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Time of payment of claims (§ 38.2-3537)
2016Each group accident and sickness insurance policy shall contain a provision that all benefits payable under the policy other than benefits for loss of time shall be payable within sixty days after receipt of proof of loss. The provision shall also s . . .
Company Action Level Event (§ 38.2-5503)
2016A “Company Action Level Event” means any of the following events: B In the event of a Company Action Level Event, the licensee shall prepare and submit to the Commission an RBC Plan which shall: C The RBC Plan shall be submitted: D Wit . . .
Refusal, suspension or revocation of license (§ 38.2-1040)
2016A The Commission may refuse to issue a license to any domestic, foreign or alien insurer to transact the business of insurance in this Commonwealth, and may suspend or revoke the license of any licensee, whenever it finds that the applicant or licens . . .
Policy must contain certain agreement; additional coverage (§ 46.2-474)
2016Every policy of insurance subject to the provisions of this chapter: . . .
Requirements for prescription benefit cards (§ 38.2-3407.4:2)
2016A Each (i) insurer proposing to issue individual or group accident and sickness insurance policies providing hospital, medical and surgical or major medical coverage on an expense incurred basis, (ii) corporation providing individual or group acciden . . .
(Effective October 1, 2016) Bonds to be legal investments (§ 23.1-2423)
2016Bonds issued by the Authority under the provisions of this chapter are securities (i) in which all public officers and public bodies of the Commonwealth and its political subdivisions, insurance companies, trust companies, banking associations, inves . . .
Applicability (§ 38.2-5500)
2016The provisions of this chapter shall be known as The Risk-Based Capital Act and may be referred to herein as “the Act.” The Act shall apply to all persons licensed in the Commonwealth to transact an insurance business pursuant to provisio . . .
Reinsurance (§ 38.2-4113)
2016A A domestic society may, by a reinsurance agreement, cede any individual risk or risks in whole or in part to an insurer, other than another fraternal benefit society, having the power to make such reinsurance and authorized to do business in this C . . .
Use of toll facility without payment of toll; enforcement; penalty (§ 46.2-819.3)
2016A For purposes of this section:”Debt collection” means the collection of unpaid tolls and applicable administrative fees by (i) retention of a third-party debt collector or (ii) collection practices undertaken by employees of a toll facil . . .
Insurance (§ 22.1-84)
2016A school board may provide for insurance on school properties against loss by fire and against such other losses as it deems necessary and may provide liability insurance, or may provide self-insurance, for certain or all of its officers and employee . . .