Administrative Code

Virginia Administrative Code
Title 14. Insurance
12/10/2019

Agency 5. State Corporation Commission, Bureau of Insurance

Preface
Agency Summary
Chapter 10
Accident Airtrip Insurance [Repealed]Read all
Section 10
[Repealed]
Chapter 20
Variable Contract RegulationsRead all
Section 10
Definitions
Section 20
Delivery of Variable Contracts
Section 30
Separate Accounts; Provisions
Section 40
Filing of Contracts
Section 50
Procedures
Section 60
Required Reports
Section 70
Foreign Companies
Section 80
Agents
Section 90
Examination of Other Persons
Section 100
Records of Examination
Section 110
General
Chapter 30
Rules Governing Life Insurance and Annuity ReplacementsRead all
Section 10
Purpose
Section 20
Definitions
Section 30
Exemptions
Section 40
Duties of Agents
Section 50
[Repealed]
Section 51
Duties of Replacing Insurers That Use Agents
Section 55
Duties of the Existing Insurer
Section 60
Duties of Insurers That Use Agents
Section 70
Duties of Insurers with Respect to Direct Response Solicitations
Section 80
Penalties
Section 90
Severability
Section 100
[Repealed]
Section 100:1
Exhibit a. [Repealed]
FORMS
Forms (14VAC5-30)
Chapter 40
Rules Governing Life Insurance and Annuity Marketing Practices [Repealed]Read all
Section 10
[Repealed]
Section 20
[Repealed]
Section 30
[Repealed]
Section 40
[Repealed]
Section 50
[Repealed]
Section 60
[Repealed]
Section 70
[Repealed]
Section 80
[Repealed]
Chapter 41
Rules Governing Advertisement of Life Insurance and AnnuitiesRead all
Section 10
Purpose and Applicability
Section 20
Definitions
Section 30
Form and Content of Advertisements
Section 40
General Disclosure Requirements
Section 50
Premiums
Section 60
Nonguaranteed Policy Elements
Section 70
Policies and Benefits
Section 80
Policy Costs and Cost Comparisons
Section 90
Insurer Identity and Representations
Section 100
Testimonials, Appraisals, Analyses, and Endorsements
Section 110
Introductory, Initial, or Special Offers
Section 120
Policies Sold to Students
Section 130
Individual Deferred Annuity Contracts or Deposit Funds
Section 140
Jurisdictional Licensing
Section 150
Approval and Records Maintenance Requirements
Section 160
Severability
Chapter 43
Rules Governing Use of Senior-Specific Certifications and Professional Designations in Sale of Life or Accident and Sickness Insurance or AnnuitiesRead all
Section 10
Applicability
Section 20
Senior-Specific Certifications and Professional Designations
Section 30
Severability
Chapter 45
Rules Governing Suitability in Annuity TransactionsRead all
Section 10
Purpose and Scope
Section 20
Definitions
Section 30
Exemptions
Section 40
Duties of Insurers and Agents
Section 45
Agent Training
Section 47
Recordkeeping
Section 50
Severability
Chapter 50
Rules Governing New Annuity Mortality Tables for Use in Determining Reserve Liabilities for AnnuitiesRead all
Section 10
Purpose
Section 20
Definitions
Section 30
Individual Annuity or Pure Endowment Contracts
Section 35
Application of the 2012 Iar Mortality Table
Section 40
Group Annuity or Pure Endowment Contracts
Section 41
Application of the 1994 Gar Table
Section 50
Severability
Chapter 60
Rules Permitting Smoker/Nonsmoker Mortality Tables for Use in Determining Minimum Reserve Liabilities and Nonforfeiture BenefitsRead all
Section 10
Purpose
Section 20
Definitions
Section 30
Alternate Tables
Section 40
Conditions
Section 50
Prohibited Provision
Section 60
Severability
Chapter 70
Rules Governing Accelerated Benefits ProvisionsRead all
Section 10
Purpose
