed in this Commonwealth shall annually evaluate the adequacy of its total recorded loss reserves. Total recorded loss reserves are the sum of claim reserves held under § 38.2-4609 and unearned premium reserves held under § 38.2-4610.1. The evaluation of reserve adequacy shall be prepared by a qualified actuary and shall be based on a comparison of total recorded reserves to a projection of ultimate losses not yet paid. The actuary shall certify the results of his evaluation in a report complying with such applicable title insurance annual statement instructions as may be issued by the National Association of Insurance Commissioners.B. A domestic title insurance company shall record an additional reserve to the extent the projection of ultimate losses not yet paid set forth in the report of the qualified actuary exceeds total recorded loss reserves held by the company. For purposes of calculating any additional reserve required, a domestic title insurance company may discount the projection of ultimate losses not yet paid to reflect the time value of money. The interest rate used by the actuary to reflect the time value of money shall be based on a portfolio interest rate approach with appropriate provision for risk margins and subject to published actuarial standards for discounting reserves.C. A foreign or alien title insurance company licensed in this Commonwealth shall record an additional reserve to the extent the projection of ultimate losses set forth in the report of the qualified actuary exceeds all recorded reserves held by the company as reported in its most recent statutory statement filed with the Commission, including reserves held under subsection C of § 38.2-4610.1 and all reserves held under the laws of the jurisdiction of the domicile of the foreign or alien title insurance company or any other jurisdiction.1996, c. 494.
VA Code § 38.2-4614 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 46 - Title Insurance|§ 38.2-4614. Prohibition against payment or receipt of title insurance kickbacks, rebates, commissions and other payments; penalty

A. 1. No person selling real property, or performing services as a real estate agent, attorney, or lender incident to any real estate settlement or sale, shall pay or receive, directly or indirectly, any kickback, rebate, commission, thing of value or other payment pursuant to any agreement or understanding, oral or otherwise, that business incident to the issuance of any title insurance be referred to any title insurance company, title insurance agency or agent. No title insurance company, title insurance agency or agent shall give any such kickback, rebate, commission, thing of value or other payment pursuant to any such agreement or understanding. For purposes of this section, "thing of value" means any payment, advance, funds, loan, service or other consideration. This section shall not prevent any federally insured lenders, holding companies to which they belong, or subsidiaries of such lenders or holding companies from being licensed by the Commission as title insurance agents or agencies and receiving commissions from the sale of the title insurance policies in their capacities as title insurance agents or agencies.2. Nothing in this section shall be construed to prohibit (i) payments of sums spent for bona fide advertising and marketing promotions otherwise permissible under the provisions of the Real Estate Settlement Procedures Act, 12 U.S.C. § 2601 et seq. or (ii) providing educational materials or classes, wherein such materials or classes are provided to a group of persons or entities pursuant to a bona fide marketing or educational effort.B. Any person who knowingly and willfully violates this section shall be guilty of a misdemeanor and subject to a fine of not more than $1,000 for each violation. Any criminal charge brought under this section shall be by indictment pursuant to Chapter 14 (§ 19.2-216 et seq.) of Title 19.2.C. No person shall be in violation of this section solely by reason of ownership in a title insurance company, title insurance agency or agent as defined in this chapter, wherein such person receives returns on investments arising from the ownership interest. In addition, this section shall not prohibit (i) the payment to any person of a bona fide salary or compensation or other payment for services actually performed for the business of the title insurance company, title insurance agency or agent or (ii) any employer's payment to its own bona fide employees for referrals. Any employer's payment to its own employees for the referral of title insurance business shall be subject to the requirements of subdivision B 8 of § 38.2-1821.1.1975, c. 184, § 38.1-733.1; 1986, c. 562; 1987, c. 174; 1993, c. 147; 1996, c. 883; 2002, c. 599.
VA Code § 38.2-4615 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 46 - Title Insurance|§ 38.2-4615. Exchange of information

