reglab/statecodes huggingface dataset:
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 323 - RULES GOVERNING PRENEED LIFE INSURANCE MINIMUM STANDARDS FOR DETERMINING RESERVE LIABILITIES AND NONFORFEITURE VALUES › Section 14VAC5-323-60 - Transition provisions

Current through Register Vol. 40, No. 24, July 15, 2024
A. For
				preneed insurance policies issued on or after January 1, 2009, and before
				January 1, 2012, the 2001 CSO Mortality Table may be used as the minimum
				standard for reserves and minimum standard for nonforfeiture benefits for both
				male and female insureds pursuant to the requirements of the rules entitled
				"Use of the 2001 CSO Mortality Table in Determining Minimum Reserve Liabilities
				and Nonforfeiture Benefits (14VAC5-321)."
B. If an insurer elects to use the 2001 CSO
				Mortality Table as a minimum standard for any preneed insurance policy issued
				on or after January 1, 2009, and before January 1, 2012, the insurer shall
				provide, as a part of the actuarial opinion memorandum submitted in support of
				the company's asset adequacy testing, an annual written notification to the
				domiciliary commissioner. The notification shall include:
1. A complete list of all preneed insurance
				policy forms that use the 2001 CSO as a minimum standard;
2. A certification signed by the appointed
				actuary stating that the reserve methodology employed by the company in
				determining reserves for the preneed insurance policies issued after January 1,
				2009, and using the 2001 CSO as a minimum standard, develops adequate reserves
				(for the purposes of this certification, the preneed insurance policies using
				the 2001 CSO as a minimum standard cannot be aggregated with any other
				insurance policies.); and
3.
				Supporting information regarding the adequacy of reserves for preneed insurance
				policies issued after January 1, 2009, and using the 2001 CSO as a minimum
				standard for reserves.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 323 - RULES GOVERNING PRENEED LIFE INSURANCE MINIMUM STANDARDS FOR DETERMINING RESERVE LIABILITIES AND NONFORFEITURE VALUES › Section 14VAC5-323-70 - 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 the provision to other persons
				  or circumstances shall not be affected thereby.
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 323 - RULES GOVERNING PRENEED LIFE INSURANCE MINIMUM STANDARDS FOR DETERMINING RESERVE LIABILITIES AND NONFORFEITURE VALUES › Section - DOCUMENTS INCORPORATED BY REFERENCE (14VAC5-323)

Current through Register Vol. 40, No. 24, July 15, 2024
Transactions,
				  Society of Actuaries, Vol. XXXIII, 1981, pp. 673 and
				  674
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 335 - RULES GOVERNING CLAIMS-MADE LIABILITY INSURANCE POLICIES › Section 14VAC5-335-10 - Scope

Current through Register Vol. 40, No. 24, July 15, 2024
The provisions of this chapter shall apply to all policies of
				  liability insurance, as defined in §§
									38.2-117,
				  38.2-118,
				  and subsection B of §
									38.2-111
				  of the Code of Virginia, that limit the time allowed for reporting claims
				  arising out of injury, damage, or wrongful act or omission covered by the
				  policy. Any such policy shall be deemed to be a claims-made liability insurance
				  policy for purposes of this chapter. The provisions of this chapter shall apply
				  to claims-made liability insurance policies delivered or issued for delivery in
				  the Commonwealth by an admitted insurer to become effective on or after October
				  1, 2018.
This chapter shall not apply to incidental claims-made
				  liability insurance.
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 335 - RULES GOVERNING CLAIMS-MADE LIABILITY INSURANCE POLICIES › Section 14VAC5-335-20 - 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:
"Admitted insurer" means an insurer licensed in the
				  Commonwealth to engage in the business of insurance. An admitted insurer does
				  not include any surplus lines insurer.
"Basic extended reporting period" means an automatic extended
				  reporting period provided at no additional premium charge.
"Claims-made liability insurance" means an insurance policy
				  providing coverage for the insured's liability for injury, damage, or wrongful
				  act or omission occurring prior to the termination of coverage but subsequent
				  to any applicable retroactive date, provided the claim for such injury, damage,
				  or wrongful act or omission is first made during the policy period or any
				  extended reporting period.
"Extended reporting period" means an extension of the time
				  allowed for reporting claims, after termination of any claims-made liability
				  policy for injury, damage, or wrongful act or omission that occurred prior to
				  termination of the policy and that, except for the requirement to report claims
				  during the policy period, was otherwise covered by the policy.
"Incidental claims-made liability insurance" means any
				  claims-made liability coverage contained in or attached to a policy providing
				  liability insurance on other than a claims-made basis.
"Medical professional liability insurance" means insurance
				  coverage against the legal liability of the insured and against loss, damage,
				  or expense incident to a claim arising out of the death or injury of any person
				  as the result of actual or alleged negligence in rendering or failing to render
				  professional service by any provider of health care.
"Policy" means a coverage part, form, or endorsement that is
				  contained in a contract of insurance.
"Retroactive date" means the date on or after which injury,
				  damage, or wrongful act or omission may occur and be covered under a
				  claims-made liability insurance policy.
"Supplemental extended reporting period" means an extended
				  reporting period that is available for the insured to purchase.
"Unimpaired limit of liability" means a limit equal to the
				  dollar amount shown as the aggregate limit in the declarations (i) at the
				  inception of the policy period or (ii) as Amended, in the policy thereafter,
				  and in force at the time of the termination of the policy.
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 335 - RULES GOVERNING CLAIMS-MADE LIABILITY INSURANCE POLICIES › Section 14VAC5-335-23 - Required notice

