Virginia Code 38.2-2703: Rules, rates, policy forms and endorsements subject to the approval of Commission
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The rules, rates, policy forms, and endorsements of the residual market facility shall be subject to the Commission‘s approval prior to use.
Terms Used In Virginia Code 38.2-2703
- Commission: means the State Corporation Commission. See Virginia Code 38.2-100
- rates: means any rate of premium, policy fee, membership fee or any other charge made by an insurer for or in connection with a contract or policy of insurance. See Virginia Code 38.2-100
- Residual market facility: means any organization approved by the Commission to equitably distribute the responsibility to provide basic property insurance on qualified property among insurers licensed to write basic property insurance or other insurance containing a basic property insurance component. See Virginia Code 38.2-2701
1986, c. 562.