§ 38.2-3732. Insurer delegation of duties
Any insurer that delegates to a creditor any of its duties under the laws of this Commonwealth or the regulations of this Commission shall be responsible to see that such creditor discharges such duties in accordance with said laws and regulations. A finding by the Commission that either the insurer or its delegee has failed to comply with such requirements shall subject the insurer and creditor to any and all disciplinary actions authorized under this title. Such responsibility shall include but not be limited to a determination that:
1. Proper insurance rates are being charged by the creditor;
2. Proper refunds are being made;
3. Claims are being filed and properly handled;
4. Amounts of insurance payable on death in excess of the amounts necessary to discharge indebtedness are properly distributed; and
5. The creditor is promptly and fairly processing complaints concerning its credit insurance operations and is maintaining proper procedures for and records of complaints processed.
(1992, c. 586.)
Sections: Previous 38.2-3724 38.2-3725 38.2-3726 38.2-3727 38.2-3728 38.2-3729 38.2-3730 38.2-3731 38.2-3732 38.2-3733 38.2-3734 38.2-3735 38.2-3736 38.2-3737 38.2-3738 NextLast modified: April 3, 2009