A. In order to further more equitable adoption, use and adjustment of risk rates and premiums and forms of temporary insurance policies and contracts, the Commission and title insurance companies may (i) exchange information and experience data with each other, and with the insurance supervisory officers and insurers of other states, and with national organizations and associations, including duly licensed rating organizations, and (ii) may consult and cooperate with them with respect to risk rates, premiums, and forms of policies and contracts.B. Any two or more licensed title insurance companies may act in concert with each other and with others with respect to any or all matters pertaining to the making of risk rates or premiums, or the preparation of forms of title insurance policies, underwriting rules and practices, surveys and investigations, or the furnishing of loss or expense statistics, or other information or data relating thereto.1952, c. 317, § 38.1-734; 1986, c. 562.
VA Code § 38.2-4616 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 46 - Title Insurance|§ 38.2-4616. Notification to buyers of the availability of owner's title insurance

In connection with any transaction involving the purchase or sale of an interest in residential real property in this Commonwealth, the settlement agent as defined in § 55.1-900, before the disbursement of any funds, shall obtain from the purchaser a statement in writing that he has been notified by the settlement agent that the purchaser may wish to obtain owner's title insurance coverage including affirmative mechanics' lien coverage, if available, and of the general nature of such coverage, and that the purchaser does or does not desire such coverage. The notification shall include language that the value of subsequent improvements to the property may not be covered.The failure of a settlement agent to provide the information requested by this section shall not of itself be deemed to create a cause of action that would not otherwise exist.1992, c. 733.
VA Code § 38.2-4700 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 47 - Insurance Premium Finance Companies|§ 38.2-4700. What persons deemed insurance premium finance companies

A. Any person engaged in whole or in part in financing premiums for insurance on subjects of insurance resident, located or to be performed in this Commonwealth shall be an insurance premium finance company subject to this chapter. Any person who acquires agreements for this financing from an insurance premium finance company shall be deemed an insurance premium finance company subject to this chapter.B. No person shall be deemed an insurance premium finance company by reason of any transaction lawful under the laws of this Commonwealth without regard to the provisions of this chapter. No bank, trust company, savings institution, industrial loan association, credit union, consumer finance company licensed under Chapter 15 (§ 6.2-1500 et seq.) of Title 6.2, licensed insurance agent extending credit as authorized in § 38.2-1806, or insurer shall be licensed under the provisions of this chapter, nor be subject to the restrictions and obligations imposed by this chapter.1964, c. 147, § 38.1-735; 1986, c. 562; 1996, c. 77.
VA Code § 38.2-4701 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 47 - Insurance Premium Finance Companies|§ 38.2-4701. License required; application; fee

No person shall act as an insurance premium finance company in this Commonwealth until that person has obtained a license from the Commission as provided in this chapter. Application for a license shall be made in writing in the form prescribed by the Commission and shall be accompanied by a nonrefundable application fee of $500.1964, c. 147, § 38.1-736; 1981, c. 107; 1986, c. 562.
VA Code § 38.2-4702 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 47 - Insurance Premium Finance Companies|§ 38.2-4702. Investigation of applicant; issuance of license

Upon the filing of an application and the payment of the application fee, the Commission shall make an investigation of the applicant. The Commission shall issue a license, expiring on June 30 immediately following the date of issuance, if it finds that (i) the application is in proper form and the required fee has been paid; (ii) the financial responsibility, experience, character, and general fitness of the applicant indicate that the business will be operated lawfully, honestly, fairly and efficiently within the purpose of this chapter, the same criteria being applicable to members of the applicant if the applicant is a partnership or association and to officers and directors of the applicant if the applicant is a corporation; (iii) if the applicant is a corporation, it is a corporation of this Commonwealth or a foreign corporation that has a certificate of authority to transact business in this Commonwealth; and (iv) the applicant has assets equal to or greater than its liabilities and has working capital sufficient for the operation of its business.1964, c. 147, § 38.1-737; 1981, c. 107; 1986, c. 562.
VA Code § 38.2-4703 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 47 - Insurance Premium Finance Companies|§ 38.2-4703. Renewal of license

