reglab/statecodes huggingface dataset:
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 370 - RULES GOVERNING GROUP SELF-INSURERS OF LIABILITY UNDER THE VIRGINIA WORKERS' COMPENSATION ACT › Section 14VAC5-370-150 - Revocation of self-insurance license

Current through Register Vol. 40, No. 24, July 15, 2024
The commission may revoke an association's license if:
1. The association no longer meets the
				standards required for the issuance of its license; or
2. The association fails to comply with this
				chapter, the provisions of the Act or an order of the commission.
The commission shall give 10 days prior notice of the
				  proposed revocation to the association. The notice shall be served personally,
				  or by certified or registered mail, upon all interested parties stating the
				  reasons for the proposed revocation and providing the association an
				  opportunity to introduce evidence and be heard. If, after a hearing, which may
				  be formal or informal, the association's license is revoked, this revocation
				  shall become effective 30 days after the commission's order is
				  issued.
Statutory Authority
§§ 12.1-13 and 65.2-802 of the Code of Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 370 - RULES GOVERNING GROUP SELF-INSURERS OF LIABILITY UNDER THE VIRGINIA WORKERS' COMPENSATION ACT › Section 14VAC5-370-160 - Penalties

Current through Register Vol. 40, No. 24, July 15, 2024
Penalty for failure to comply with this chapter shall be as
				  provided by § 12.1-13 of the Code of Virginia.
Statutory Authority
§§ 12.1-13 and 65.2-802 of the Code of Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 370 - RULES GOVERNING GROUP SELF-INSURERS OF LIABILITY UNDER THE VIRGINIA WORKERS' COMPENSATION ACT › Section 14VAC5-370-170 - Examination of association

Current through Register Vol. 40, No. 24, July 15, 2024
If the commission considers it expedient for the protection
				  of the interests of the citizens of this Commonwealth, it may make or direct to
				  be made a financial condition examination into the affairs of any association,
				  or service agent licensed or approved in this Commonwealth.
The manner and frequency in which the examination of
				  financial condition shall be conducted and the release of any reports of
				  financial condition shall be as provided in Article 4 (§ 38.2-1317 et
				  seq.) of Chapter 13 of Title 38.2 of the Code of Virginia.
Statutory Authority
§§ 12.1-13 and 65.2-802 of the Code of Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 370 - RULES GOVERNING GROUP SELF-INSURERS OF LIABILITY UNDER THE VIRGINIA WORKERS' COMPENSATION ACT › Section 14VAC5-370-180 - Severability

Current through Register Vol. 40, No. 24, July 15, 2024
If any provision of this chapter or the application thereof
				  to any person or circumstance is held to be invalid, the remainder of the
				  chapter and the application of the provision to other persons or circumstances
				  shall not be affected thereby.
Statutory Authority
§§ 12.1-13 and 65.2-802 of the Code of Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 370 - RULES GOVERNING GROUP SELF-INSURERS OF LIABILITY UNDER THE VIRGINIA WORKERS' COMPENSATION ACT › Form - FORMS (14VAC5-370)

Current through Register Vol. 40, No. 24, July 15, 2024
Worker's Compensation Group Self-Insurance Associations
				  Licensed in Virginia.
Annual Audited Financial Report.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 380 - RULES GOVERNING UNDERGROUND STORAGE TANK OWNERS AND OPERATORS GROUP SELF-INSURANCE POOLS › Section 14VAC5-380-10 - Purpose

Current through Register Vol. 40, No. 24, July 15, 2024
The purpose of this chapter is to set forth rules, forms and
				  procedural requirements that the Commission deems necessary for the approval
				  and monitoring of pools created pursuant to Underground Storage Tank Owners and
				  Operators Group Self-Insurance Pools, § 62.1-44.34:12 of the Code of
				  Virginia. The pools are to assist owners and operators of underground storage
				  tanks in establishing proof of financial responsibility in connection with the
				  Virginia Petroleum Storage Tank Fund (§ 62.1-44.34:11 of the Code of
				  Virginia).
Statutory Authority
§ 62.1-44.34:12 of the Code of Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 380 - RULES GOVERNING UNDERGROUND STORAGE TANK OWNERS AND OPERATORS GROUP SELF-INSURANCE POOLS › Section 14VAC5-380-20 - Definitions

