reglab/statecodes huggingface dataset:
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 14VAC5-385-130 - 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
				14VAC5-385-30.
The commission shall give 10 days prior notice to a pool of
				  the proposed suspension, revocation or nonrenewal. 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 nonrenewal
				  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 nonrenewed, 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 may voluntarily dissolve, it
				shall 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 pool
				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 group self-insurance
				pool for operators of facilities 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
§§ 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 14VAC5-385-140 - Penalties

Current through Register Vol. 40, No. 24, July 15, 2024
Penalties for failure to comply with this chapter shall be
				  as set forth in § 12.1-13 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 14VAC5-385-150 - 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 for any reason held to be invalid, the
				  remainder of this chapter and the application of such provision to other
				  persons or circumstances shall not be affected thereby.
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 390 - RULES GOVERNING INSURANCE PREMIUM FINANCE COMPANIES › Section 14VAC5-390-10 - Licensing

Current through Register Vol. 40, No. 24, July 15, 2024
A. Each application
				for a license or the renewal of a license as an insurance premium finance
				company shall be made on the applicable form prescribed and provided by the
				Commission. It shall be completed in accordance with the instructions
				accompanying the form and shall be submitted with the applicable fee and all
				required documents.
B. Each
				application for a license as an insurance premium finance company shall be
				accompanied by an individual questionnaire on a form prescribed by the
				Commission. The questionnaire shall be duly completed and executed in the
				following manner:
1. In the case of a sole
				proprietor, by the sole proprietor:
2. In the case of a partnership, by each
				partner; or
3. In the case of a
				corporation, by each officer, director, and any individual who owns or controls
				directly or indirectly more than 10% of the outstanding voting securities.
Individual questionnaires need not be completed and filed
				  with applications for renewal of a license if the person required to file an
				  individual questionnaire certifies under penalty of perjury that no change has
				  occurred requiring an answer different from any given on the individual
				  questionnaire last filed with the Commission.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 390 - RULES GOVERNING INSURANCE PREMIUM FINANCE COMPANIES › Section 14VAC5-390-20 - Forms

Current through Register Vol. 40, No. 24, July 15, 2024
A. Every insurance
				premium finance company shall prepare and file with the commission for its
				approval the following forms:
1. Insurance
				Premium Finance Contract and any forms amending such contract;
2. Notice of Overdue Payment or Intent to
				Cancel; and
3. Notice of
				Cancellation.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 390 - RULES GOVERNING INSURANCE PREMIUM FINANCE COMPANIES › Section 14VAC5-390-30 - Records

Current through Register Vol. 40, No. 24, July 15, 2024
A. If the licensee
				engages in any other business, the records relating to the insurance premium
				finance business shall be kept separate from the records of any other
				business.
B. Every insurance
				premium finance contract, all documents relating thereto, and copies of all
				documents delivered to an insured, shall be retained so as to be readily
				available for inspection at all reasonable hours during the term of the
				contract and for a period of three years thereafter. Such retention may be in
				an electronic format.
C. All
				records shall be maintained at locations as designated in the application for
				license or at such other locations as the licensee shall designate by written
				notice to the commission. Each licensee shall keep records for each insurance
				premium finance contract, other than those acquired as security for a debt,
				that shall include the following information:
1. Date of contract or of
				acquisition;
2. Name and address of
				insured;
3. Premium for each
				insurance policy financed;
4.
				Principal balance at acquisition;
5. Amount of service charge;
6. Time balance;
7. Total finance charge;
8. Annual percentage rate;
9. Number, interval and amount of
				payments;
10. Distribution of the
				proceeds showing the date, amount, purpose and name of all persons to whom any
				part of the proceeds was paid.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 390 - RULES GOVERNING INSURANCE PREMIUM FINANCE COMPANIES › Section 14VAC5-390-40 - Cancellation of insurance