Current through Register Vol. 40, No. 24, July 15, 2024
The following notice, or a notice that is substantially
				  similar, shall be provided in writing with each new and renewal claims-made
				  liability insurance policy:
You have purchased claims-made liability insurance. When this
				  insurance terminates, the insurer will send an offer with the available options
				  for purchasing the supplemental extended reporting period. You may be entitled
				  to receive information on claims under this policy. If you have any questions
				  regarding your claims-made coverage or the importance of purchasing the
				  supplemental extended reporting period, please contact your insurance company
				  or your insurance agent.
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 335 - RULES GOVERNING CLAIMS-MADE LIABILITY INSURANCE POLICIES › Section 14VAC5-335-27 - Standards for basic extended reporting period

Current through Register Vol. 40, No. 24, July 15, 2024
An insurer may offer a basic extended reporting period. If a
				  basic extended reporting period is offered, it shall be included in the
				  policy.
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 335 - RULES GOVERNING CLAIMS-MADE LIABILITY INSURANCE POLICIES › Section 14VAC5-335-30 - Requirement to offer supplemental extended reporting period

Current through Register Vol. 40, No. 24, July 15, 2024
A. Every
				claims-made liability insurance policy shall include a provision that the named
				insured may purchase a supplemental extended reporting period in accordance
				with the provisions of
				14VAC5-335-40
				upon policy termination. To the extent that policy limits apply separately to
				each named insured, each named insured shall be separately entitled to purchase
				a supplemental extended reporting period. Policy termination of claims-made
				coverage shall include:
1. Cancellation or
				nonrenewal of the policy by the insurer or the insured;
2. Advancement of any applicable retroactive
				date; or
3. Renewal of the policy
				on other than a claims-made basis.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 335 - RULES GOVERNING CLAIMS-MADE LIABILITY INSURANCE POLICIES › Section 14VAC5-335-40 - Supplemental extended reporting period requirements

Current through Register Vol. 40, No. 24, July 15, 2024
A. Each insurer shall offer a supplemental
				extended reporting period to allow an extension of the time to report claims as
				follows:
1. For medical professional
				liability insurance, an unlimited supplemental extended reporting period shall
				be offered with unimpaired limits of liability and shall be effective the same
				day as the termination of the policy; or
2. For all other claims-made liability
				insurance policies, a supplemental extended reporting period of at least one
				year shall be offered.
In addition, the insurer may also offer greater or more
				  limited extensions of time in which to report claims.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 335 - RULES GOVERNING CLAIMS-MADE LIABILITY INSURANCE POLICIES › Section 14VAC5-335-45 - Requirement to provide loss information

Current through Register Vol. 40, No. 24, July 15, 2024
A. If the policy is issued with an aggregate
				limit:
1. The insurer shall provide loss
				information to the named insured with the notice of cancellation or nonrenewal
				of the policy; or
2. The named
				insured may request loss information within 120 days from the date of policy
				renewal. The insurer shall provide such loss information within 15 calendar
				days of the insured's request.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 335 - RULES GOVERNING CLAIMS-MADE LIABILITY INSURANCE POLICIES › Section 14VAC5-335-50 - Prohibitions

Current through Register Vol. 40, No. 24, July 15, 2024
A. The supplemental
				extended reporting period coverage shall not be canceled by the insurer without
				the consent of the insured except for nonpayment of premium or fraud.
B. No insurer shall deny coverage under a
				supplemental extended reporting period on the basis that other applicable
				insurance coverage is in effect. An insurer may apply the supplemental extended
				reporting period coverage as excess over other insurance.
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 335 - RULES GOVERNING CLAIMS-MADE LIABILITY INSURANCE POLICIES › Section 14VAC5-335-60 - 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
					 and
					 38.2-223
					 of the Code of Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 340 - [Repealed] › Section 14VAC5-340-10