Current through Register Vol. 40, No. 24, July 15, 2024
"Act" means § 62.1-44.34:12 of the Code of
				  Virginia.
"Administrator" means the individual, partnership,
				  corporation or other entity authorized to serve as a representative of a pool
				  and its members in carrying out the policies of the board and managing the
				  pool's activities.
"Commission" means the State Corporation Commission.
"Contribution" means the amount of payments required of each
				  member in order to fund the pool's obligations under the Plan.
"Group self-insurance pool" or "pool" means a pool organized
				  by two or more owners and/or operators of underground storage tanks for the
				  purpose of forming a group self-insurance pool in order to demonstrate
				  financial responsibility for taking corrective action and compensating third
				  parties for bodily injury and property damage in cases of accidental releases
				  arising from operating an underground storage tank.
"Insolvent" means
(i) the condition of a pool that has
				liabilities in excess of assets or
(ii) the inability of a pool to pay its
				obligations as they become due in the usual course of business.
"Member" means an owner or operator of an underground
				  storage tank which has entered into a member agreement and thereby becomes a
				  member in a group self- insurance pool.
"Member agreement" means the written agreement executed
				  between each member and the pool which sets forth the conditions of membership
				  in the pool, the obligations, if any, of each member to the other members and
				  the terms, coverages, limits and deductibles of the Plan.
"Members' supervisory board" or "board" means the governing
				  authority of the pool selected by the members to be responsible for fixing
				  contributions to the pool, maintaining reserves, levying and collecting
				  assessments for deficiencies, disposing of surpluses, and administration of the
				  pool in the event of termination or insolvency.
"Plan" means the plan of self-insurance offered by the pool
				  to its members as specifically designated in the member agreement.
"Service agent" means any individual, partnership,
				  corporation or other entity that may provide any or all of the insurance
				  services including, but not limited to, claim adjustment, safety engineering,
				  compilation of statistics, the preparation of contribution payments, loss
				  reports, and other required self-insurance reports, and the administration of a
				  claims fund. The service agent may invest contributions for the benefit of
				  members as directed by the supervisory board.
Statutory Authority
§ 62.1-44.34:12 of the Code of Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 380 - RULES GOVERNING UNDERGROUND STORAGE TANK OWNERS AND OPERATORS GROUP SELF-INSURANCE POOLS › Section 14VAC5-380-30 - Application for license as group self-insurance pool; requirements; approval; review

Current through Register Vol. 40, No. 24, July 15, 2024
A. Two
				or more owners and/or operators may be licensed by the Commission as a group
				self- insurance pool for the purpose of entering into agreements to pool their
				liabilities under the Act. The application for a license shall be made on a
				form prescribed by the Commission and shall contain answers to all questions
				and shall be verified by the oath or affidavit of at least one member of the
				board of the pool, and the administrator.
The license may be suspended, revoked or non-renewed if the
				  pool fails to comply with all conditions and requirements set forth in the Act
				  and 14VAC5-380-40 of this
				  chapter.
The license expires on June 30 and must be renewed
				  annually.
B. If after the
				review of the pool's application and other additional information required by
				the Commission, the Commission is satisfied that the pool's financial condition
				and method of operation are such that the pool may reasonably be expected to
				meet the obligations which it has undertaken, and has fully disclosed to its
				members or potential members the coverages and obligations of membership in the
				plan, then the Commission shall issue a license to the pool. The Commission
				shall act on the application as promptly as practical under the existing
				circumstances.
C. If the Commission
				rejects the pool's application, notice shall be served by mail upon all
				interested parties stating the reason for the rejection. The pool shall be
				provided an opportunity to introduce evidence and be heard in a hearing
				convened within a timely manner. Such hearing may be formal or
				informal.
Statutory Authority
§ 62.1-44.34:12 of the Code of Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 380 - RULES GOVERNING UNDERGROUND STORAGE TANK OWNERS AND OPERATORS GROUP SELF-INSURANCE POOLS › Section 14VAC5-380-50 - Security deposit and bond requirements

Current through Register Vol. 40, No. 24, July 15, 2024
A. Except as provided in subsection B of this
				section, each group self-insurance pool licensed by the Commission shall
				maintain with the State Treasurer a security deposit of acceptable securities
				or surety bond in an amount not less than $100,000, or such other amount as the
				Commission deems reasonable for each plan year. The Commission may, from time
				to time, release or reduce the security deposit or surety bond requirement. The
				security deposit or surety bond shall be held by the State Treasurer pursuant
				to the Act, and so far as not inconsistent with the provisions of the Act or
				this chapter shall be subject to the provisions of Article 7 (§ 38.2-1045
				et seq.) of Chapter 10 of Title 38.2 of the Code of Virginia.
For the purposes of this chapter, acceptable securities
				  shall be (i) investments allowed by § 2.1-327 of the Code of Virginia
				  (legal investments for public sinking funds) and § 2.1-328 of the Code of
				  Virginia (legal investments for other public funds), (ii) securities issued by
				  other states, other than Virginia, and their municipalities or political
				  subdivisions rated A or better by Moody's Investors Services, Inc., or Standard
				  and Poor's, Inc., (iii) revenue bonds rated Aa (AA) or better by Moody's
				  Investors Services, Inc., or Standard and Poor's, Inc. that are bonds issued by
				  municipalities or political subdivisions of this Commonwealth or any other
				  state, (iv) securities issued by the Federal Home Loan Bank, and (v) securities
				  issued by the Federal Intermediate Credit Banks.
Surety bonds deposited pursuant to this section shall be
				  issued by an insurer duly licensed in this Commonwealth to transact a surety
				  business and shall not either directly nor indirectly be under the same
				  ownership or management as the principal on this bond.
In addition to the minimum security deposit or surety bond
				  required by this section, the Commission may require additional securities or
				  surety it considers appropriate after giving consideration to such factors as
				  excess insurance and the financial ability of the group to meet its obligations
				  under the Act.
B. As an
				alternative to the security deposit or surety bond required by subsection A of
				this section, a group self-insurance association may have an appropriate
				endorsement attached to its contracts for excess insurance. The endorsement
				must provide that in the event the group self-insurance association fails to
				pay its liabilities under the Act, the excess coverage insurer will become
				liable immediately for 100% of the total liability and will make payment as
				directed by the State Corporation Commission of Virginia.
Statutory Authority
§ 62.1-44.34:12 of the Code of Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 380 - RULES GOVERNING UNDERGROUND STORAGE TANK OWNERS AND OPERATORS GROUP SELF-INSURANCE POOLS › Section 14VAC5-380-60 - Filing of reports; examination by the Commission

