Administrative Code

Creating a Report: Check the sections you'd like to appear in the report, then use the "Create Report" button at the bottom of the page to generate your report. Once the report is generated you'll then have the option to download it as a pdf, print or email the report.

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
1/25/2020

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 Volume 19, Issue 02, eff. October 1, 2002.

Website addresses provided in the Virginia Administrative Code to documents incorporated by reference are for the reader's convenience only, may not necessarily be active or current, and should not be relied upon. To ensure the information incorporated by reference is accurate, the reader is encouraged to use the source document described in the regulation.

As a service to the public, the Virginia Administrative Code is provided online by the Virginia General Assembly. We are unable to answer legal questions or respond to requests for legal advice, including application of law to specific fact. To understand and protect your legal rights, you should consult an attorney.