Section 20
Compliance with the Chapter
Section 30
Applicability and Scope
Section 40
Definitions
Section 50
Type of Product
Section 60
Assignee/Beneficiary
Section 70
Criteria for Payment; Lump Sum Settlement Option; Restrictions on Use of Proceeds; Accidental Death Benefit Provision
Section 80
Required Disclosure Provision; Descriptive Title; Tax Consequences; Solicitations and Disclosures; Effect of Benefit Payment
Section 90
Effective Date of the Accelerated Benefits
Section 100
Waiver of Premiums
Section 110
Discrimination
Section 120
Actuarial Standards; Financing Options; Effect on Cash Value; Effect of Outstanding Policy Loans
Section 130
Actuarial Disclosure and Reserves
Section 140
Filing Requirement
Section 150
Severability
Chapter 71
Rules Governing Viatical Settlement Providers and Viatical Settlement BrokersRead all
Section 10
Purpose
Section 20
Definitions
Section 30
[Repealed]
Section 31
License Requirements for Viatical Settlement Providers
Section 35
Viatical Settlement Contracts and Disclosure Statements
Section 40
License Requirements for Viatical Settlement Brokers
Section 50
Other Requirements for Viatical Settlement Brokers
Section 60
Standards for Evaluation of Reasonable Payments
Section 70
Reporting Requirements
Section 80
[Repealed]
Section 90
General Rules
Section 91
Advertising
Section 92
Prohibited Practices
Section 93
Insurance Company Practices
Section 100
Severability
FORMS
Forms (14VAC5-71)
Chapter 80
Rules Governing Variable Life InsuranceRead all
Section 10
Scope
Section 20
Definitions
Section 30
Licensing and Approval to Do Business in the Commonwealth
Section 40
Filing for Approval to Do Business in the Commonwealth
Section 50
Standards of Suitability
Section 60
Use of Sales Materials
Section 70
Requirements Applicable to Contractual Services
Section 80
Reports to the Commission
Section 90
Authority of Commission to Disapprove
Section 100
Variable Life Insurance Form Approval; in General
Section 110
Filing of Variable Life Insurance Policies
Section 120
Mandatory Policy Benefit and Design Requirements
Section 130
Mandatory Policy Provisions
Section 140
Policy Loan Provisions
Section 150
Other Policy Provisions
Section 160
[Repealed]
Section 200
Establishment and Administration of Separate Accounts
Section 210
Amounts in the Separate Account
Section 220
Investment by the Separate Account
Section 230
Limitations on Ownership
Section 240
Valuation of Separate Account Assets
Section 250
Separate Account Investment Policy
Section 260
Charges Against Separate Account
Section 270
Standards of Conduct
Section 280
Conflicts of Interest
Section 290
Investment Advisory Services to a Separate Account
Section 300
Information Furnished to Applicants
Section 310
Applications
Section 320
Reports to Policyholders
Section 330
Foreign Companies
Section 340
Qualification to Sell Variable Life Insurance
Section 350
Reports of Disciplinary Actions
Section 360
Refusal to Qualify Agent to Sell Variable Life Insurance: Suspension, Revocation, or Nonrenewal of Qualification
Section 370
Severability
Chapter 90
Rules Governing Advertisement of Accident and Sickness InsuranceRead all
Section 10
Purpose
Section 20
Applicability
Section 30
Definitions
Section 40
Method of Disclosure of Required Information
Section 50
Form and Content of Advertisements
Section 55
Form and Content of Invitations to Inquire
Section 60
Requirements Applicable to Advertisements of Covered Benefits; Disclosures Relating to Exceptions, Reductions, Limitations; and Pre-Existing ...