Current through Register Vol. 40, No. 24, July 15, 2024
A. Each pool shall file annually with the
				Commission and with the members of the pool on or before March 1, an annual
				financial statement for the most recently completed calendar year in a form
				acceptable to the Commission. The financial statement shall be considered filed
				on the date the statement was sent by mail as shown by the postmark. The
				Commission may prescribe the form of the annual statement. The Commission may
				extend a pool's deadline for filing annual statements not beyond April 30.
1. The financial statement shall contain a
				report in detail of the pool's assets, outstanding liabilities, including the
				amount of claims paid to date and current reserves for losses, revenues and
				disbursements during the year, the investments of the pool's assets and all
				other information which the Commission may deem necessary to secure a full and
				accurate knowledge of the financial affairs and condition of the pool. The
				working papers and other records pertaining to the preparation of the financial
				statements may be reviewed by the Commission.
2. The financial statement shall be signed on
				behalf of the pool by two duly authorized officers or a duly authorized officer
				and the administrator.
3. In
				addition to the annual financial statement, the Commission may require any pool
				to file additional financial information, including interim financial reports
				and additional reports, exhibits or statements considered necessary to secure
				complete information concerning the condition, solvency, experience,
				transactions or affairs of the pool. The Commission shall establish reasonable
				deadlines for filing these additional reports, exhibits or statements and may
				require verification as the Commission may designate.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 380 - RULES GOVERNING UNDERGROUND STORAGE TANK OWNERS AND OPERATORS GROUP SELF-INSURANCE POOLS › Section 14VAC5-380-70 - Reserves

Current through Register Vol. 40, No. 24, July 15, 2024
A. Every pool shall
				calculate the amount reasonably determined to be sufficient to provide for the
				payment of every loss or claim whether reported or unreported, arising on or
				prior to the date of any annual or other statement and it shall maintain a
				reserve liability in an amount estimated in the aggregate to provide for the
				payment of all such losses or claims and any expenses related
				thereto.
B. Each pool shall
				maintain reserves equal to the unearned portion of the gross contribution or
				assessment, if any, on unexpired or unterminated risks.
C. Every pool may receive credit for
				insurance or reinsurance recoverable from an insurance company licensed to
				transact such insurance in this Commonwealth, or any state of the United States
				or the District of Columbia and meeting the standards of solvency at least
				equal to those required in this Commonwealth. A pool may receive credit for
				insurance or reinsurance with any other insurer to the extent that funds are
				withheld as security for the payment of obligations thereunder if such funds
				are held subject to withdrawal by and are under the control of the pool. Such
				funds may include letters of credit subject to the approval of the Commission.
				Credit may be received for insurance or reinsurance recoverable on the basis of
				an agreement entered into with individual unincorporated underwriters having a
				trusteed surplus of at least $100,000,000.
D. Credit may be received for insurance or
				reinsurance when the contract is:
1. Not
				cancelable or terminable for any reason except upon not less than 60 days
				written notice sent by registered or certified mail to (i) the pool and (ii)
				the Commission;
2. Automatically
				renewable at the expiration of the policy period except upon 60 days written
				notice sent by registered or certified mail to (i) the pool, and (ii) the
				Commission.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 380 - RULES GOVERNING UNDERGROUND STORAGE TANK OWNERS AND OPERATORS GROUP SELF-INSURANCE POOLS › Section 14VAC5-380-80 - Responsibilities of members' supervisory board

