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Virginia Administrative Code
Title 14. Insurance
Agency 5. State Corporation Commission, Bureau of Insurance
Chapter 385. Rules Governing Aboveground Storage Tank and Pipeline Operators Group Self-Insurance Pools
11/21/2024

14VAC5-385-30. Application for license as group self-insurance pool; requirements; approval; review.

A. Two or more operators of facilities may be licensed by the commission as a group self- insurance pool for the purpose of entering into agreements to pool their liabilities pursuant to §§ 62.1-44.34:12 and 62.1-44.34:16 of the Code of Virginia. 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 nonrenewed if the pool fails to comply with the conditions and requirements set forth in § 62.1-44.34:12 of the Code of Virginia and 14VAC5-385-40.

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 reasonably may be expected to meet the obligations that it has undertaken, and has fully disclosed to its members or potential members the coverages and obligations of membership in the pool plan, the commission shall issue a license to the pool. The commission shall act on the application as promptly as practicable.

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

§§ 12.1-13, 38.2-223, and 62.1-44.34:12 of the Code of Virginia.

Historical Notes

Derived from Virginia Register Volume 19, Issue 2, eff. October 1, 2002.

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