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Virginia Administrative Code
Title 14. Insurance
Agency 5. State Corporation Commission, Bureau of Insurance
Chapter 380. Rules Governing Underground Storage Tank Owners and Operators Group Self-Insurance Pools
12/22/2024

14VAC5-380-30. Application for license as group self-insurance pool; requirements; approval; review.

A. Two or more owners and/or operators may be licensed by the Commission as a group self- insurance pool for the purpose of entering into agreements to pool their liabilities under the Act. The application for a license shall be made on a form prescribed by the Commission and shall contain answers to all questions and shall be verified by the oath or affidavit of at least one member of the board of the pool, and the administrator.

The license may be suspended, revoked or non-renewed if the pool fails to comply with all conditions and requirements set forth in the Act and 14VAC5-380-40 of this chapter.

The license expires on June 30 and must be renewed annually.

B. If after the review of the pool's application and other additional information required by the Commission, the Commission is satisfied that the pool's financial condition and method of operation are such that the pool may reasonably be expected to meet the obligations which it has undertaken, and has fully disclosed to its members or potential members the coverages and obligations of membership in the plan, then the Commission shall issue a license to the pool. The Commission shall act on the application as promptly as practical under the existing circumstances.

C. If the Commission rejects the pool's application, notice shall be served by mail upon all interested parties stating the reason for the rejection. The pool shall be provided an opportunity to introduce evidence and be heard in a hearing convened within a timely manner. Such hearing may be formal or informal.

Statutory Authority

§ 62.1-44.34:12 of the Code of Virginia.

Historical Notes

Derived from Regulation 33, Case No. INS890261, § 4, eff. September 1, 1989.

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