Current through Register Vol. 40, No. 24, July 15, 2024
A. The members' supervisory board shall be
				responsible for holding and managing the assets of and directing the affairs of
				the pool and shall be elected in the manner prescribed by the pool's governing
				instruments. At least a majority of the board must be members of the pool, but
				a board member shall not be an owner, officer or employee of any service agent,
				its parent or any of its affiliated companies, under contract with the
				pool.
B. The board shall fix
				contributions to the pool and supervise the finances of the pool and the pool's
				operations to the extent necessary to assure conformity with law, this chapter,
				the member agreement, and the pool's governing instruments.
C. The board shall take all necessary
				precautions to safeguard the assets of the pool, including, but not limited to,
				the following:
1. Doing all acts necessary to
				assure that each member continues to be able to fulfill the obligations of
				membership; and also reporting promptly to the Commission any grounds or change
				in circumstances which may affect the pool's ability to meet its obligations
				such as withdrawal of a member;
2.
				Designating an administrator, or establishing alternative procedures acceptable
				to the Commission, to administer the affairs of the pool, to carry out the
				policies established by the board and to provide day to day management of the
				pool. The administrator shall furnish a fidelity bond in an amount sufficient
				to protect the pool against the misappropriation or misuse of any monies or
				securities. Evidence of the bond shall be filed with the Commission, said bond
				being one of the conditions required for licensing of the pool. The
				administrator shall not be an owner, officer or employee of any service agent,
				its parent or any of its affiliated companies.
3. Retaining control of all monies collected
				for the pool and the disbursement of such monies by the pool. All assets of the
				pool shall remain in the custody of the board or the authorized administrator.
				However, a claims fund for payment of benefits due and other related expenses
				may be established for the use of any authorized service agent; and
4. Actively collecting delinquent accounts
				resulting from any past due contributions by members. Any member of a pool who
				fails to make the required contributions after due notice may be declared
				ineligible for the self-insurance privilege until this past due account,
				including cost of collection, has been paid or adequately provided
				for.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 380 - RULES GOVERNING UNDERGROUND STORAGE TANK OWNERS AND OPERATORS GROUP SELF-INSURANCE POOLS › Section 14VAC5-380-100 - Member agreement

Current through Register Vol. 40, No. 24, July 15, 2024
A.
				Every member of a group self-insurance pool shall execute a member agreement
				which shall set forth the rights, privileges and obligations of the member, and
				the terms, coverages, limits, and deductible of the Plan. This agreement shall
				be subject to the approval of the Commission and shall provide for, in
				substance, the following:
1. Election by pool
				members of a governing authority for the pool, a majority of whom shall be pool
				members;
2. A requirement that the
				members' supervisory board designate and appoint an administrator empowered to
				accept service of process on behalf of the pool and authorized to act for and
				bind the pool and its members in all transactions relating to or arising out of
				the operation of the pool;
3. The
				right of substitution of the administrator and revocation of the power of
				attorney and rights thereunder;
4.
				A financial plan or plan of management which are further described in
				14VAC5-380-40 A 4 and 5 of this
				chapter;
5. A management plan which
				is further described in
				14VAC5-380-40 A 5 of this
				chapter;
6. A requirement that the
				pool, at the request of a member, provide without unreasonable delay, to any
				person designated by the member, proof of the coverages provided by the pool,
				including insurance or reinsurance, applicable deductible levels and the
				maximum liability which the pool will retain;
Such member agreement may also contain such other provisions
				  not inconsistent with law or this chapter.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 380 - RULES GOVERNING UNDERGROUND STORAGE TANK OWNERS AND OPERATORS GROUP SELF-INSURANCE POOLS › Section 14VAC5-380-110 - Servicing of pool

Current through Register Vol. 40, No. 24, July 15, 2024
A. A
				service agent for the pool shall apply for and shall be subject to the approval
				of the Commission before entering into a contract with a pool and shall satisfy
				the Commission that it has adequate facilities and competent personnel to
				fulfill its obligations to the pool and comply with this chapter.
B. A service agent shall maintain a resident
				agent in this Commonwealth and that agent shall be authorized to act for the
				service agent on any and all matters covered by the service
				agreement.
C. A service agent shall
				file with the Commission copies of all contracts entered into with the pool as
				they relate to the services to be performed. The service contract must state
				that the service agent agrees to handle all claims covered by the service
				agreement incurred during the contract period to their conclusions without
				additional compensation unless approval to transfer them is obtained from the
				Commission prior to such transfer.
D. The service agent shall furnish a fidelity
				bond covering its employees in an amount sufficient to protect all monies for
				which he has a fiduciary responsibility.
E. Upon satisfactory compliance with the
				above provisions, a certificate of approval as a recognized and authorized
				service agent shall be issued to the applicant. Failure to comply with any of
				the forgoing rules or any order of the Commission within the time prescribed
				shall be considered justification for withdrawing the certificate of approval.
The Commission shall give 10 days prior notice of such
				  withdrawal. The notice shall be served personally, or by certified or
				  registered mail, upon all interested parties setting forth the reason for
				  withdrawal, and providing the service agent an opportunity to introduce
				  evidence and be heard. If, after a hearing, which may be formal or informal,
				  the service agent's certificate of approval is withdrawn, this withdrawal shall
				  become effective 30 days after issuance of the Commission's order or within
				  such shorter or longer period as the Commission may consider necessary to
				  protect the interests of the pool, its members and their employees.
F. Each individual, partnership,
				corporation or other entity approved to act as a service agent for a pool may
				be required to file with the Commission an annual statement of financial
				condition within four months of the completion of its fiscal year.
G. The pool may through its own personnel
				provide the services performed by a service agent upon approval by the
				Commission.
Statutory Authority
§ 62.1-44.34:12 of the Code of Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 380 - RULES GOVERNING UNDERGROUND STORAGE TANK OWNERS AND OPERATORS GROUP SELF-INSURANCE POOLS › Section 14VAC5-380-120 - Termination of pool members