Current through Register Vol. 40, No. 24, July 15, 2024
Statutory Authority: §§ 12.1-13, 38.2-223, and
					 38.2-2108 of the Code of Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 340 - [Repealed] › Section 14VAC5-340-20

Current through Register Vol. 40, No. 24, July 15, 2024
Statutory Authority: §§ 12.1-13, 38.2-223, and
					 38.2-2108 of the Code of Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 340 - [Repealed] › Section 14VAC5-340-30

Current through Register Vol. 40, No. 24, July 15, 2024
Statutory Authority: §§ 12.1-13, 38.2-223, and
					 38.2-2108 of the Code of Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 340 - [Repealed] › Section 14VAC5-340-40

Current through Register Vol. 40, No. 24, July 15, 2024
Statutory Authority: §§ 12.1-13, 38.2-223, and
					 38.2-2108 of the Code of Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 340 - [Repealed] › Section 14VAC5-340-50

Current through Register Vol. 40, No. 24, July 15, 2024
Statutory Authority: §§ 12.1-13, 38.2-223, and
					 38.2-2108 of the Code of Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 340 - [Repealed] › Section 14VAC5-340-60

Current through Register Vol. 40, No. 24, July 15, 2024
Statutory Authority: §§ 12.1-13, 38.2-223, and
					 38.2-2108 of the Code of Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 340 - [Repealed] › Section 14VAC5-340-70

Current through Register Vol. 40, No. 24, July 15, 2024
Statutory Authority: §§ 12.1-13, 38.2-223, and
					 38.2-2108 of the Code of Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 340 - [Repealed] › Section 14VAC5-340-80

Current through Register Vol. 40, No. 24, July 15, 2024
Statutory Authority: §§ 12.1-13, 38.2-223, and
					 38.2-2108 of the Code of Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 340 - [Repealed] › Section 14VAC5-340-90

Current through Register Vol. 40, No. 24, July 15, 2024
Statutory Authority: §§ 12.1-13, 38.2-223, and
					 38.2-2108 of the Code of Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 340 - [Repealed] › Section 14VAC5-340-100

Current through Register Vol. 40, No. 24, July 15, 2024
Statutory Authority: §§ 12.1-13, 38.2-223, and
					 38.2-2108 of the Code of Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 340 - [Repealed] › Section 14VAC5-340-110

Current through Register Vol. 40, No. 24, July 15, 2024
Statutory Authority: §§ 12.1-13, 38.2-223, and
					 38.2-2108 of the Code of Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 340 - [Repealed] › Section 14VAC5-340-120

Current through Register Vol. 40, No. 24, July 15, 2024
Statutory Authority: §§ 12.1-13, 38.2-223, and
					 38.2-2108 of the Code of Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 340 - [Repealed] › Section 14VAC5-340-130

Current through Register Vol. 40, No. 24, July 15, 2024
Statutory Authority: §§ 12.1-13, 38.2-223, and
					 38.2-2108 of the Code of Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 340 - [Repealed] › Section 14VAC5-340-140

Current through Register Vol. 40, No. 24, July 15, 2024
Statutory Authority: §§ 12.1-13, 38.2-223, and
					 38.2-2108 of the Code of Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 340 - [Repealed] › Section 14VAC5-340-150

Current through Register Vol. 40, No. 24, July 15, 2024
Statutory Authority: §§ 12.1-13, 38.2-223, and
					 38.2-2108 of the Code of Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 340 - [Repealed] › Section 14VAC5-340-150:1

Current through Register Vol. 40, No. 24, July 15, 2024
Statutory Authority: §§ 12.1-13, 38.2-223, and
					 38.2-2108 of the Code of Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 340 - [Repealed] › Section 14VAC5-340-150:2

Current through Register Vol. 40, No. 24, July 15, 2024
Statutory Authority: §§ 12.1-13, 38.2-223, and
					 38.2-2108 of the Code of Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 340 - [Repealed] › Section 14VAC5-340-150:3

Current through Register Vol. 40, No. 24, July 15, 2024
Statutory Authority: §§ 12.1-13, 38.2-223, and
					 38.2-2108 of the Code of Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 340 - [Repealed] › Section 14VAC5-340-150:4

Current through Register Vol. 40, No. 24, July 15, 2024
Statutory Authority: §§ 12.1-13, 38.2-223, and
					 38.2-2108 of the Code of Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 340 - [Repealed] › Section 14VAC5-340-150:5

Current through Register Vol. 40, No. 24, July 15, 2024
Statutory Authority: §§ 12.1-13, 38.2-223, and
					 38.2-2108 of the Code of Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 340 - [Repealed] › Section 14VAC5-340-150:6