Section 70
Necessity for Disclosing Policy Provisions Relating to Renewability, Cancellability, and Termination
Section 80
Testimonials or Endorsements by Third Parties
Section 90
Use of Statistics
Section 100
Identification of Plan or Number of Policies
Section 110
Disparaging Comparisons and Statements
Section 120
Jurisdictional Licensing and Status of Insurer
Section 130
Identity of Insurer
Section 140
Group or Quasi-Group Implications
Section 150
Introductory, Initial or Special Offers
Section 160
Statements About an Insurer
Section 170
Enforcement Procedures; Advertising File; Corrective Advertising
Section 180
Severability
Chapter 100
Rules Governing the Submission for Approval of Life, Accident and Sickness, Annuity, Credit Life and Credit Accident Sickness Policy FormsRead all
Section 10
General Considerations
Section 20
Source of Filing
Section 30
Filing Date
Section 40
Transmittal Letter
Section 50
Form Requirements
Section 60
Continuing Responsibility of Insurers
Section 70
Individual Accident and Sickness Rate Information
Section 80
Credit Life/Accident and Sickness Rate Information
Chapter 110
Rules and Regulations for Simplified and Readable Accident and Sickness Insurance PoliciesRead all
Section 10
Purpose
Section 20
Effective Date and Other Provisions
Section 30
Scope
Section 40
Definitions
Section 50
Readable Policy Requirements; General Rules; Format; Legibility; Readability
Section 60
Certification
Section 70
Powers of the Commission
Section 80
Severability
Chapter 120
Rules Governing the Implementation of the Individual Accident and Sickness Insurance Minimum Standards Act with Respect to Specified Disease PoliciesRead all
Section 10
Purpose
Section 20
Effective Date and Other Provisions
Section 30
Scope
Section 40
Policy Definitions
Section 50
General Policy Requirements
Section 60
Prohibited Policy Provisions
Section 70
Specified Disease Minimum Benefit Standards
Section 80
Required Disclosure Provisions
Section 90
Requirements for Replacement
Section 100
Severability
Chapter 130
Rules Governing the Filing of Rates for Individual and Certain Group Accident and Sickness Insurance Policy FormsRead all
Section 10
Purpose
Section 20
[Reserved]
Section 30
Scope
Section 40
Definitions
Section 50
General Rules on Rate Filing; Experience Records and Data
Section 60
Filing of Rates for a New Policy Form
Section 65
Reasonableness of Benefits in Relation to Initial Premiums
Section 70
Filing a Rate Revision
Section 75
Reasonableness of Benefits in Relation to Revised Premiums
Section 80
[Repealed]
Section 81
Risk Pools and Index Rate
Section 90
Monitoring of Experience
Section 100
Severability
FORMS
Forms (14VAC5-130)
Chapter 140
Rules Governing the Implementation of the Individual Accident and Sickness Insurance Minimum Standards ActRead all
Section 10
Purpose
Section 20
Compliance with Chapter
Section 30
Scope
Section 40
Policy Definitions
Section 50
General Policy Requirements
Section 60
Prohibited Policy Provisions
Section 70
Accident and Sickness Minimum Standards for Benefits
Section 80
Required Disclosure Provisions
Section 90
Requirements for Replacement
Section 100
Severability
Chapter 150
Rules to Implement Transitional Requirements for the Conversion of Medicare Supplement Insurance Benefits and Premiums to Conform to Medicare ...Read all
Section 10
Purpose
Section 20
[Reserved]
Section 30
Applicability and Scope
Section 40
Definitions
Section 50
Benefit Conversion Requirements
Section 60
Requirements for New Policies and Certificates
Section 70
Buyer's Guide
Section 80
Severability
Chapter 160
Rules to Implement Transitional Requirements for the Conversion of Medicare Supplement Insurance Benefits and Premiums to Conform to Repeal of the ...Read all
Section 10
Purpose
Section 20
[Reserved]
Section 30
Applicability and Scope
Section 40
Definitions
Section 50
Benefit Conversion Requirements
Section 60
Form and Rate Filing Requirements
Section 70
Offer of Reinstitution of Coverage
Section 80
Requirements for New Policy and Certificates
Section 90
Filing Requirements for Advertising
Section 100
Buyer's Guide
Section 110
Severability
Section 110:1
Appendix a. Notice of Changes in Medicare and Your Medicare Supplement Coverage-1990
Chapter 170
Rules Governing Minimum Standards for Medicare Supplement PoliciesRead all