Current through Register Vol. 40, No. 24, July 15, 2024
A.
				No member of an association may be terminated unless at least 30 days written
				notice has been given to the member, the Commission, and the State Water
				Control Board.
B. The association
				shall remain liable for all claims applicable to the period during which an
				employer was a member of an association, including the 30 day period required
				for termination of membership.
Statutory Authority
§ 62.1-44.34:12 of the Code of Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 380 - RULES GOVERNING UNDERGROUND STORAGE TANK OWNERS AND OPERATORS GROUP SELF-INSURANCE POOLS › Section 14VAC5-380-130 - Revocation of license; voluntary dissolution of pool; merger of pools

Current through Register Vol. 40, No. 24, July 15, 2024
A. The Commission
				may suspend, revoke or fail to renew a pool's license as provided in
				14VAC5-380-30 of this chapter.
The Commission shall give 10 days prior notice to a pool of
				  the proposed suspension, revocation, or non-renewal. The notice shall be served
				  personally, or by certified or registered mail, upon all interested parties and
				  shall state the reasons for the proposed suspension, revocation, or non-renewal
				  and provide the pool with an opportunity to introduce evidence and be heard.
				  If, after a hearing, which may be formal or informal, the pool's license is
				  suspended, revoked, or non-renewed such action shall become effective 30 days
				  after the Commission's order is issued.
Any suspension may be terminated by the Commission upon
				  proof by the pool that the original reasons for suspension have been
				  satisfactorily corrected, and that the pool continues to meet all other
				  requirements for a license.
B. Before a pool can voluntarily dissolve, it
				must present a plan of dissolution to the Commission for approval. Such a plan
				shall provide for the payment of all incurred losses and expenses of the fund
				and its members, including all incurred but not reported losses, as certified
				by an actuary, to the extent of the pool's assets. No assets of the pool may be
				used for any other purpose until payment of all such losses and expenses is
				provided for.
C. Subject to the
				approval of the Commission, a pool may merge with another underground storage
				tank owners and operators group self-insurance pool if the resulting pool
				assumes in full all obligations of the merging pools. The Commission may hold a
				hearing on the merger and shall do so if any party, including a member of
				either pool, so requests.
Statutory Authority
§ 62.1-44.34:12 of the Code of Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 380 - RULES GOVERNING UNDERGROUND STORAGE TANK OWNERS AND OPERATORS GROUP SELF-INSURANCE POOLS › Section 14VAC5-380-140 - Penalties

Current through Register Vol. 40, No. 24, July 15, 2024
Penalties for failure to comply with this chapter shall be
				  provided by § 12.1-13 of the Code of Virginia.
Statutory Authority
§ 62.1-44.34:12 of the Code of Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 380 - RULES GOVERNING UNDERGROUND STORAGE TANK OWNERS AND OPERATORS GROUP SELF-INSURANCE POOLS › Section 14VAC5-380-150 - Severability

Current through Register Vol. 40, No. 24, July 15, 2024
If any provision of this chapter, or the application of it
				  to any person or circumstances, is held invalid, such invalidity shall not
				  affect other provisions of this chapter which can be given effect without the
				  invalid provision or application, and to that end the provisions of this
				  chapter are severable.
Statutory Authority
§ 62.1-44.34:12 of the Code of Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 385 - RULES GOVERNING ABOVEGROUND STORAGE TANK AND PIPELINE OPERATORS GROUP SELF-INSURANCE POOLS › Section 14VAC5-385-10 - Purpose