Current through Register Vol. 40, No. 24, July 15, 2024
Statutory Authority: §§ 12.1-13, 38.2-223, and
					 38.2-2108 of the Code of Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 340 - [Repealed] › Section 14VAC5-340-150:7

Current through Register Vol. 40, No. 24, July 15, 2024
Statutory Authority: §§ 12.1-13, 38.2-223, and
					 38.2-2108 of the Code of Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 340 - [Repealed] › Section 14VAC5-340-150:8

Current through Register Vol. 40, No. 24, July 15, 2024
Statutory Authority: §§ 12.1-13, 38.2-223, and
					 38.2-2108 of the Code of Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 340 - [Repealed] › Section 14VAC5-340-150:9

Current through Register Vol. 40, No. 24, July 15, 2024
Statutory Authority: §§ 12.1-13, 38.2-223, and
					 38.2-2108 of the Code of Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 341 - RULES GOVERNING STANDARDS FOR THE CONTENT OF DWELLING PROPERTY INSURANCE POLICIES › Section 14VAC5-341-10 - Scope and applicability

Current through Register Vol. 40, No. 24, July 15, 2024
A.
				This chapter sets forth the standards of content for policies of dwelling
				property insurance covering solely owner-occupied dwellings, including
				condominium units. This chapter applies to insurers licensed to do business in
				Virginia and issuing policies of dwelling property insurance pursuant to the
				provisions of Chapter 21 (§ 38.2-2100 et seq.) of Title 38.2 of the Code
				of Virginia.
B. Compliance with
				this chapter is required for policies delivered or issued for delivery in
				Virginia with effective dates on and after December 31, 2023. Insurers and rate
				service organizations shall submit filings for compliance with this chapter no
				later than May 1, 2023.
C. No
				insurer shall represent to a prospective purchaser or a policyholder that a
				dwelling property policy subject to the provisions of this chapter is a
				homeowners policy as defined in § 38.2-130 of the Code of
				Virginia.
D. This chapter does not
				apply to policies that:
1. Are
				lender-placed;
2. Insure
				owner-occupied farms;
3. Insure
				manufactured homes as defined in § 46.2-100 of the Code of Virginia,
				except for policies insuring manufactured homes as defined in § 46.2-653.1
				of the Code of Virginia;
4. Are
				issued pursuant to Chapter 27 (§ 38.2-2700 et seq.) of Title 38.2 of the
				Code of Virginia;
5. Are issued
				pursuant to Chapter 48 (§ 38.2-4800 et seq.) of Title 38.2 of the Code of
				Virginia; or
6. Primarily insure
				the personal property of renters.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 341 - RULES GOVERNING STANDARDS FOR THE CONTENT OF DWELLING PROPERTY INSURANCE POLICIES › Section 14VAC5-341-20 - Severability

Current through Register Vol. 40, No. 24, July 15, 2024
If a provision of this chapter or its application to a 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
					 38.2-2108 of the Code of Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 341 - RULES GOVERNING STANDARDS FOR THE CONTENT OF DWELLING PROPERTY INSURANCE POLICIES › Section 14VAC5-341-40 - Mandatory property coverages

Current through Register Vol. 40, No. 24, July 15, 2024
A. Insurers shall provide coverage for the
				dwelling on the residence premises including fixtures.
1. Insurers shall also provide coverage for
				materials and supplies while located on the residence premises and intended for
				use in construction, alteration, or repair of the dwelling or other
				structures.
2. For a dwelling that
				is a condominium unit, insurers shall provide a limit of liability of at least
				$5,000 for the dwelling and fixtures that are the responsibility of the
				condominium unit owner.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 341 - RULES GOVERNING STANDARDS FOR THE CONTENT OF DWELLING PROPERTY INSURANCE POLICIES › Section 14VAC5-341-50 - Optional coverage for household and personal property

Current through Register Vol. 40, No. 24, July 15, 2024
A. Insurers may offer coverage for household
				and personal property. If offered:
1. Insurers
				shall provide coverage for household and personal property on the residence
				premises that is owned or used by an insured.
2. At the request of the named insured at the
				time of loss, insurers shall provide coverage for household and personal
				property owned by a:
a. Guest while the
				property is on the residence premises or
b. Residence employee while the property is
				on the residence premises.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 341 - RULES GOVERNING STANDARDS FOR THE CONTENT OF DWELLING PROPERTY INSURANCE POLICIES › Section 14VAC5-341-60 - Causes of loss

