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1994 SESSION

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SB 204 Insurance; State Corporation Commission regulation and administration.

Introduced by: Clarence A. Holland | all patrons    ...    notes | add to my profiles

SUMMARY:

Insurance; State Corporation Commission regulation and administration. Incorporates miscellaneous administrative changes throughout the insurance title (38.2) that: (i) Recognize modified guaranteed life and modified guaranteed annuities as classes of insurance that life insurers can write in Virginia; (ii) Clarify the statute as to the approval/disapproval of certificates of group insurance contracts; establish the Commission's authority to promulgate rules and regulations; (iii) Add a number of policy types to Chapter 3 (Insurance Policies and Contracts) that were added in Title 38.2 over the years, but were never specifically incorporated into Chapter 3; (iv) Prescribe the type of annual statement blank foreign insurers are required to use; (v) Correct omitted reference to limited liability companies in Chapter 18; (vi) Include an inadvertently omitted reference to the credit involuntary unemployment section; (vii) Clarify by statute the designation of the funds of the Bureau of Insurance as a special fund; (viii) Facilitate the approval process for broadening automobile insurance coverages by deleting the requirement that forms be approved by administrative order; (ix) Remove an obsolete reference and add a proper reference to Article 3.1 of Chapter 13; (x) Allow an exemption of certain insurers from the cost reporting requirements of Insurance Regulation 38; (xi) Correct a typographical error; and (xii) Authorize the Commission to promulgate rules and regulations regarding coordination of benefits provisions.


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