Current through Register Vol. 40, No. 24, July 15, 2024
The purpose of this chapter is to set forth rules, forms,
				  and procedural requirements that the commission deems necessary for the
				  approval and monitoring of pools created pursuant to §§ 62.1-44.34:12
				  and 62.1-44.34:16 of the Code of Virginia. The pools are to assist operators of
				  facilities in establishing proof of financial responsibility in connection with
				  the Virginia Petroleum Storage Tank Fund (§ 62.1-44.34:11 of the Code of
				  Virginia).
Statutory Authority
§§ 12.1-13, 38.2-223, and 62.1-44.34:12 of the
					 Code of Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 385 - RULES GOVERNING ABOVEGROUND STORAGE TANK AND PIPELINE OPERATORS GROUP SELF-INSURANCE POOLS › Section 14VAC5-385-30 - Application for license as group self-insurance pool; requirements; approval; review

Current through Register Vol. 40, No. 24, July 15, 2024
A. Two
				or more operators of facilities may be licensed by the commission as a group
				self- insurance pool for the purpose of entering into agreements to pool their
				liabilities pursuant to §§ 62.1-44.34:12 and 62.1-44.34:16 of the
				Code of Virginia. The application for a license shall be made on a form
				prescribed by the commission and shall contain answers to all questions and
				shall be verified by the oath or affidavit of at least one member of the board
				of the pool and the administrator.
The license may be suspended, revoked or nonrenewed if the
				  pool fails to comply with the conditions and requirements set forth in §
				  62.1-44.34:12 of the Code of Virginia and
				  14VAC5-385-40.
B. If after the review of the pool's
				application and other additional information required by the commission, the
				commission is satisfied that the pool's financial condition and method of
				operation are such that the pool reasonably may be expected to meet the
				obligations that it has undertaken, and has fully disclosed to its members or
				potential members the coverages and obligations of membership in the pool plan,
				the commission shall issue a license to the pool. The commission shall act on
				the application as promptly as practicable.
C. If the commission rejects the pool's
				application, notice shall be served by mail upon all interested parties stating
				the reason for the rejection. The pool shall be provided an opportunity to
				introduce evidence and be heard in a hearing convened within a timely manner.
				Such hearing may be formal or informal.
Statutory Authority
§§ 12.1-13, 38.2-223, and 62.1-44.34:12 of the
					 Code of Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 385 - RULES GOVERNING ABOVEGROUND STORAGE TANK AND PIPELINE OPERATORS GROUP SELF-INSURANCE POOLS › Section 14VAC5-385-50 - Security deposit

Current through Register Vol. 40, No. 24, July 15, 2024
A.
				Except as provided in subsection B of this section, each group self-insurance
				pool licensed by the commission shall maintain with the State Treasurer a
				security deposit of acceptable securities in an amount equal to 20% of the
				annual aggregate contributions or $100,000, whichever is greater, for each pool
				plan year. The commission may, from time to time, release or reduce the
				security deposit requirement. The security deposit shall be held by the State
				Treasurer and shall be subject to the provisions of Article 7 (§ 38.2-1045
				et seq.) of Chapter 10 of Title 38.2 of the Code of Virginia.
For the purposes of this chapter, acceptable securities
				  shall be (i) investments allowed by §§ 2.2-4500 (legal investments
				  for public sinking funds) and 2.2-4501 of the Code of Virginia (legal
				  investments for other public funds); (ii) securities issued by other states,
				  other than Virginia, and their municipalities or political subdivisions rated A
				  or better by Moody's Investors Services, Inc., or Standard and Poor's, Inc.;
				  (iii) revenue bonds rated Aa (AA) or better by Moody's Investors Services,
				  Inc., or Standard and Poor's, Inc. that are bonds issued by municipalities or
				  political subdivisions of this Commonwealth or any other state; (iv) securities
				  issued by the Federal Home Loan Bank; and (v) securities issued by the Federal
				  Intermediate Credit Banks.
In addition to the minimum security deposit required by this
				  section, the commission may require additional securities it considers
				  appropriate after giving consideration to such factors as excess insurance and
				  the financial ability of the group to meet its obligations under §
				  62.1-44.34:16 of the Code of Virginia.
B. As an alternative to the security deposit
				required by subsection A of this section, a group self-insurance pool may have
				an appropriate endorsement attached to its contracts for excess insurance. The
				endorsement shall provide that in the event the group self-insurance pool fails
				to pay its liabilities under § 62.1-44.34:18 of the Code of Virginia, the
				excess coverage insurer shall become liable immediately for 100% of the total
				liability and shall make payment as directed by the commission.
Statutory Authority
§§ 12.1-13, 38.2-223, and 62.1-44.34:12 of the
					 Code of Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 385 - RULES GOVERNING ABOVEGROUND STORAGE TANK AND PIPELINE OPERATORS GROUP SELF-INSURANCE POOLS › Section 14VAC5-385-60 - Filing of reports; examination by the commission