Current through Register Vol. 40, No. 24, July 15, 2024
A.
				Insurers shall provide, at a minimum, the basic causes of loss in subsection B
				of this section. If an insurer provides expanded causes of loss, the causes of
				loss may be no less favorable than the causes of loss in subsections B and C of
				this section. If an insurer provides open causes of loss, the causes of loss
				may be no less favorable than the causes of loss in subsection D of this
				section. The same causes of loss shall apply to the dwelling and other
				structures. Insurers may offer basic, expanded, or open causes of loss for
				household and personal property.
B.
				When providing basic causes of loss, insurers shall provide coverage for direct
				loss caused by the following:
1. Fire or
				lightning.
2. Windstorm or hail.
				Insurers may exclude loss to:
a. The interior
				of the dwelling or other structure or the household and personal property
				within caused by rain, snow, sand, or dust unless the rain, snow, sand, or dust
				enters through an opening caused by the force of wind or hail;
b. Windmills, wind pumps, or towers; crop
				silos or contents; or metal smokestacks;
c. Grain, hay, straw, or other crops, when
				outside;
d. Overhead structures,
				including supports and screening, constructed principally of cloth, metal,
				fiberglass, or plastic erected to provide protection from the
				elements;
e. Signs;
f. Satellite dishes; radio or television
				antennas, including lead-in wiring, masts, or towers;
g. Fences; seawalls or property line and
				other free-standing walls;
h.
				Greenhouses, hothouses, slathouses, trellises, pergolas, cabanas, or outdoor
				equipment pertaining to the service of the residence premises;
i. Wharves, docks, piers, boathouses,
				bulkheads, or other structures located over or partially over water and the
				household and personal property on or within;
j. Property damaged by water from sprinklered
				equipment or from other piping, unless the equipment or piping was damaged as a
				direct result of wind or hail; or
k. Watercraft while not inside a fully
				enclosed building. This provision does not apply to rowboats or
				canoes.
3.
				Explosion.
4. Riot or civil
				commotion.
5. Aircraft.
6. Vehicles.
7. Sudden or accidental damage from smoke or
				soot, other than smoke from agricultural smudging or industrial
				operations.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 341 - RULES GOVERNING STANDARDS FOR THE CONTENT OF DWELLING PROPERTY INSURANCE POLICIES › Section 14VAC5-341-70 - Permitted exclusions

Current through Register Vol. 40, No. 24, July 15, 2024
A. For
				all causes of loss, regardless of any other cause of loss or event contributing
				concurrently or in any sequence to the loss, insurers may exclude loss caused
				directly or indirectly by any of the following:
1. Water, as follows:
a. Flood, ground surface water, waves,
				seiche, tidal water or tidal waves, overflow of a body of water, or spray from
				any of these, whether natural or manmade;
b. Water that backs up through sewers or
				drains;
c. Water that overflows or
				is discharged from a sump pump or other type of system designed to remove
				subsurface water that is drained from the foundation area;
d. Water below the surface of the ground
				including water that exerts pressure on or flows, seeps, or leaks through (i)
				sidewalks; (ii) driveways; (iii) foundations; (iv) swimming pools; (v) walls;
				(vi) basements or floors; or (vii) doors, windows, or other openings;
				or
e. Material carried or moved by
				water referred to in subdivisions 1 a, 1 b, and 1 c of this subsection.
The exclusions for water loss in subdivisions 1 a through 1 e
				  of this subsection do not apply to an ensuing loss caused by fire or
				  explosion.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 341 - RULES GOVERNING STANDARDS FOR THE CONTENT OF DWELLING PROPERTY INSURANCE POLICIES › Section 14VAC5-341-80 - Loss settlement provisions

Current through Register Vol. 40, No. 24, July 15, 2024
A. Insurers shall include loss settlement
				provisions in accordance with this section.
B. When providing only basic causes of loss
				for the dwelling and other structures, insurers may provide loss settlement on
				an actual cash value basis. When providing actual cash value loss settlement,
				insurers shall apply actual cash value loss settlement as follows:
1. Subject to the limit of liability,
				insurers may pay the smaller of the following amounts:
a. Cost to repair or replace with like kind
				and quality; or
b. Actual cash
				value of the damaged property.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 341 - RULES GOVERNING STANDARDS FOR THE CONTENT OF DWELLING PROPERTY INSURANCE POLICIES › Section 14VAC5-341-90 - Policy conditions

Current through Register Vol. 40, No. 24, July 15, 2024
A.
				Insurers shall include the following statutory conditions:
1. The nuclear clause set forth in §
				38.2-2102 of the Code of Virginia;
2. The conditions set forth § 38.2-2104
				of the Code of Virginia:
a. Assignment of the
				policy.
b. The time that coverage
				begins and ends.
3. The
				conditions set forth in § 38.2-2105 of the Code of Virginia:
a. Abandonment.
b. Appraisal.
c. Mortgagee interests and
				obligations.
d. Pro rata
				liability.
e. Requirements in case
				loss occurs.
f. Suit.
g. When loss payable.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 342 - RULES GOVERNING STANDARDS FOR THE CONTENT OF HOMEOWNERS INSURANCE POLICIES › Section 14VAC5-342-10 - Scope and applicability