Current through Register Vol. 40, No. 24, July 15, 2024
A. No
				licensee shall cancel a policy of insurance unless the insurance premium
				finance contract contains an authorization for the licensee to cancel any
				insurance policy listed therein. Except as provided in subsection C of this
				section, no licensee shall cancel a policy of insurance for any default other
				than a default in the payment of money due the licensee or a default consisting
				of the transfer of the policy of insurance to a third party.
B. No notice of intent to cancel may be given
				prior to default in the insurance premium finance contract. Prior to any
				cancellation, the licensee shall advise the insured and the agent in writing of
				its intent to cancel insurance policies referred to in the notice, unless all
				payments in default are received within 10 days of the date the notice is
				mailed or delivered; or, if the default consists of a transfer of the policy,
				unless the transferee, within 10 days of the date the notice is mailed or
				delivered, assumes or discharges the transferor's debt to the
				licensee.
C. After providing the
				appropriate notice of intent to cancel, the licensee may exercise its right to
				cancel if the default has not been cured or if the additional premium has not
				been financed or otherwise paid. A copy of the notice of cancellation shall be
				mailed or delivered to the insured and insurance agent with an effective date
				of cancellation no earlier than five days after its mailing or delivery. No
				later than the effective date of cancellation, the licensee shall send the
				notice of cancellation to the insurer, provided the default remains uncured. If
				more than one insurance policy is listed on an insurance premium finance
				contract, a licensee shall not cancel one insurance policy without cancelling
				all such policies listed thereon.
D. Every insurer, upon receipt of such
				notice, shall, subject to subsection E hereof, cancel such insurance policy or
				policies as of the date specified in such notice and shall promptly notify, in
				writing, the insured, the insurance agent and the licensee of such
				cancellation. Such notification shall include but not be limited to the
				following information:
1. Insured's complete
				name;
2. Producer's name;
3. Policy number;
4. Effective date of the policy;
5. Effective date of cancellation;
6. Total policy premium;
7. Reason for cancellation.
No insurer shall cancel any insurance policy when notified by
				  the licensee unless such insurer has received a copy of a power of attorney
				  signed by the insured authorizing such cancellation. No insurer shall require
				  the return or surrender of the insurance policy as a prerequisite to such
				  cancellation.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 390 - RULES GOVERNING INSURANCE PREMIUM FINANCE COMPANIES › Section 14VAC5-390-50 - Surety bond

Current through Register Vol. 40, No. 24, July 15, 2024
No application will be considered unless the applicant files
				  with the Commission a bond in the amount of $50,000 dollars in the form
				  prescribed by and with a corporate surety acceptable to the Commission and
				  conditioned to protect its customers and the public in the manner prescribed by
				  law. This bond must remain in effect at all times.
Statutory Authority
§ 38.2-4700 et seq. of the Code of Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 390 - RULES GOVERNING INSURANCE PREMIUM FINANCE COMPANIES › Section 14VAC5-390-60 - Annual report

Current through Register Vol. 40, No. 24, July 15, 2024
A.
				Each licensee shall furnish to the Commission on forms prescribed by the
				Commission an annual report of all business conducted in the Commonwealth of
				Virginia on or before March 1 of each year.
B. At the written request of the licensee,
				the Commission may extend a licensee's deadline for filing an annual report.
				The deadline shall not be extended beyond May 1 of the year in which the report
				is due.
Statutory Authority
§ 38.2-4700 et seq. of the Code of Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 390 - RULES GOVERNING INSURANCE PREMIUM FINANCE COMPANIES › Section 14VAC5-390-70 - Miscellaneous

Current through Register Vol. 40, No. 24, July 15, 2024
A. Any insurance
				agent or broker or any person who, with the authorization or consent of a
				licensee, shall take any action on behalf on such licensee shall be deemed to
				be an agent of such licensee as to such action. This supersedes any contrary
				language in the insurance premium finance contract.
B. Any licensee having knowledge of any
				violations of law or irregularities committed by an insurance agent or agency
				shall promptly report such violations or irregularities to the Commission.
				Violations and irregularities required to be reported shall include, but not be
				limited to, issuance of dishonored checks, failure to promptly refund unearned
				premiums and failure to promptly deliver any monies or documents required to be
				delivered to a licensee.
C. In the
				event of prepayment of an insurance premium finance contract, interest shall be
				refunded to the insured on either a short-rate or a pro-rata basis. Upon
				receipt from an insurer of the gross unearned premium, a licensee shall refund
				to the insured within 10 business days of such receipt any premium that is due
				the insured.
D. All refund checks
				payable to an insured shall be mailed to the insured's last known address. If a
				refund check is returned to a licensee unclaimed, the licensee shall make a
				diligent effort to locate the insured. Each licensee shall maintain a separate
				account for unclaimed refunds due insureds, and the balance of such account,
				together with a list of the names of such insureds, shall be reported in the
				licensee's annual report to the Commission. Whenever funds from such an account
				are disbursed, the licensee shall retain proof of payment to the insureds. The
				requirements of this section are in addition to the requirements of §
									55.1-2524
				of the Code of Virginia relating to disposition of unclaimed
				property.
E. Any company or person
				violating any provisions of this chapter shall be subject to the penalties
				provided in §§
									38.2-218,
				38.2-219,
				38.2-4704,
				and
				38.2-4710
				of the Code of Virginia to the extent that they are applicable to such company
				or person.
Statutory Authority: 12.1-13 and 38.2-223 of the Code of
					 Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 390 - RULES GOVERNING INSURANCE PREMIUM FINANCE COMPANIES › Form - FORMS (14VAC5-390)