Current through Register Vol. 40, No. 24, July 15, 2024
A. Each pool shall file annually with the
				commission on or before each March 1, an annual statement showing its financial
				operations and condition for the preceding calendar year. The commission, for
				good cause, may extend the time for filing the annual statement by not more
				than 60 days. A copy of the pool's annual statement also shall be provided to
				each pool member at the same time it is filed with the commission. In addition,
				each pool shall file a copy of an audited statement of its financial operations
				and condition prepared by an independent certified public accountant within six
				months of the end of the pool's fiscal period.
1. The annual statement shall contain a
				report in detail of the pool's assets, outstanding liabilities, including the
				amount of claims paid to date and current reserves for losses, revenues and
				disbursements during the year, the investments of the pool's assets and all
				other information that the commission may deem necessary to secure a full and
				accurate knowledge of the financial affairs and condition of the
				pool.
2. In addition to the annual
				statement and audited financial statement, the commission may require any pool
				to file additional financial information, including interim financial reports
				and additional reports, exhibits or statements considered necessary to secure
				complete information concerning the condition, solvency, experience,
				transactions or affairs of the pool. The commission shall establish reasonable
				deadlines for filing these additional reports, exhibits or statements and may
				require verification as the commission may designate.
3. The working papers of the certified public
				accountant and other records pertaining to the preparation of the audited
				financial statements may be reviewed by the commission.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 385 - RULES GOVERNING ABOVEGROUND STORAGE TANK AND PIPELINE OPERATORS GROUP SELF-INSURANCE POOLS › Section 14VAC5-385-70 - Reserves

Current through Register Vol. 40, No. 24, July 15, 2024
A. Each pool shall
				calculate the amount reasonably determined to be sufficient to provide for the
				payment of every loss or claim whether reported or unreported, arising on or
				prior to the date of any annual or other statement and it shall maintain a
				reserve liability in an amount estimated in the aggregate to provide for the
				payment of all such losses or claims and any expenses related
				thereto.
B. Each pool shall
				maintain reserves equal to the unearned portion of the gross contribution or
				assessment, if any, on unexpired or unterminated risks.
C. Each pool may receive credit for insurance
				or reinsurance recoverable from an insurance company licensed to transact such
				insurance in this Commonwealth, or any state of the United States or the
				District of Columbia and meeting the standards of solvency at least equal to
				those required in this Commonwealth. A pool may receive credit for insurance or
				reinsurance with any other insurer to the extent that funds are withheld as
				security for the payment of obligations thereunder if such funds are held
				subject to withdrawal by and are under the control of the pool. Such funds may
				include letters of credit subject to the approval of the commission. Credit may
				be received for insurance or reinsurance recoverable on the basis of an
				agreement entered into with incorporated and individual unincorporated
				underwriters having a trusteed surplus of at least $100,000,000.
D. Credit may be received for insurance or
				reinsurance when the contract is:
1. Not
				cancelable or terminable for any reason except upon not less than 60 days
				written notice sent by registered or certified mail to (i) the pool and (ii)
				the commission; and
2.
				Automatically renewable at the expiration of the policy period except upon 60
				days written notice sent by registered or certified mail to (i) the pool, and
				(ii) the commission.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 385 - RULES GOVERNING ABOVEGROUND STORAGE TANK AND PIPELINE OPERATORS GROUP SELF-INSURANCE POOLS › Section 14VAC5-385-80 - Responsibilities of members' supervisory board

Current through Register Vol. 40, No. 24, July 15, 2024
A. The members' supervisory board shall be
				responsible for holding and managing the assets of and directing the affairs of
				the pool and shall be elected in the manner prescribed by the pool's governing
				instruments. At least 75% of the board must be members of the pool, but a board
				member shall not be an owner, officer or employee of a service agent, its
				parent or any of its affiliated companies.
B. The board shall determine members'
				contributions to the pool and supervise the finances of the pool and the pool's
				operations to the extent necessary to assure conformity with law, this chapter,
				the member agreement, and the pool's governing instruments.
C. The board shall take all necessary
				precautions to safeguard the assets of the pool, including, but not limited to,
				the following:
1. Doing all acts necessary to
				assure that each member continues to be able to fulfill the obligations of
				membership, and reporting promptly to the commission any grounds or change in
				circumstances that may affect the pool's ability to meet its obligations such
				as withdrawal of a member;
2.
				Designating an administrator, or establishing alternative procedures acceptable
				to the commission, to administer the affairs of the pool, to carry out the
				policies established by the board, and to provide day-to-day management of the
				pool. The administrator shall furnish a fidelity bond in an amount sufficient
				to protect the pool against the misappropriation or misuse of any monies or
				securities. Evidence of the bond shall be filed with the commission as a
				condition for licensing the pool. The administrator shall not be an owner,
				officer or employee of a service agent, its parent or any of its affiliated
				companies.
3. Retaining control of
				all moneys collected for the pool and the disbursement of such moneys by the
				pool. All assets of the pool shall remain in the custody of the board or the
				administrator. However, a claims fund for payment of benefits due and other
				related expenses may be established for the use of a service agent;
				and
4. Actively collecting
				delinquent accounts resulting from any past due contributions by members. Any
				member of a pool who fails to make the required contributions after due notice
				may be declared ineligible for the self-insurance privilege until this past due
				account, including cost of collection, has been paid or adequately provided
				for.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 385 - RULES GOVERNING ABOVEGROUND STORAGE TANK AND PIPELINE OPERATORS GROUP SELF-INSURANCE POOLS › Section 14VAC5-385-100 - Member agreement

