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2008 SESSION

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HB 116 Foreign title insurance companies; unearned premium reserves.

Introduced by: R. Lee Ware, Jr. | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Foreign title insurance companies; unearned premium reserves.  Authorizes foreign title insurance companies to establish and maintain unearned premium reserves on title insurance policies issued on Virginia properties pursuant to the reserving laws of the companies' domiciliary regulator, if the domiciliary regulator is accredited under the National Association of Insurance Commissioner's Financial Regulation Standards and Accreditation Program.  Currently, foreign title insurance companies are required to maintain unearned premium reserves at the higher of the amount required of domestic title insurance companies or the amount required in the jurisdiction of domicile.


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