§ 38.2-2114.1. Powers of Commission; replacement policies
Upon the verified petition of an insurer, where the petitioning insurer proposes to replace all or substantially all of its policies in another insurer, the Commission may relieve the insurer of the requirements of subsections B and C of § 38.2-2114 and of the mailing requirements of § 38.2-2113; provided the insurer demonstrates to the satisfaction of the Commission that (i) the replacement policy is underwritten by an affiliate insurer under common control with the petitioning insurer; (ii) the replacement policy is substantially similar to the existing policy with the petitioning insurer; (iii) the premium charged for the replacement policy is no greater than that charged by the petitioning insurer for the existing policy; and (iv) the replacement insurer is duly licensed to transact the business of insurance in the Commonwealth of Virginia. The replacement insurer shall retain a copy of any offer of replacement for a period of one year from the expiration of any existing policy that is not replaced. The Commission may further condition any such relief to protect the best interests of the policyholder.
(1991, c. 292.)
Sections: Previous 38.2-2108 38.2-2109 38.2-2110 38.2-2111 38.2-2112 38.2-2113 38.2-2114 38.2-2114.1 38.2-2115 38.2-2116 38.2-2117 38.2-2118 38.2-2119 38.2-2120 38.2-2121 NextLast modified: April 16, 2009