Current through Register Vol. 40, No. 24, July 15, 2024
Application for License as an Insurance Premium Finance
				  Company, VAPF 1.
Application for Renewal of License in Virginia,
				  SCCBOIPF.
Biographical Affidavit.
Bond for Insurance Premium Finance Company, VAPF 4.
Annual Statement.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 395 - RULES GOVERNING SETTLEMENT AGENTS › Section 14VAC5-395-10 - Applicability

Current through Register Vol. 40, No. 24, July 15, 2024
This chapter implements Chapter 10 (§
									55.1-1000 et seq.) of
				  Title 55.1 of the Code of Virginia and applies to all title insurance agents,
				  title insurance agencies, and title insurance companies providing escrow,
				  closing, or settlement services involving the purchase of or lending on the
				  security of any real property in the Commonwealth of
				  Virginia.
Statutory Authority: §§
											12.1-13
					 and
					 55.1-1012
					 of the Code of Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 395 - RULES GOVERNING SETTLEMENT AGENTS › Section 14VAC5-395-25

Current through Register Vol. 40, No. 24, July 15, 2024
Statutory Authority: §§ 12.1-13 and 55-525.28 of
					 the Code of Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 395 - RULES GOVERNING SETTLEMENT AGENTS › Section 14VAC5-395-30 - Registration

Current through Register Vol. 40, No. 24, July 15, 2024
A. Every settlement
				agent shall register with the bureau in accordance with the provisions of
				§
									55.1-1014
				of the Code of Virginia.
B. At the
				time of application for registration, a settlement agent other than a title
				insurance company shall provide to the bureau (i) its certificate of
				authorization or charter of a domestic limited liability company or
				corporation, or certificate of registration or certificate of authority of a
				foreign limited liability company or corporation, as applicable; (ii) an
				original surety bond; and (iii) the name of the designated licensed
				producer.
C. Within 30 days of
				registration a settlement agent shall furnish to the bureau:
1. Legal name;
2. Any fictitious or assumed names;
3. Principal place of business
				address;
4. Addresses of all other
				business locations;
5. Telephone
				numbers;
6. Escrow account numbers
				and financial institution addresses;
7. Employee and independent contractor
				list;
8. Website;
9. Affiliated entities; and
10. Such other information as the bureau may
				require.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 395 - RULES GOVERNING SETTLEMENT AGENTS › Section 14VAC5-395-40 - Insurance and bonding requirements

Current through Register Vol. 40, No. 24, July 15, 2024
A. At the time of registration, every
				settlement agent other than a title insurance company shall file a
				certification on a form prescribed by the bureau, that the settlement agent
				has, and thereafter shall keep in force for as long as they are acting as a
				settlement agent, the following:
1. An errors
				and omissions insurance policy providing limits of at least $250,000 per
				occurrence or per claim and issued by an insurer authorized to do business in
				the Commonwealth of Virginia. A deductible is permitted but shall not hinder or
				delay the payment of a claim.
2. A
				blanket fidelity bond or employee dishonesty insurance policy covering persons
				employed by the settlement agent providing limits of at least $100,000 per
				occurrence or per claim and issued by an insurer authorized to do business in
				the Commonwealth of Virginia. Settlement agents that have no employees except
				the owners, partners, shareholders, or members may apply for a waiver of this
				requirement on their certification form.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 395 - RULES GOVERNING SETTLEMENT AGENTS › Section 14VAC5-395-50 - Audits