Current through Register Vol. 40, No. 24, July 15, 2024
A.
				Every member of a group self-insurance pool shall execute a member agreement,
				which shall set forth the rights, privileges and obligations of the member, and
				the terms, coverages, limits, and deductible of the pool plan. The member
				agreement shall be subject to the approval of the commission and shall provide
				for, in substance, the following:
1. Election
				by pool members of a governing authority for the pool, a majority of whom shall
				be pool members;
2. A requirement
				that the members' supervisory board designate and appoint an administrator
				empowered to accept service of process on behalf of the pool and authorized to
				act for and bind the pool and its members in all transactions relating to or
				arising out of the operation of the pool;
3. The right of substitution of the
				administrator and revocation of the power of attorney and rights
				thereunder;
4. A financial plan,
				which is described in
				14VAC5-385-40 A 4;
5. A management plan, which is described in
				14VAC5-385-40 A 5; and
6. A requirement that the pool, at the
				request of a member, provide without unreasonable delay, to any person
				designated by the member, proof of the coverages provided by the pool,
				including insurance or reinsurance, applicable deductible levels, and the
				maximum liability that the pool will retain.
Such member agreement may also contain such other provisions
				  not inconsistent with law or this chapter.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 385 - RULES GOVERNING ABOVEGROUND STORAGE TANK AND PIPELINE OPERATORS GROUP SELF-INSURANCE POOLS › Section 14VAC5-385-110 - Servicing of pool

Current through Register Vol. 40, No. 24, July 15, 2024
A. A
				service agent for the pool shall apply for and shall be subject to the approval
				of the commission before entering into a contract with a pool and shall satisfy
				the commission that it has adequate facilities and competent personnel to
				fulfill its obligations to the pool and comply with this chapter.
B. A service agent shall maintain a resident
				agent in this Commonwealth and that agent shall be authorized to act for a
				service agent on any and all matters covered by the service
				agreement.
C. A service agent shall
				file with the commission copies of all contracts entered into with the pool as
				they relate to the services to be performed. The service contract shall state
				that a service agent agrees to handle all claims covered by the service
				agreement incurred during the contract period to their conclusions without
				additional compensation unless approval to transfer them is obtained from the
				commission prior to such transfer.
D. A service agent shall furnish a fidelity
				bond covering its employees in an amount sufficient to protect all moneys for
				which he has a fiduciary responsibility.
E. Upon satisfactory compliance with the
				above provisions, a certificate of approval as a recognized and authorized
				service agent shall be issued to a service agent. Failure to comply with any of
				the provisions of this chapter or any order of the commission within the time
				prescribed shall be considered justification for withdrawing the certificate of
				approval.
The commission shall give 10 days prior notice of such
				  withdrawal. The notice shall be served personally, or by certified or
				  registered mail, upon all interested parties setting forth the reason for
				  withdrawal, and providing a service agent an opportunity to introduce evidence
				  and be heard. If, after a hearing, which may be formal or informal, a service
				  agent's certificate of approval is withdrawn, this withdrawal shall become
				  effective 30 days after issuance of the commission's order or within such
				  shorter or longer period as the commission may consider necessary to protect
				  the interests of the pool, its members, and their employees.
F. Each individual, partnership, corporation
				or other entity approved to act as a service agent for a pool may be required
				to file with the commission an annual statement of financial condition within
				four months of the completion of its fiscal year.
G. The pool, through its own personnel, may
				provide the services performed by a service agent upon approval by the
				commission.
Statutory Authority
§§ 12.1-13, 38.2-223, and 62.1-44.34:12 of the
					 Code of Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 385 - RULES GOVERNING ABOVEGROUND STORAGE TANK AND PIPELINE OPERATORS GROUP SELF-INSURANCE POOLS › Section 14VAC5-385-120 - Termination of pool members

Current through Register Vol. 40, No. 24, July 15, 2024
A.
				Membership in a pool may be terminated for nonpayment of premium or
				misrepresentation by the member after 15 days written notice has been given to
				the member, the commission, and the Department of Environmental Quality. A
				member may be terminated without cause after 60 days written notice has been
				given to the member, the commission, and the Department of Environmental
				Quality.
B. The pool shall remain
				liable for all claims applicable to the period during which an operator was a
				member of the pool, including the period required for termination of
				membership.
Statutory Authority
§§ 12.1-13, 38.2-223, and 62.1-44.34:12 of the
					 Code of Virginia.