Section 10
Purpose
Section 20
Applicability and Scope
Section 30
Definitions
Section 40
Policy Definitions and Terms
Section 50
Policy Provisions
Section 60
Minimum Benefit Standards for Prestandardized Medicare Supplement Benefits Plan Policies or Certificates Issued for Delivery Prior to July 30, 1992
Section 70
Benefit Standards for 1990 Medicare Supplement Policies Delivered on or After July 30, 1992 and Prior to June 1, 2010
Section 75
Benefit Standards for 2010 Medicare Supplement Policies Delivered on or After June 1, 2010
Section 80
Standard Plans for 1990 Medicare Supplement Policies Delivered on or After July 30, 1992, and Prior to June 1, 2010
Section 85
Standard Plans for 2010 Standardized Medicare Supplement Policies Delivered on or After June 1, 2010
Section 87
Standard Plans for 2020 Standardized Medicare Supplement Policies Delivered to Individuals Newly Eligible for Medicare on or After January 1, 2020
Section 90
Medicare Select Policies and Certificates
Section 100
Open Enrollment
Section 105
Guaranteed Issue for Eligible Persons
Section 110
Standards for Claims Payment
Section 120
Loss Ratio Standards and Refund or Credit of Premium; Annual Filing; Public Hearing
Section 130
Filing and Approval of Policies and Certificates and Premium Rates
Section 140
Permitted Compensation Arrangements
Section 150
Required Disclosure Provisions
Section 160
Requirements for Application Forms and Replacement Coverage
Section 170
Filing Requirements for Advertising
Section 180
Standards for Marketing
Section 190
Appropriateness of Recommended Purchase and Excessive Insurance
Section 200
Reporting of Multiple Policies
Section 210
Prohibition Against Preexisting Conditions, Waiting Periods, Elimination Periods and Probationary Periods in Replacement Policies or Certificates
Section 215
Prohibition Against Use of Genetic Information and Requests for Genetic Testing
Section 220
Severability
Section 220:1
Appendix a. Medicare Supplement Refund Calculation Form
Section 220:2
Appendix B. Form for Reporting Medicare Supplement Policies
Section 220:3
Appendix C. Disclosure Statements
Section 220:4
Appendix D. Notice About Attained Age Rated Medicare Supplement Policies
Chapter 180
Rules Governing Underwriting Practices and Coverage Limitations and Exclusions for Acquired Immunodeficiency Syndrome (Aids)Read all
Section 10
Purpose
Section 20
Effective Date
Section 30
Scope
Section 40
Definitions
Section 50
Underwriting Procedures
Section 60
Coverage Limitations and Exclusions
Section 70
Severability
Chapter 190
Rules Governing the Reporting of Cost and Utilization Data Relating to Mandated Benefits and Mandated ProvidersRead all
Section 10
Purpose
Section 20
Scope
Section 30
Definitions
Section 40
[Repealed]
Section 50
Reporting and Filing Requirements
Section 60
Annual Notification and Modification of Reporting Form
Section 70
Penalties
Section 80
Severability
Section 80:1
[Repealed]
Section 80:2
[Repealed]
FORMS
Forms (14VAC5-190)
Chapter 200
Rules Governing Long-Term Care InsuranceRead all
Section 10
Purpose
Section 20
(Repealed)
Section 30
Applicability and Scope
Section 40
Definitions
Section 50
Policy Definitions
Section 60
Policy Practices and Provisions
Section 65
Unintentional Lapse
Section 70
Required Disclosure Provisions
Section 75
Required Disclosure of Rating Practices to Consumer
Section 77
Initial Filing Requirements
Section 80
Prohibition of Post-Claims Underwriting
Section 90
Minimum Standards for Home Health and Community Care Benefits in Long-Term Care Insurance Policies
Section 100
Requirement to Offer Inflation Protection
Section 110
Requirements for Application Forms and Replacement Coverage
Section 120
Reporting Requirements
Section 125
Annual Rate Reports
Section 130
Discretionary Powers of Commission
Section 140
Reserve Standards
Section 150
Premium Rate Increases for Policies Issued Before October 1, 2003
Section 153
Premium Rate Increases for Policies Issued on or After October 1, 2003, but Prior to September 1, 2015
Section 154
Premium Rate Increases for Policies Issued After September 1, 2015
Section 155
Filing Requirement
Section 160
Filing Requirements for Advertising
Section 170
Standards for Marketing
Section 175
Suitability
Section 180
[Repealed]
