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1999 SESSION

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HB 721 Credit insurance.

Introduced by: Eric I. Cantor | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED HOUSE: (all summaries)

Credit insurance. Modifies Virginia’s credit insurance laws. Included in the bill are provisions which (i) alter disclosure, enrollment request, and readability requirements applicable to the purchase of credit involuntary unemployment insurance, credit life insurance, and credit accident and sickness insurance; (ii) authorize combination disclosures concerning credit insurance coverages; (iii) permit the Commission, when setting credit insurance rates, to consider the following factors, in addition to loss ratios: (a) actual and expected loss experience, (b) general and administrative expenses, (c) loss settlement and adjustment expenses, (d) reasonable creditor compensation, (e) investment income, (f) the manner in which premiums are charged, (g) other acquisition costs, reserves, taxes, regulatory license fees and fund assessments, and (h) other relevant data consistent with generally accepted actuarial standards, and (iv) permit employees of a creditor or insurer, or of their respective affiliates or related entities, to enroll debtors under various group credit insurance policies without holding licenses as insurance agents, if no commissions are paid to that employee.


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