Current through Register Vol. 40, No. 24, July 15, 2024
A. Every settlement
				agent other than a title insurance company shall, at its expense, have an audit
				of its escrow accounts conducted by an independent certified public accountant
				at least once each consecutive 12-month period. The audit month shall be
				prescribed by the bureau. Such audit shall conform with the standards
				established by the American Institute of Certified Public Accountants, AICPA
				Professional Standards, Volume 1, as of June 1, 2015, Special Considerations -
				Audits of Single Financial Statements and Specific Elements, Accounts, or Items
				of a Financial Statement, and shall be filed by the settlement agent with the
				bureau no later than 60 days after the date on which the audit is completed. A
				title insurance company shall be subject to the requirements of this subsection
				unless such company's financial statements are audited annually by an
				independent certified public accountant.
B. Every settlement agent other than a title
				insurance company shall file a copy of its audit report with each title
				insurance company it represents.
C.
				In lieu of an audit conducted by a certified public accountant, a settlement
				agent other than a title insurance company shall allow each title insurance
				company for which it has an appointment to conduct an analysis of its escrow
				accounts at least once each consecutive 12-month period. The form of the
				analysis and the analysis month shall be prescribed by the bureau. The title
				insurance company shall submit a copy of its analysis to the bureau no later
				than 60 days after the date on which the analysis is completed. With the
				consent of the title insurance agent or agency, a title insurance company may
				share the results of its analysis with other title insurance companies that
				will accept the same in lieu of conducting a separate analysis.
D. Every settlement agent shall make a good
				faith effort to disburse funds in its possession and return the funds to the
				rightful owner , and escheat annually to the Virginia Department of the
				Treasury those funds for which the owner is unlocatable .
E. A settlement agent other than a title
				insurance company shall complete and file a close-out audit with the bureau in
				conformance with this chapter and the bureau's instructions within 180 days
				from the date the settlement agent ceases conducting settlements.
Statutory Authority: §§ 12.1-13 and 55-525.28 of
					 the Code of Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 395 - RULES GOVERNING SETTLEMENT AGENTS › Section 14VAC5-395-60 - Separate fiduciary trust account

Current through Register Vol. 40, No. 24, July 15, 2024
A. Every settlement agent shall maintain a
				separate fiduciary trust account for the purpose of handling funds received in
				connection with escrow, closing, or settlement services involving real estate
				located only in this Commonwealth. No other funds may be included in this
				escrow account except funds deposited to guarantee the adequacy of the account.
				Such trust account shall be with a financial institution authorized to do
				business in the Commonwealth of Virginia.
B. If the settlement agent provides escrow,
				closing, or settlement services in transactions involving multiple parcels or
				tracts of real estate and any one of those tracts or parcels is located wholly
				or partially outside of this Commonwealth, the settlement agent shall maintain
				another separate fiduciary trust account for the purpose of handling funds
				received in connection with such transactions.
C. A settlement agent may utilize a general
				escrow account for the purpose of receiving funds in connection with an escrow,
				closing, or settlement involving real estate located in the Commonwealth,
				provided that the settlement agent (i) handles the funds in a fiduciary
				capacity and (ii) deposits the funds in a separate fiduciary trust account in
				compliance with subsection A of this section no later than the close of the
				second business day after receipt of the funds.
Statutory Authority: §§ 12.1-13 and 55-525.28 of
					 the Code of Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 395 - RULES GOVERNING SETTLEMENT AGENTS › Section 14VAC5-395-70 - Reporting requirements

Current through Register Vol. 40, No. 24, July 15, 2024
A.
				Every settlement agent shall make all escrow, closing, or settlement records
				available promptly upon request for examination by the bureau without notice
				during normal business hours.
B. A
				settlement agent shall maintain documentation that supports all entries on the
				settlement statement or Closing Disclosure.
C. A settlement agent shall promptly respond
				to a bureau request for books, records, documentation, or other information in
				connection with the bureau's investigation, enforcement, or examination of the
				settlement agent's compliance with applicable laws and regulations. If no time
				period is specified by the bureau, a written response as well as any requested
				books, records, documentation, or information shall be delivered by the
				settlement agent to the bureau not later than 30 days from the date of such
				request.
D. Within 30 days
				following the occurrence of any of the following events, a settlement agent
				other than a title insurance company shall report to the bureau if:
1. Any bankruptcy, reorganization, or
				receivership proceedings are filed by or against the settlement
				agent.
2. Any governmental
				authority enters a final disposition in a regulatory, administrative, or
				enforcement action against the settlement agent.
3. Any governmental authority revokes or
				suspends the settlement agent's registration, license, or other license for a
				similar business.
4. Based on
				allegations by any governmental authority that the settlement agent violated
				any law or regulation applicable to the conduct of its licensed business, the
				settlement agent enters into, or otherwise agrees to the entry of, a settlement
				or consent order, decree, or agreement with or by such governmental
				authority.
5. The settlement agent
				surrenders its license in another state.
6. The settlement agent is denied a license
				in another state.
7. The settlement
				agent or any of its members, partners, directors, officers, principals,
				employees, or independent contractors is convicted of a felony.
8. Any funds held by the settlement agent are
				(i) seized by or on behalf of any court or governmental instrumentality or (ii)
				forfeited to or on behalf of any court or governmental instrumentality. The
				term "forfeited" shall not include the escheatment of funds in accordance with
				The Uniform Disposition of Unclaimed Property Act (§
										55.1-2500 et seq. of
				Title 55.1 of the Code of Virginia) or the interpleading of funds to a court of
				competent jurisdiction.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 395 - RULES GOVERNING SETTLEMENT AGENTS › Section 14VAC5-395-75 - Operating requirements