Section 181
Availability of New Services or Providers
Section 183
Right to Reduce Coverage and Lower Premiums
Section 185
Nonforfeiture Benefit Requirement
Section 187
Standards for Benefit Triggers
Section 190
Prohibition Against Preexisting Conditions and Probationary Periods in Replacement Policies or Certificates
Section 195
Rate Increase Hearings
Section 200
Standard Format Outline of Coverage
Section 201
Requirement to Deliver Shopper's Guide
Section 205
State Long-Term Care Insurance Partnership Program
Section 210
Severability
FORMS
Forms (14VAC5-200)
Chapter 210
Rules Governing Health Maintenance Organizations [Repealed]Read all
Section 10
[Repealed]
Chapter 211
Rules Governing Health Maintenance OrganizationsRead all
Section 10
Applicability and Scope
Section 20
Definitions
Section 30
Covered and Uncovered Expenses
Section 40
Surplus Notes
Section 50
Financial Projections
Section 60
[Repealed]
Section 70
Continuation of Coverage
Section 80
Coordination of Benefits
Section 90
Cost Sharing
Section 100
[Repealed]
Section 110
[Repealed]
Section 120
[Repealed]
Section 130
Extension of Benefits for Total Disability
Section 140
Freedom of Choice
Section 150
Complaint and Appeals Procedure
Section 160
Basic Health Care Services
Section 165
Point-of-Service Benefits
Section 170
Supplemental Health Care Services
Section 180
Out-of-Area Services
Section 190
Limited Health Care Services
Section 200
[Repealed]
Section 210
Evidence of Coverage Requirements
Section 220
Preexisting Conditions and Waiting Periods
Section 230
Reasons for Termination or Rescission
Section 240
Unfair Discrimination
Section 250
Conformity with State Law
Section 260
[Repealed]
Section 270
Controversies Involving Contracts
Section 280
Severability
Chapter 215
Rules Governing Independent External Review of Final Adverse Utilization Review Decisions [Repealed]Read all
Section 10
[Repealed]
Section 20
[Repealed]
Section 30
[Repealed]
Section 40
[Repealed]
Section 50
[Repealed]
Section 60
[Repealed]
Section 70
[Repealed]
Section 80
[Repealed]
Section 90
[Repealed]
Section 100
[Repealed]
Section 110
[Repealed]
Section 120
[Repealed]
Section 130
[Repealed]
Chapter 216
Rules Governing Internal Appeal and External ReviewRead all
Section 10
Scope and Purpose
Section 20
Definitions
Section 30
General Requirements
Section 40
Minimum Appeal Requirements
Section 45
Exhaustion
Section 50
Urgent Care Appeals
Section 60
Concurrent Review Decisions
Section 65
Exception Request for Prescription Drugs
Section 70
Notification Requirements
Section 80
Incomplete or Ineligible Determinations
Section 90
Expedited External Review
Section 100
Qualifications for Independent Review Organizations
Section 110
External Review Reporting Requirements
Section 120
Funding of External Review
Section 130
Self-Insured Plans
FORMS
Forms (14VAC5-216)
Chapter 220
Rules Governing Private Review Agents [Repealed]Read all
Section 10
[Repealed]
Chapter 230
Rules Governing Credit Life Insurance and Credit Accident and Sickness Insurance [Repealed]Read all
Section 10
[Repealed]
Chapter 232
[Reserved]Read all
Section 10
[Reserved]
Chapter 234
Rules Governing Essential and Standard Health Benefit Plan Contracts [Repealed]Read all
Section 10
[Repealed]
Section 20
[Repealed]
Section 30
[Repealed]
Section 40
[Repealed]
Section 50
[Repealed]
Section 60
[Repealed]
Section 70
[Repealed]
Section 80
[Repealed]
Section 90
[Repealed]
Section 100
[Repealed]
Chapter 240
Rules and Regulations Regarding Proxies, Consents and Authorizations of Domestic Stock InsurersRead all
Section 10
Application of Regulation
Section 20
Proxies, Consents and Authorizations
Section 30
Disclosure of Equivalent Information
Section 40
Definitions
Section 50
Information to Be Furnished to Security Holders
Section 60
Requirements As to Proxy and Information Statement
Section 70
Material Required to Be Filed
Section 80
False or Misleading Statements
Section 90
Prohibition of Certain Solicitations
Section 100
Special Provisions Applicable to Election Contests
Section 100:1
Schedule a. Information Required in Proxy Statement or Information Statement
Section 100:2
Schedule B. Information to Be Included in Statements Filed by or on Behalf of a Participant (Other Than the Insurer) in a Proxy Solicitation in an ...
