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2016 SESSION

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HB 304 Home service contract providers; SCC authorized to deny an initial application based on its review.

Introduced by: Terry G. Kilgore | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED: (all summaries)

Home service contract providers. Authorizes the State Corporation Commission (SCC) to deny an initial license application for a home service contract provider based on its review of the financial statements and any reports, certificates, or other documents filed with the SCC. The measure also changes the license renewal cycle for home service contract providers from a biennial process to an annual process beginning July 1, 2017, and revises the application fee from $1,000 biennially to $500 annually. Other provisions (i) clarify that the Virginia reserve requirement for such companies is determined by taking the gross consideration received for all home service contracts, less the claims paid, and then multiplying the remainder by 40 percent; (ii) replace a reference to "premiums" with "provider fees" because home service contracts are not insurance; and (iii) amend the provision dealing with filing of audited financial statements to allow for statements prepared in accordance with generally accepted accounting principles. The bill has an emergency clause.


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