Current through Register Vol. 40, No. 24, July 15, 2024
A settlement agent shall comply with the following
				  requirements:
1. A settlement agent
				shall continuously maintain the requirements and standards for licensure and
				registration.
2. A settlement agent
				shall reconcile its escrow accounts monthly.
3. A settlement agent shall not provide any
				information to the bureau or a consumer that is false, misleading, or
				deceptive.
4. A settlement agent
				shall not charge duplicative or padded fees for escrow, closing, or settlement
				services.
5. A settlement agent
				shall not engage in any activity that directly or indirectly results in an
				evasion of the provisions of Chapter 10 or this chapter.
6. Any person, other than a party to the
				transaction, who conducts the settlement conference and receives or handles
				money, including possessing wire transfer authority, shall be deemed a
				"settlement agent" subject to the applicable requirements of Chapter 10 and
				this chapter.
7. A designated
				licensed producer shall be appointed by the same title insurance company as its
				employer settlement agent.
8. A
				settlement agent shall not use or accept the services of a title insurance
				agent who is an independent contractor unless the title insurance agent is
				licensed and appointed. A settlement agent that permits an independent
				contractor to conduct one or more settlement conferences on behalf of the
				settlement agent shall ensure that the independent contractor is properly
				insured and bonded as required by Chapter 10 and this chapter.
9. A settlement agent that uses the services
				of a title insurance agent who is an independent contractor shall be considered
				the legal principal of the independent contractor and shall be liable for any
				violations of Chapter 10 or this chapter committed by the independent
				contractor, including unintentional conduct, within the scope of
				engagement.
10. A former settlement
				agent shall remain subject to the provisions of Chapter 10 and this chapter in
				connection with all settlements that the settlement agent performed while
				licensed and registered, notwithstanding the occurrence of any of the following
				events:
a. The settlement agent's license is
				surrendered, terminated, suspended, or revoked or has lapsed by operation of
				law; or
b. The settlement agent
				ceases conducting settlements.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 395 - RULES GOVERNING SETTLEMENT AGENTS › Section 14VAC5-395-80 - Enforcement

Current through Register Vol. 40, No. 24, July 15, 2024
Failure to comply with any provision of Chapter 10 or this
				  chapter may result in penalties, license revocation or suspension, the entry of
				  a cease and desist order, restitution, or other enforcement
				  action.
Statutory Authority: §§
											12.1-13
					 and
					 55.1-1012
					 of the Code of Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 395 - RULES GOVERNING SETTLEMENT AGENTS › Section 14VAC5-395-100 - Commission authority

Current through Register Vol. 40, No. 24, July 15, 2024
The commission may, at its discretion, waive or grant
				  exceptions to any provision of this chapter for good cause shown.
NOTICE: The following forms used in administering the
				  regulation were filed by the agency. The forms are not being published;
				  however, online users of this issue of the Virginia Register of Regulations may
				  click on the name of a form with a hyperlink to access it. The forms are also
				  available from the agency contact or may be viewed at the Office of the
				  Registrar of Regulations, General Assembly Building, 2nd Floor, Richmond,
				  Virginia 23219.
Statutory Authority: §§ 12.1-13 and 55-525.28 of
					 the Code of Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 395 - RULES GOVERNING SETTLEMENT AGENTS › Section 14VAC5-395-90 - 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 for any reason held to be invalid, the
				  remainder of the chapter and the application of such provision to other persons
				  or circumstances shall not be affected thereby.
Statutory Authority
§§ 12.1-13, 55-525.28, and 55-525.30 of the Code
					 of Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 395 - RULES GOVERNING SETTLEMENT AGENTS › Form - FORMS (14VAC5-395)

Current through Register Vol. 40, No. 24, July 15, 2024
Settlement
				  Agent Official Registration Form for a Title Agent (eff. 3/2012)
Settlement
				  Agent Official Registration Form for Licensed Title Insurance Company or Agency
				  (eff. 3/2012)
Title
				  Settlement Agent/Agency Financial Responsibility Certification (rev.
				  10/2019)
Waiver
				  of Blanket Fidelity Bond or Employee Dishonesty Insurance Policy for Title
				  Insurance Settlement Agents (rev. 10/2019)
Bond
				  for Title Insurance Settlement Agent (rev. 10/2019)
Standard
				  Report of Escrow Accounts Maintained by Title Insurance Agents (eff.
				  10/2010)
Statutory Authority: §§ 12.1-13 and 55-525.28 of
					 the Code of Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 395 - RULES GOVERNING SETTLEMENT AGENTS › Section - DOCUMENTS INCORPORATED BY REFERENCE (14VAC5-395)

