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2000 SESSION

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HB 716 Credit property and credit involuntary unemployment insurance.

Introduced by: Clifton A. (Chip) Woodrum | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED: (all summaries)

Credit property and credit involuntary unemployment insurance. Provides for the regulation of credit property insurance as a separate line of insurance, and expands credit involuntary unemployment insurance (IUI) to allow coverage for debtors placed on an unpaid leave of absence. Credit property insurance is insurance against direct physical damage to personal household property (other than motor vehicles, mobile homes, and watercraft) used as collateral in a credit transaction. Provisions applicable to credit IUI are generally made applicable to credit property insurance. Forms for both types of insurance must provide for the refund of unearned premiums on a pro rata basis if the insurance is terminated prior to the scheduled maturity date of the indebtedness. The Bureau of Insurance is given jurisdiction over insurance certificates for credit property insurance and credit IUI delivered or issued for delivery in Virginia where the group policy is delivered in another state. The rates for credit property insurance and credit IUI are made subject to the "prior approval" provisions, rather than the "file and use" provisions. Minimum loss ratios are established for credit property insurance and credit IUI rates to start at 40 percent in January 1, 2001, and increase to 45 percent on January 1, 2003, and 50 percent on January 1, 2005.


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