Current through Register Vol. 40, No. 24, July 15, 2024
A.
				This chapter sets forth the standards of content for policies of homeowners
				insurance, including policies insuring owner-occupied condominium units. This
				chapter applies to insurers licensed to do business in Virginia and issuing
				policies of homeowners insurance and condominium unit owners insurance pursuant
				to Chapter 21 (§ 38.2-2100 et seq.) of Title 38.2 of the Code of
				Virginia.
B. Compliance with this
				chapter is required for policies delivered or issued for delivery in Virginia
				with effective dates on and after December 31, 2023. Insurers and rate service
				organizations shall submit filings for compliance with this chapter no later
				than May 1, 2023.
C. Pursuant to
				§ 38.2-130 of the Code of Virginia, homeowners insurance policies are
				indivisible package policies that insure owner-occupied dwellings.
D. This chapter does not apply to policies
				that:
1. Are lender-placed;
2. Insure owner-occupied farms;
3 Insure manufactured homes as defined in
				§ 46.2-100 of the Code of Virginia, except for policies insuring
				manufactured homes as defined in § 46.2-653.1 of the Code of
				Virginia;
4. Primarily insure the
				personal property of renters;
5.
				Are issued pursuant to Chapter 27 (§ 38.2-2700 et seq.) of Title 38.2 of
				the Code of Virginia; or
6. Are
				issued pursuant to Chapter 48 (§ 38.2-4800 et seq.) of Title 38.2 of the
				Code of Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 342 - RULES GOVERNING STANDARDS FOR THE CONTENT OF HOMEOWNERS INSURANCE POLICIES › Section 14VAC5-342-20 - Severability

Current through Register Vol. 40, No. 24, July 15, 2024
If a provision of this chapter or its application to a 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
					 38.2-2108 of the Code of Virginia.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 342 - RULES GOVERNING STANDARDS FOR THE CONTENT OF HOMEOWNERS INSURANCE POLICIES › Section 14VAC5-342-40 - Mandatory property coverages

Current through Register Vol. 40, No. 24, July 15, 2024
A. Insurers shall provide coverage to the
				dwelling on the residence premises including fixtures.
1. Insurers shall also provide coverage for
				materials and supplies while located on the residence premises and intended for
				use in construction, alteration, or repair of the dwelling or other
				structures.
2. For a dwelling that
				is a condominium unit, insurers shall provide a limit of liability of at least
				$5,000 for the dwelling and fixtures that are the responsibility of the
				condominium unit owner.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 342 - RULES GOVERNING STANDARDS FOR THE CONTENT OF HOMEOWNERS INSURANCE POLICIES › Section 14VAC5-342-50 - Causes of loss

Current through Register Vol. 40, No. 24, July 15, 2024
A.
1. Insurers shall provide open causes of loss
				for the dwelling and other structures.
2. Insurers shall provide coverage for direct
				loss to the dwelling and other structures on the residence premises subject to
				the exclusions and limitations permitted in this chapter.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 342 - RULES GOVERNING STANDARDS FOR THE CONTENT OF HOMEOWNERS INSURANCE POLICIES › Section 14VAC5-342-60 - Exclusions applicable to property coverages

Current through Register Vol. 40, No. 24, July 15, 2024
A. For policies providing open causes of
				loss, insurers may exclude direct loss to the dwelling, other structures, or
				household and personal property caused by any of the following:
1. Wear and tear; marring or scratching;
				deterioration; inherent vice; latent defect; mechanical breakdown; rust; mold;
				wet or dry rot; pollutants; smog; smoke from agricultural smudging or
				industrial operations; settling, cracking, shrinkage, bulging, or expansion of
				pavements, patios, foundations, walls, floors, roofs, or ceilings; or birds,
				vermin, rodents, insects, or animals owned or kept by an insured. If a covered
				cause of loss ensues, insurers shall provide coverage for the ensuing
				loss.
2. Theft in or to a dwelling
				under construction, or of materials or supplies for use in the construction,
				until construction is completed and the residence premises is
				occupied.
3. Vandalism and
				malicious mischief or glass breakage if the dwelling on the insured premises
				was vacant. If a covered cause of loss ensues, insurers shall provide coverage
				for the ensuing loss.
4. Collapse,
				except as required by subsection N of 14VAC5-342-40.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 342 - RULES GOVERNING STANDARDS FOR THE CONTENT OF HOMEOWNERS INSURANCE POLICIES › Section 14VAC5-342-70 - Loss settlement condition