Current through Register Vol. 40, No. 24, July 15, 2024
AICPA Professional Standards, Volume 1, as of June 1, 2015,
				  American Institute of Certified Public Accountants, New York, New York
				  10036-8775,
http://www.aicpa.org
AICPA Professional Standards, Volume 2, as of June 1, 2015,
				  American Institute of Certified Public Accountants, New York, New York
				  10036-8775,
http://www.aicpa.org
Statutory Authority: §§ 12.1-13 and 55-525.28 of
					 the Code of Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 400 - RULES GOVERNING UNFAIR CLAIM SETTLEMENT PRACTICES › Section 14VAC5-400-10 - Purpose and scope

Current through Register Vol. 40, No. 24, July 15, 2024
The purpose of this chapter is to set forth minimum
				  standards for the acknowledgment, investigation, and disposition of claims
				  arising under insurance policies issued pursuant to the laws of the
				  Commonwealth of Virginia. This chapter applies to all persons defined in
				  14VAC5-400-20 and to all insurance
				  policies except policies of workers' compensation insurance, title insurance,
				  and fidelity and surety insurance .
Statutory Authority: §§
											12.1-13,
					 38.2-223, and
					 38.2-510 of the Code of
					 Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 400 - RULES GOVERNING UNFAIR CLAIM SETTLEMENT PRACTICES › Section 14VAC5-400-20 - Definitions

Current through Register Vol. 40, No. 24, July 15, 2024
The following words and terms when used in this chapter shall
				  have the following meanings unless the context clearly indicates
				  otherwise:
"Agent" means any person authorized to represent an insurer
				  with respect to a claim.
"Claim" means a demand for payment by a claimant and does not
				  mean an inquiry concerning coverage.
"Claimant" means a first party claimant, a third party
				  claimant, a designated legal representative , or a member of the claimant's
				  immediate family designated by the claimant.
"Commission" means the State Corporation Commission .
"Documentation" includes all pertinent communications,
				  including electronic communications and transactions, data, notes, work papers,
				  claim forms, bills, and explanation of benefits forms relative to the
				  claim.
"Estimate" means a written statement of the cost of repairs
				  to an automobile or to property, including any supplements.
"Explanation of benefits" means any form provided by any
				  insurer that explains the amounts covered under a policy or plan and shows the
				  amounts payable by a covered person to a health care provider.
"First party claimant" means an insured, a beneficiary, a
				  policy owner, or an annuitant who asserts a right to payment under an insurance
				  policy arising out of the occurrence of the contingency or loss covered by such
				  policy .
"Insured" means a person covered by an insurance policy with
				  legal rights to the benefits provided by the policy.
"Insurer" means a person licensed to issue or that issues any
				  insurance policy in this Commonwealth . Insurer shall also include surplus
				  lines brokers.
"Investigation" means all activities of an insurer used to
				  make a determination that the claim should be paid, denied, or closed.
"Person" has the same meaning as defined in §
									38.2-501 of the Code of
				  Virginia.
"Policy" means insurance policy, contract, certificate of
				  insurance, evidence of coverage, or annuity.
"Proof of loss" means all necessary documentation reasonably
				  required by the insurer to make a determination of benefit or coverage.
"Provider" means any person providing services pursuant to
				  any accident and sickness policy.
"Third party claimant" means any person asserting a claim
				  against an insured or a provider filing a claim on behalf of an insured under
				  an insurance policy .
Statutory Authority: §§
											12.1-13,
					 38.2-223, and
					 38.2-510 of the Code of
					 Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 400 - RULES GOVERNING UNFAIR CLAIM SETTLEMENT PRACTICES › Section 14VAC5-400-25 - Compliance standards

Current through Register Vol. 40, No. 24, July 15, 2024
It shall be a violation of this chapter if any person:
1. Willfully violates any provision of this
				chapter; or
2. Commits a violation
				of any provision of this chapter with such frequency as to indicate a general
				business practice.
Statutory Authority: §§
											12.1-13,
					 38.2-223, and
					 38.2-510 of the Code of
					 Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 400 - RULES GOVERNING UNFAIR CLAIM SETTLEMENT PRACTICES › Section 14VAC5-400-30 - File and record documentation

