Code of Virginia - Title 38.2 Insurance - Chapter 26 Home Protection Companies And Home Service Contract Providers

38.2-2600 Definitions
As used in this article: "Fronting company" means a licensed insurer or licensed home protection company which generally transfers to one or more unlicensed insurers ...

38.2-2601 Exemptions
This article shall not apply to: 1. Performance guarantees given by either (i) the builder of a home or (ii) the manufacturer, seller, or lessor ...

38.2-2602 Limited applicability to certain insurers
A property and casualty insurer may be licensed to transact home protection insurance as defined in § 38.2-129. An insurer licensed in this Commonwealth to ...

38.2-2603 License required; application; fee
Except as provided in § 38.2-2602, no home protection company shall issue or offer to issue home protection contracts in this Commonwealth until a home ...

38.2-2604 Qualification for license; net worth; deposit of securities with State Treasurer
A. No license shall be issued to any home protection company unless the applicant: 1. Is a Virginia corporation formed under the provisions of Article ...

38.2-2605 Expiration and renewal of license
Every home protection company licensed under this article shall obtain a renewal of its license annually from the Commission. Every license issued under this article ...

38.2-2606 Reserves required
A home protection company licensed in this Commonwealth shall maintain reserves in an amount sufficient to provide for its liability to furnish appropriate indemnity, repairs, ...

38.2-2607 Annual statements
On or before March 1 of each year, each home protection company shall file with the Commission its annual statement pursuant to the provisions of ...

38.2-2608 Home protection contracts; filing; form and contents; application or agreement to purchase; regulat...
A. No home protection contract shall be issued or used in this Commonwealth unless it has been filed with and approved by the Commission. B. ...

38.2-2609 Qualifications of agents
No person shall sell, solicit, or negotiate home protection contracts in this Commonwealth unless (i) he has a valid license granting the authority to transact ...

38.2-2610 Cancellation of home protection contracts
A. No home protection contract shall be cancelable by the home protection company during the initial term for which it is issued, except for: 1. ...

38.2-2611 Unfair discrimination
No person shall make or permit any unfair discrimination between individuals in the rates or fees charged for any contract, in the performance of services ...

38.2-2612 Unfair trade practices
In addition to the provisions of Chapter 5 (§ 38.2-500) of this title, the Commission may order any home protection company or its representatives to ...

38.2-2613 Application of insurance laws
Except as otherwise specifically provided in this article or where the context requires otherwise, all of the provisions of this title that apply to property ...

38.2-2614 Fronting not permitted
No licensed insurer or licensed home protection company shall act as a fronting company for any unlicensed insurer or unlicensed home protection company. (1981, c. ...

38.2-2615 Other insurance transactions prohibited
A. A home protection company that engages in any business other than the business of a home protection company is not eligible for the issuance ...

38.2-2616 Binding arbitration provisions in contract
Notwithstanding the provisions of § 38.2-312, no home protection company based in this Commonwealth shall be prohibited from including in its contract a provision that ...

38.2-2617 Definitions
As used in this article: "Administrator" means the person who is responsible for the administration of the home service contracts or the home service contracts ...

38.2-2618 Exemptions
A. The following are exempt from this article: 1. Warranties; 2. Maintenance agreements; and 3. Warranties, service contracts, or maintenance agreements offered by public utilities ...

38.2-2619 Requirements for doing business
A. A provider may, but is not required to, appoint an administrator or other designee to be responsible for any or all of the administration ...

38.2-2620 Required disclosures regarding reimbursement insurance policies
A. Reimbursement insurance policies insuring home service contracts issued, sold, or offered for sale in this Commonwealth shall state that the insurer that issued the ...

38.2-2621 Required disclosures regarding home service contracts
A. Home service contracts marketed, sold, offered for sale, issued, made, proposed to be made, or administered in the Commonwealth shall be written, printed, or ...

38.2-2622 Financial statements
On or before March 1 of each year, each home service contract provider shall file with the Commission its annual financial statement, in the form ...

38.2-2623 Prohibited acts
A. A provider shall not use in its name the words insurance, casualty, surety, mutual or any other words descriptive of the insurance, casualty or ...

38.2-2624 Examinations
The Commission may investigate or examine the affairs, transactions, accounts, records and assets of the home service contract provider as it deems necessary. Examinations shall ...

38.2-2625 Cancellation of reimbursement insurance policy
As applicable, an insurer that issued a reimbursement insurance policy shall not terminate the policy until a notice of termination in accordance with § 38.2-231 ...

38.2-2626 Obligation of reimbursement insurance policy insurers
A. Insurers issuing reimbursement insurance to providers are deemed to have received the premiums for such insurance upon the payment of provider fees by contract ...

38.2-2627 Enforcement
A. The Commission may take all administrative action as specified and set forth in subsections A and B of § 38.2-219, and § 38.2-220. Nothing ...

38.2-2628 Severability
If any provision of this article, or the application of the provision to any person or circumstances, shall be held invalid, the remainder of this ...