Current through Register Vol. 40, No. 24, July 15, 2024
A. Insurers shall include loss settlement
				provisions in accordance with this section.
B. Insurers shall apply actual cash value
				loss settlement as follows:
1. Subject to the
				limit of liability, insurers may pay the smaller of the following amounts:
a. Cost to repair or replace with like kind
				and quality; or
b. Actual cash
				value of the damaged property.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 342 - RULES GOVERNING STANDARDS FOR THE CONTENT OF HOMEOWNERS INSURANCE POLICIES › Section 14VAC5-342-80 - Conditions applicable to property coverage

Current through Register Vol. 40, No. 24, July 15, 2024
A. Insurers shall include the following
				statutory conditions:
1. The nuclear clause
				set forth in § 38.2-2102 of the Code of Virginia.
2. The conditions set forth in §
				38.2-2104 of the Code of Virginia:
a.
				Assignment of the policy.
b. The
				time that coverage begins and ends.
3. The conditions set forth in §
				38.2-2105 of the Code of Virginia:
a.
				Abandonment.
b.
				Appraisal.
c. Mortgagee interests
				and obligations.
d. Pro rata
				liability.
e. Requirements in case
				loss occurs.
f. Suit.
g. When loss payable.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 342 - RULES GOVERNING STANDARDS FOR THE CONTENT OF HOMEOWNERS INSURANCE POLICIES › Section 14VAC5-342-90 - Personal liability coverage

Current through Register Vol. 40, No. 24, July 15, 2024
A. Insurers shall provide personal liability
				coverage as follows:
1. Insurers shall pay on
				behalf of the insured all sums that the insured is legally obligated to pay as
				damages for bodily injury or property damage caused by a covered
				occurrence.
2. Insurers shall
				defend a suit against the insured seeking damages for bodily injury or property
				damage, even if any of the allegations of the suit are groundless, false, or
				fraudulent.
3. Insurers shall
				investigate any claim or suit and may settle any claim or suit as it deems
				expedient.
4. Insurers shall not be
				obligated to pay a claim or judgment after the limit of liability has been
				exhausted by payment of judgments or settlements.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 342 - RULES GOVERNING STANDARDS FOR THE CONTENT OF HOMEOWNERS INSURANCE POLICIES › Section 14VAC5-342-100 - Medical payments coverage

Current through Register Vol. 40, No. 24, July 15, 2024
A. Insurers shall provide medical payments
				coverage in accordance with this chapter. This coverage applies:
1. While the person is on the insured
				premises with the permission of an insured.
2. While the person is elsewhere, if the
				bodily injury:
a. Arises out of a condition on
				the insured premises or the ways immediately adjoining;
b. Is caused by the activities of an insured
				or by a residence employee during the residence employee's employment by the
				insured;
c. Is caused by an animal
				owned by or in the care of an insured; or
d. Is sustained by a residence employee and
				arises out of the residence employee's employment by the insured.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 342 - RULES GOVERNING STANDARDS FOR THE CONTENT OF HOMEOWNERS INSURANCE POLICIES › Section 14VAC5-342-110 - Exclusions applicable to personal liability and medical payments coverage

Current through Register Vol. 40, No. 24, July 15, 2024
A. Insurers may
				exclude losses under personal liability coverage for:
1. Liability assumed by the insured under
				contracts or agreements that are not in writing. This exclusion does not apply
				to liability that the insured would have had without a contract or
				agreement.
2. Liability assumed by
				the insured under a contract or agreement relating to the insured's
				business.
3. The insured's share of
				any loss assessment charged against all members of any property owners'
				association.
4. Bodily injury to a
				person covered or required to be covered under a workers' compensation or other
				similar law.
5. Damage to property
				owned by the insured.
6. Damage to
				property of others in the care, custody, or control of the insured.
7. Sickness, disease, or death of a residence
				employee unless written claim is made or suit is brought against the insured
				within 36 months after the end of the policy term.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 342 - RULES GOVERNING STANDARDS FOR THE CONTENT OF HOMEOWNERS INSURANCE POLICIES › Section 14VAC5-342-120 - Conditions applicable to personal liability and medical payments coverage

Current through Register Vol. 40, No. 24, July 15, 2024
A. An insurer may
				limit its liability for personal liability coverage and medical payments
				coverage as follows:
1. For personal
				liability coverage, the limit of liability that applies to an occurrence is the
				total limit of the insurer's liability under personal liability coverage for
				all damages as the result of an occurrence.
2. For medical payments coverage, insurers
				may apply a limit of liability per person and a limit of liability for two or
				more persons as the result of an occurrence.
3. For personal liability and medical
				payments, the limit of liability applies separately to each insured against
				whom claim is made or suit is brought for an occurrence but does not increase
				the limit of liability that applies to an occurrence.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 342 - RULES GOVERNING STANDARDS FOR THE CONTENT OF HOMEOWNERS INSURANCE POLICIES › Section 14VAC5-342-130 - Policy Conditions