Current through Register Vol. 40, No. 24, July 15, 2024
A. An insurer's claim files shall be subject
				to examination by the commission.
B. An insurer shall maintain claim data so
				that it is accessible and retrievable for examination. Claim data includes the
				claim number, line of coverage, date of loss and date received, as well as date
				of payment of the claim, date of denial, or date closed without
				payment.
C. Detailed documentation
				shall be maintained for each claim file in order to permit reconstruction of
				the insurer's activities relating to each claim.
D. Each document within the claim file shall
				be noted as to date received, date processed, or date mailed.
E. All data and documentation shall be
				maintained for all open and closed files for the current year and, at a
				minimum, the three preceding calendar years.
Statutory Authority: §§
											12.1-13,
					 38.2-223, and
					 38.2-510 of the Code of
					 Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 400 - RULES GOVERNING UNFAIR CLAIM SETTLEMENT PRACTICES › Section 14VAC5-400-40 - Misrepresentation of policy provisions

Current through Register Vol. 40, No. 24, July 15, 2024
A. No insurer shall fail to fully disclose to
				a first party claimant all pertinent benefits, coverages, or other provisions
				of an insurance policy under which a claim is presented and document the claim
				file accordingly.
B. No person
				shall misrepresent benefits, coverages, or other provisions of any insurance
				policy when such benefits, coverages, or other provisions are pertinent to a
				claim.
C. No insurer shall deny a
				claim for failure of a first party claimant to submit to physical examination
				or for failure of the first party claimant to exhibit property unless there is
				documentation of breach of the policy provisions in the claim file.
D. No insurer shall deny a claim based on the
				failure of a claimant to give written notice of loss or give notice of loss
				within a specified period of time unless either or both requirements are policy
				conditions. If a policy requires a demonstration of prejudice for a claimant's
				failure to comply with a notice condition, an insurer shall not be relieved of
				its obligations under the policy unless the failure to comply with the notice
				condition prejudices the insurer's rights .
E. No insurer shall request a first party
				claimant to sign a release that extends beyond the subject matter that gave
				rise to the claim . An insurer shall not include with any payment or in any
				accompanying correspondence an indication that payment is "final" or "a
				release" of any claim unless the policy limit has been paid or a compromise
				settlement has been agreed to by the first party claimant.
F. No insurer shall issue a payment in
				partial settlement of a loss or claim for a specific coverage that contains
				language purporting to release the insurer or its insured from total
				liability.
Statutory Authority: §§
											12.1-13,
					 38.2-223, and
					 38.2-510 of the Code of
					 Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 400 - RULES GOVERNING UNFAIR CLAIM SETTLEMENT PRACTICES › Section 14VAC5-400-50 - Acknowledgment of pertinent communications

Current through Register Vol. 40, No. 24, July 15, 2024
A. An insurer, upon receiving notification of
				a claim shall, within 15 calendar days, acknowledge the receipt of such notice
				to the claimant unless payment is made within such period of time, except that
				if a provider submits a claim, acknowledgment of the claim is satisfied if
				payment or denial of the claim is made to the provider within 21 calendar days.
				If an acknowledgment is made by means other than writing, an appropriate
				notation of such acknowledgment shall be made in the claim file of the insurer
				and dated. Notification given by a claimant to an agent of an insurer shall be
				notification to the insurer.
B.
				Upon receipt of any inquiry from the commission respecting a claim, an insurer
				shall furnish a complete response to the inquiry within 15 calendar days of
				receipt.
C. An appropriate reply
				shall be made within 15 calendar days on all other pertinent communications
				from a claimant that reasonably suggest that a response is expected.
D. Upon receiving notification of a claim, an
				insurer shall promptly provide necessary claim forms, instructions, and
				reasonable assistance in order for the claimant to comply with the applicable
				policy conditions and the insurer's reasonable requirements. Compliance with
				this subsection within 15 calendar days of notification of a claim shall
				constitute compliance with subsection A of this section.
Statutory Authority: §§
											12.1-13,
					 38.2-223, and
					 38.2-510 of the Code of
					 Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 400 - RULES GOVERNING UNFAIR CLAIM SETTLEMENT PRACTICES › Section 14VAC5-400-60 - Standards for prompt investigation of claims

Current through Register Vol. 40, No. 24, July 15, 2024
A. Within 15 calendar days after receipt by
				the insurer of any required properly executed proof of loss, a first party
				claimant shall be advised of the acceptance or denial of the claim by the
				insurer. If the insurer needs more time to determine whether a claim should be
				accepted or denied, it shall notify the first party claimant within 15 calendar
				days after receipt of the proof of loss giving the reasons more time is
				needed.
B. If an investigation of a
				first party claim has not been completed, an insurer shall, within 45 calendar
				days from the date of the notification of a first party claim and every 45
				calendar days thereafter, send to the first party claimant a written notice
				setting forth the reasons additional time is needed for
				investigation.
Statutory Authority: §§
											12.1-13,
					 38.2-223, and
					 38.2-510 of the Code of
					 Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 400 - RULES GOVERNING UNFAIR CLAIM SETTLEMENT PRACTICES › Section 14VAC5-400-70 - Claims settlement standards applicable to all insurers

