Administrative Code

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Virginia Administrative Code
Title 14. Insurance
Agency 5. State Corporation Commission, Bureau of Insurance
Chapter 335. Rules Governing Claims-Made Liability Insurance Policies

14VAC5-335-40. Supplemental extended reporting period requirements.

A. Each insurer shall offer a supplemental extended reporting period to allow an extension of the time to report claims as follows:

1. For medical professional liability insurance, an unlimited supplemental extended reporting period shall be offered with unimpaired limits of liability and shall be effective the same day as the termination of the policy; or

2. For all other claims-made liability insurance policies, a supplemental extended reporting period of at least one year shall be offered.

In addition, the insurer may also offer greater or more limited extensions of time in which to report claims.

B. A supplemental extended reporting period purchased with unimpaired limits of liability in whole or in part shall be effective the same day as the termination of the policy. In all other instances, the policy provisions shall establish the effective date of the supplemental extended reporting period as (i) the same day as the termination of the policy if no basic extended reporting period applies, or (ii) the same day the basic extended reporting period expires if a basic extended reporting period applies.

Statutory Authority

§§ 12.1-13 and 38.2-223 of the Code of Virginia.

Historical Notes

Derived from Virginia Register Volume 20, Issue 21, eff. January 1, 2005; amended, Virginia Register Volume 34, Issue 16, eff. October 1, 2018.

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