Code of Virginia - Title 38.2 Insurance - Chapter 37.1 Credit Life Insurance And Credit Accident And Sickness Insurance

38.2-3717 Scope
All life insurance and all accident and sickness insurance issued or sold in connection with loans or other credit transactions shall be subject to the ...

38.2-3718 Definitions
For the purposes of this chapter: "Commission" means the State Corporation Commission. "Creditor" means the lender of money or vendor or lessor of goods, services, ...

38.2-3719 Forms of credit life insurance and credit accident and sickness insurance
A. Credit life insurance and credit accident and sickness insurance shall be issued only in the following forms: 1. Individual policies of life insurance issued ...

38.2-3720 Amount of credit life insurance and credit accident and sickness insurance
A. Credit life insurance 1. Where an indebtedness is repayable in substantially equal installments, the amount of credit life insurance shall at no time exceed ...

38.2-3721 Term of credit life insurance and credit accident and sickness insurance
A. The term of any policy or certificate of credit life insurance or credit accident and sickness insurance shall, subject to acceptance by the insurer, ...

38.2-3722 Variable interest rate indebtedness; amount; disclosure; refunds
A. Notwithstanding the terms of § 38.2-3720, if the credit transaction provides for a variable interest rate and the insurance premiums are calculated and charged ...

38.2-3723 Reserves
A. Each insurer licensed to write credit life insurance in this Commonwealth shall establish and maintain reserves on all such business written in this Commonwealth. ...

38.2-3724 Policy provisions; disclosure to debtors; delivery of policy or certificate
A. Credit life insurance and credit accident and sickness insurance shall be evidenced by an individual policy, or in the case of group insurance by ...

38.2-3725 Policy forms to be filed with Commission; approval or disapproval by Commission
A. No form shall be delivered or issued for delivery in this Commonwealth until a copy of each form has been filed with and approved ...

38.2-3726 Credit life insurance rates
A. The benefits provided by any credit life insurance form shall be deemed reasonable in relation to the premium charged or to be charged if ...

38.2-3727 Credit accident and sickness insurance rates
A. The Commission shall, based on a morbidity study, promulgate seven-, fourteen- and thirty-day retroactive and nonretroactive credit accident and sickness insurance premium rates which ...

38.2-3728 Use of rates
A. Use of prima facie rates. An insurer that files rates or has rates on file that are not in excess of the prima facie ...

38.2-3729 Refunds
A. Each individual policy or group certificate shall provide that, in the event of termination of the insurance prior to the scheduled maturity date of ...

38.2-3730 Experience reports and adjustment of prima facie rates
A. Each insurer doing insurance business in this Commonwealth shall annually file with the Commission and the National Association of Insurance Commissioners a report of ...

38.2-3731 Claims
A. All claims shall be promptly reported to the insurer or its designated claim representative. The insurer shall maintain adequate claim files. All claims shall ...

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 ...

38.2-3733 Portion of premium may be allowed to creditor; insurance may be provided and serviced at creditor'...
A. A portion of the premium for credit life insurance or credit accident and sickness insurance may be allowed by the insurer to a creditor ...

38.2-3734 License requirements
Any person who, in this Commonwealth, on behalf of an insurer licensed in this Commonwealth, sells, solicits, or negotiates individual or group policies of credit ...

38.2-3735 Disclosure and readability
A. If a creditor makes available to the debtors more than one plan of credit life insurance or more than one plan of credit accident ...

38.2-3736 Noncontributory coverage
If no specific charge is made to the debtor for credit life or credit accident and sickness insurance, the Commission is granted discretion in applying ...

38.2-3737 Application
A. No contract of insurance upon a debtor shall be made or effectuated unless at the time of the contract, the debtor, being of lawful ...

38.2-3738 What laws applicable
In the event of conflict between the provisions of this chapter and other provisions of this title, the provisions of this chapter shall be controlling. ...