Administrative Code

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Virginia Administrative Code
Title 14. Insurance
Agency 5. State Corporation Commission, Bureau of Insurance
Chapter 390. Rules Governing Insurance Premium Finance Companies

14VAC5-390-70. Miscellaneous.

A. Any insurance agent or broker or any person who, with the authorization or consent of a licensee, shall take any action on behalf on such licensee shall be deemed to be an agent of such licensee as to such action. This supersedes any contrary language in the insurance premium finance contract.

B. Any licensee having knowledge of any violations of law or irregularities committed by an insurance agent or agency shall promptly report such violations or irregularities to the Commission. Violations and irregularities required to be reported shall include, but not be limited to, issuance of dishonored checks, failure to promptly refund unearned premiums and failure to promptly deliver any monies or documents required to be delivered to a licensee.

C. In the event of prepayment of an insurance premium finance contract, interest shall be refunded to the insured on either a short-rate or a pro-rata basis. Upon receipt from an insurer of the gross unearned premium, a licensee shall refund to the insured within 10 business days of such receipt any premium that is due the insured.

D. All refund checks payable to an insured shall be mailed to the insured's last known address. If a refund check is returned to a licensee unclaimed, the licensee shall make a diligent effort to locate the insured. Each licensee shall maintain a separate account for unclaimed refunds due insureds, and the balance of such account, together with a list of the names of such insureds, shall be reported in the licensee's annual report to the Commission. Whenever funds from such an account are disbursed, the licensee shall retain proof of payment to the insureds. The requirements of this section are in addition to the requirements of § 55-210.12 of the Code of Virginia relating to disposition of unclaimed property.

E. Any company or person violating any provisions of this chapter shall be subject to the penalties provided in §§ 38.2-218, 38.2-219, 38.2-4704 and 38.2-4710 of the Code of Virginia to the extent that they are applicable to such company or person.

Statutory Authority

§ 38.2-4700 et seq. of the Code of Virginia.

Historical Notes

Derived from Regulation 6, Case No. INS890007, § 7, eff. September 1, 1989.

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