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2020 SESSION

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HB 1240 Legal services plans; registration information or fees.

Introduced by: Tony O. Wilt | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED: (all summaries)

Legal services plans. Authorizes legal services organizations to provide to the Virginia Department of Agriculture and Consumer Services any registration information or fees on behalf of their legal services plan sellers. Currently, sellers are required to register with the Department individually. The measure also (i) allows legal services plans to be written in Virginia by a foreign corporation that is licensed as an insurer in its state of domicile and authorized to write legal services plans under the laws of any state; (ii) authorizes a foreign insurer issuing legal services plans to file financial statements with the State Corporation Commission using certain alternative forms;  (iii) allows a legal services organization to use policy forms without prior approval of the Commission if it has filed an informational filing and written notice of its intent to use the form; (iv) allows legal services organizations to exclude the management discussion and analysis sections of their financial statements filed with the Commission; and (v) provides that the Commission may investigate or examine a legal services organization as it deems necessary.


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