Administrative Code

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Virginia Administrative Code
Title 10. Finance And Financial Institutions
Agency 5. State Corporation Commission
Chapter 70. Sale of Noncredit-Related Life Insurance in Consumer Finance Offices

10VAC5-70-50. Examination of records.

The Bureau of Financial Institutions shall be given access to the books and records of the insurance sales business conducted under this chapter and be furnished such information as it may need in order to ensure that these conditions are being observed. Noncredit-related life insurance sales records shall be maintained for a period of three years after sale. Such records shall include, but not be limited to, worksheets or the like containing factors and/or calculations used to determine how much life insurance the customer may need or want, disclosure documents containing the customer's acknowledgment of receipt and specimens of policies sold.

Statutory Authority

§ 6.2-1535 of the Code of Virginia.

Historical Notes

Derived from VR225-01-0607 § 5, eff. July 1, 1995; amended, Virginia Register Volume 14, Issue 14, eff. March 10, 1998.

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