Subject to the provisions of § 38.2-4704, a licensed insurance premium finance company may renew its license on July 1 of each year, upon payment of a nonrefundable annual license fee of $200, unless the license has been surrendered, suspended or revoked.1964, c. 147, § 38.1-738; 1975, c. 175; 1981, c. 107; 1986, c. 562.
VA Code § 38.2-4704 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 47 - Insurance Premium Finance Companies|§ 38.2-4704. Suspension, revocation or failure to renew license; imposition of penalty

The Commission may suspend, revoke or refuse to renew a license of any insurance premium finance company whenever it finds that:1. The licensee has (i) failed to pay the annual license fee, (ii) violated or failed to comply with any of the provisions of this chapter or with any rule or regulation made by the Commission pursuant to this chapter, or (iii) violated or failed to comply with any order, demand, ruling, provision or requirement of the Commission lawfully made pursuant to or within the authority of this chapter; or2. The licensee no longer meets the standards required for the initial issuance of a license.1964, c. 147, § 38.1-739; 1986, c. 562.
VA Code § 38.2-4706 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 47 - Insurance Premium Finance Companies|§ 38.2-4706. Default charge; bad check charge

A. If any installment under a premium finance agreement is not paid in full within seven days after it is due, Sundays and holidays included, the insurance premium finance company may charge and collect a default charge not to exceed five percent of the installment. The default charge shall be collected only once on any installment.B. An insurance premium finance company may charge and collect a fee, not in excess of twenty dollars, for each check returned to the insurance premium finance company because the drawer had no account or insufficient funds in the payor bank.1981, c. 107, § 38.1-740.2; 1986, c. 562; 1994, c. 123.
VA Code § 38.2-4707 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 47 - Insurance Premium Finance Companies|§ 38.2-4707. Forms of premium finance agreements and related forms to be approved by Commission; false or misleading statements or omissions prohibited

No form of premium finance agreement or any related form shall be used until it is approved by the Commission. No such form shall contain any statements that are materially false or misleading or omit statements necessary to prevent the form from being in any material way false or misleading.1964, c. 147, § 38.1-741; 1981, c. 107; 1986, c. 562.
VA Code § 38.2-4708 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 47 - Insurance Premium Finance Companies|§ 38.2-4708. Examination of books and records of company; bond; rules and regulations; order by Commission to remedy concerns

A. 1. The Commission is empowered to examine the books and records of an insurance premium finance company.2. The Commission is empowered to require an insurance premium finance company to enter into bond with surety approved by the Commission, in the amount determined as reasonable by the Commission, and conditioned to protect its customers and the public in the manner required by law. The aggregate liability of the surety for all breaches of the conditions of the bond shall in no event exceed the penalty of the bond. The surety on the bond shall have the right to cancel the bond upon thirty days' notice in writing to the Commission and shall be relieved of liability for any breach of condition occurring after the effective date of the cancellation.3. Any rules and regulations issued by the Commission with respect to the operation of insurance premium finance companies may include, without limitation, rules and regulations for the cancellation of policies by insurance premium finance companies, for the notice required to be given to the insured and the insurer, and for the mutual obligations and duties of insurers and insurance premium finance companies with regard to the cancellation of policies and the required notice.B. If the Commission finds (i) that an insurance premium finance company's financial condition, method of operation or manner of doing business does not satisfy the Commission that the company can meet its obligations to all customers or (ii) that the company's continued operation in this Commonwealth is hazardous to customers and creditors in this Commonwealth and to the public, it may order the company to take appropriate action within a specified time to remedy the concerns of the Commission. The Commission shall give the insurance premium finance company ten days' notice of its finding and shall grant it the opportunity to be heard and to introduce evidence on its behalf. Any hearing with regard to the order may be informal, and the required notice may be waived with the mutual consent of the Commission and the company.1964, c. 147, § 38.1-742; 1981, c. 107; 1986, c. 562.
VA Code § 38.2-4709 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 47 - Insurance Premium Finance Companies|§ 38.2-4709. Disposition of license and other fees