Current through Register Vol. 40, No. 24, July 15, 2024
A. Any denial of a
				claim shall be given to a claimant in writing and the claim file of the insurer
				shall contain a copy of the denial.
B. An insurer shall provide a reasonable
				written explanation of the basis for any claim denial . The written explanation
				shall provide a specific reference to a policy provision, condition, or
				exclusion , if any.
C. An insurer
				shall not deny a first party claim on the basis that responsibility for payment
				should be assumed by others except as may otherwise be provided by policy
				provisions.
D. In any case where
				there is no dispute as to coverage or liability, an insurer shall offer to a
				first party claimant an amount that is fair and reasonable as shown by the
				investigation of the claim, provided the amount so offered is within policy
				limits and in accordance with policy provisions.
E. An insurer shall not unreasonably refuse
				to pay any claim in accordance with the provisions of the policy.
Statutory Authority: §§
											12.1-13,
					 38.2-223, and
					 38.2-510 of the Code of
					 Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 400 - RULES GOVERNING UNFAIR CLAIM SETTLEMENT PRACTICES › Section 14VAC5-400-90 - Claims settlement standards applicable to property policies

Current through Register Vol. 40, No. 24, July 15, 2024
When an insurer prepares an estimate of the cost of repairs
				  to property, the estimate shall be an amount for which the damage may
				  reasonably be expected to be satisfactorily repaired. The insurer shall give a
				  copy of the estimate to the claimant.
Statutory Authority: §§
											12.1-13,
					 38.2-223, and
					 38.2-510 of the Code of
					 Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 400 - RULES GOVERNING UNFAIR CLAIM SETTLEMENT PRACTICES › Section 14VAC5-400-100 - Claims settlement standards applicable to accident and sickness insurance, life insurance, and annuities

Current through Register Vol. 40, No. 24, July 15, 2024
A. A life or annuity insurer shall review any
				notice of claim or proof of loss submitted against one policy to determine if
				such notice of claim or proof of loss may fulfill the insured's obligation
				under any other policy issued by that insurer.
B. For accident and sickness claims, an
				insurer shall provide to the insured an explanation of benefits describing the
				coverage for which the claim is paid or denied within 21 calendar days of
				receipt of proof of loss, unless otherwise specified in the policy. If an
				insurer needs additional time to make a determination, it shall send a notice
				giving the reasons more time is needed to the insured within the timeframe in
				this subsection.
C. An insurer
				shall make available a summary of prescription drug claims electronically or
				provide a written summary at the request of the insured. A summary of
				prescription drugs shall describe the amounts covered under the policy, amounts
				denied, and amounts payable by the insured and insurer.
D. An insurer shall not arbitrarily or
				unreasonably deny or delay payment of a claim in which liability has become
				reasonably clear.
Statutory Authority: §§
											12.1-13,
					 38.2-223, and
					 38.2-510 of the Code of
					 Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 400 - RULES GOVERNING UNFAIR CLAIM SETTLEMENT PRACTICES › Section 14VAC5-400-110 - Severability

Current through Register Vol. 40, No. 24, July 15, 2024
If any provision of this chapter or its application to any
				  person or circumstance is for any reason held to be invalid by a court, the
				  remainder of this chapter and the application of the provisions to other
				  persons or circumstances shall not be affected.
Statutory Authority: §§
											12.1-13,
					 38.2-223, and
					 38.2-510 of the Code of
					 Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 405 - RULES GOVERNING BALANCE BILLING FOR OUT-OF-NETWORK HEALTH CARE SERVICES › Section 14VAC5-405-10 - Purpose and scope

Current through Register Vol. 40, No. 24, July 15, 2024
The purpose of this chapter is to set forth rules and
				  procedures that address balance billing and the use of arbitration between
				  health carriers and out-of-network providers pursuant to the provisions of
				  §§
									38.2-3445
				  through
				  38.2-3445.07
				  of Chapter 34 (§
									38.2-3400
				  et seq.) of Title 38.2 of the Code of Virginia. This chapter shall apply to all
				  health benefit and managed care plans issued and delivered in this Commonwealth
				  except as provided for in §
									38.2-3445.06
				  of the Code of Virginia.
Statutory Authority: 12.1-13 and 38.2-223 of the Code of
					 Virginia.