Current through Register Vol. 40, No. 24, July 15, 2024
A.
				Insurers may restrict the application of the policy to loss or an occurrence
				during the policy term.
B. Insurers
				may void the entire policy (i) if, whether before or after a loss, the insured
				has willfully concealed or misrepresented any material fact or circumstance
				concerning the insurance or the interest of the insured in the insurance or
				(ii) in the case of any fraud or false swearing by the insured relating to the
				insurance.
C. If an insurer adopts
				any revision to its forms or endorsements that would broaden coverage currently
				provided without additional premium charge, the insurer shall automatically
				apply the broadened coverage from the effective date of the
				revisions.
D. If a named insured
				dies, insurers shall modify the definition of insured in 14VAC5-342-30 as
				follows:
1. The named insured includes:
a. The spouse, if not already a named insured
				and if residing in the household at the time of the death; and
b. The legal representative with respect to
				the insured premises and property of the deceased insured at the time of
				death.
Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 345 - RULES GOVERNING RATE STABILIZATION IN PROPERTY AND CASUALTY INSURANCE › Section 14VAC5-345-10 - Purpose and applicability

Current through Register Vol. 40, No. 24, July 15, 2024
A. The purpose of this chapter is to
				establish rules for the implementation of the provisions of § 38.2-1906 F
				of the Code of Virginia that allows an insurer to file with the commission rate
				or supplementary rate information to limit rate increases or rate decreases on
				(i) its renewal policies; (ii) policies acquired by an insurer from another
				insurer pursuant to a written agreement of acquisition, merger, or sale that
				transfers all or part of the other insurer's book of business; or (iii)
				policies acquired by an agent book of transfer. This practice shall be known as
				a rate stabilization plan or capping.
B. This chapter shall apply to the classes of
				insurance defined in §§ 38.2-110 through 38.2-118, 38.2-120,
				38.2-121, 38.2-122, 38.2-124 through 38.2-128, and 38.2-130 through 38.2-133 of
				the Code of Virginia and all insurers subject to the scope of Chapter 19
				(§ 38.2-1900 et seq.) of Title 38.2 of the Code of Virginia as identified
				in § 38.2-1902 of the Code of Virginia. This chapter does not apply to
				workers' compensation and employers' liability insurance.
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 345 - RULES GOVERNING RATE STABILIZATION IN PROPERTY AND CASUALTY INSURANCE › Section 14VAC5-345-20 - Definitions

Current through Register Vol. 40, No. 24, July 15, 2024
The following words or terms when used in this chapter shall
				  have the following meanings unless the context clearly indicates
				  otherwise:
"Commission" means the State Corporation Commission.
"Rate" means any rate of premium, policy fee, membership fee,
				  or any other charge made by an insurer for or in connection with a contract or
				  policy of insurance. The term "rate" shall not include a membership fee paid to
				  become a member of an organization or association, one of the benefits of which
				  is the purchasing of insurance coverage.
"Rate stabilization plan" or "capping" means a way to control
				  or cap the impact of premium changes to renewals due to the insurer's (i)
				  revision of its own rating plan; (ii) introduction of a new rating plan that
				  replaces an existing rating plan; (iii) acquisition from another insurer
				  pursuant to a written agreement of acquisition, merger, or sale that transfers
				  all or part of the other insurer's book of business; or (iv) acquisition by an
				  agent book of transfer.
"Rate stabilization rule" means the rating methodology filed
				  by an insurer to describe the application of a rate stabilization plan.
"Renewal" means the continuation of an insurer's current
				  policies; policies acquired by an insurer from another insurer pursuant to a
				  written agreement of acquisition, merger, or sale that transfers all or part of
				  the other insurer's book of business; or policies transferred by an agent or
				  agency pursuant to an agent book of transfer.
"Supplementary rate information" includes any manual or plan
				  of rates, experience rating plan, statistical plan, classification, rating
				  schedule, minimum premium, or minimum premium rule, policy fee, rating rule,
				  rate-related underwriting rule, and any other information not otherwise
				  inconsistent with the purposes of Chapter 19 (§ 38.2-1900 et seq.) of
				  Title 38.2 of the Code of Virginia, this chapter, or as required by the
				  commission.
"Tier" means mutually exclusive pricing levels within the
				  same insurer that are based on an indivisible group of risk
				  characteristics.
Statutory Authority: §§ 12.1-13 and 38.2-223 of
					 the Code of Virginia.