The Commission shall collect and pay directly into the state treasury licensing fees and all other fees. These fees shall be credited to the fund for the maintenance of the Bureau of Insurance.1964, c. 147, § 38.1-743; 1981, c. 107; 1986, c. 562.
VA Code § 38.2-4710 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 47 - Insurance Premium Finance Companies|§ 38.2-4710. Penalty for engaging in business without license

Any person engaging in the business of financing insurance premiums in this Commonwealth without obtaining a license as required under this chapter shall be subject to a fine of not more than $100 for each day that person operates without a license. The fine shall be imposed and judgment entered by the Commission after ten days' notice has been given to the defendant by rule to show cause.1964, c. 147, § 38.1-744; 1986, c. 562.
VA Code § 38.2-4711 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 47 - Insurance Premium Finance Companies|§ 38.2-4711. Exemptions

This chapter shall not apply to the inclusion of a charge for insurance in a sale of property, goods or services payable in installments, or in a loan made for purposes other than the financing of insurance premiums only.1964, c. 147, § 38.1-745; 1981, c. 107; 1986, c. 562.
VA Code § 38.2-4712 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 47 - Insurance Premium Finance Companies|§ 38.2-4712. Validity of secured transactions

No filing of the premium finance agreement or recording of a premium finance transaction shall be necessary to validate the agreement as a secured transaction.1964, c. 147, § 38.1-745; 1981, c. 107; 1986, c. 562.
VA Code § 38.2-4805.1 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 48 - Surplus Lines Insurance Law|§ 38.2-4805.1. Application of chapter

Except as provided in subsection C of § 38.2-1802, this chapter shall apply to the sale, solicitation, and negotiation of surplus lines insurance coverage for insureds whose home state, as defined in § 38.2-4805.2, is this Commonwealth.2011, c. 498.
VA Code § 38.2-4805.2 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 48 - Surplus Lines Insurance Law|§ 38.2-4805.2. Definitions

As used in this chapter, unless the context requires a different meaning:"Admitted insurer" means an insurer licensed in the Commonwealth to engage in the business of insurance."Domestic surplus lines insurer" means a domestic surplus lines insurer licensed by the Commission pursuant to § 38.2-1024 with which a surplus lines broker may place surplus lines insurance."Eligible nonadmitted insurer" means a nonadmitted insurer approved by the Commission pursuant to § 38.2-4811 or a domestic surplus lines insurer licensed by the Commission pursuant to § 38.2-1024 with which a surplus lines broker may place surplus lines insurance."Home state" means (i) the state in which an insured maintains its principal place of business or, in the case of an individual, the individual's principal residence or (ii) if 100 percent of the insured risk is located out of the state referred to in clause (i), "home state" means the state to which the greatest percentage of the insured's taxable premium for that insurance contract is allocated. When more than one insured from an affiliated group are named insureds on a single insurance contract, "home state" means the state of the member of the affiliated group that has the largest percentage of premium attributed to it under such insurance contract."NAIC" means the National Association of Insurance Commissioners."Nonadmitted insurer" means an insurer not licensed to engage in the business of insurance in this Commonwealth. "Nonadmitted insurer" does not include a risk retention group as defined in § 38.2-5101."Principal place of business" means the state where the insured maintains its headquarters and where the insured's high-level officers direct, control, and coordinate the business activities of the insured."Property and casualty insurance" means the classes of insurance defined in §§ 38.2-109 through 38.2-122.2 and §§ 38.2-124 through 38.2-134."Surplus lines broker" means an individual or business entity licensed pursuant to Article 5.1 (§ 38.2-1857.1 et seq.) of Chapter 18 to sell, solicit, or negotiate insurance on properties, risks, or exposures located or to be performed in the Commonwealth with eligible nonadmitted insurers."Surplus lines insurance" means any property and casualty insurance permitted to be placed directly by an insured or through a surplus lines broker with an eligible nonadmitted insurer.2011, c. 498; 2018, c. 205.