Chapter 250
Rules, Regulations and Forms Relating to Restrictions on the Purchase and Sale of Equity Securities of Domestic Stock Insurance CompaniesRead all
Section 10
Definitions
Section 20
Transactions Exempted from the Operation of Subsection B of the Act
Section 30
Filing of Statements
Section 40
Ownership of More Than 10% of an Equity Security
Section 50
Disclaimer of Beneficial Ownership
Section 60
Exemptions from Subsections a and B of the Act
Section 70
Exemption from the Act of Securities Purchased or Sold by Odd-Lot Dealers
Section 80
Certain Transactions Subject to Subsection a of the Act
Section 90
Ownership of Securities Held in Trust
Section 100
Exemption for Small Transactions
Section 110
Exemption from Subsection B of the Act of Transactions Which Need Not Be Reported under Subsection a of the Act
Section 120
Exemption from Subsection B of the Act of Certain Transactions Effected in Connection with a Distribution
Section 130
Exemption from Subsection B of the Act of Acquisitions of Shares of Stock and Stock Options under Certain Stock Bonus, Stock Option or Similar Plans
Section 140
Exemption from Subsection B of the Act of Certain Transactions in Which Securities Are Received by Redeeming Other Securities
Section 150
Exemption of Long Term Profits Incident to Sales within Six Months of the Exercise of an Option
Section 160
Exemption from Subsection B of the Act of Certain Acquisitions and Dispositions of Securities Pursuant to Merger or Consolidations
Section 170
Exemption from Subsection B of the Act of Transactions Involving the Deposit or Withdrawal of Equity Securities under a Voting Trust or Deposit ...
Section 180
Exemption from Subsection B of the Act of Certain Transactions Involving the Conversion of Equity Securities
Section 190
Exemption from Subsection B of the Act of Certain Transactions Involving the Sale of Subscription Rights
Section 200
Exemption of Certain Securities from Subsection C of the Act
Section 210
Exemption from Subsection C of the Act of Certain Transactions Effected in Connection with Distribution
Section 220
Exemption from Subsection C of the Act of Sales of Securities to Be Acquired
Section 230
Arbitrage Transactions under Subsection E of the Act
Section 240
Penalty Provision
FORMS
Forms (14VAC5-250)
Chapter 260
Rules Governing Insurance Holding CompaniesRead all
Section 10
Applicability
Section 20
[Repealed]
Section 30
Definitions
Section 40
Acquisition of Control; Approval of Applications
Section 50
Acquisitions Involving Insurers Not Otherwise Covered
Section 55
Subsidiaries of Insurers
Section 60
Annual Registration of Insurers; Registration Statement Filings and Amendments
Section 70
Disclaimers and Termination of Registration
Section 80
Transactions Subject to Prior Notice Filing
Section 85
Enterprise Risk Report
Section 90
Dividends and Other Distributions
Section 100
Management of Controlled Insurers and Standards for Transactions with Affiliates
Section 110
Severability Clause
FORMS
Forms (14VAC5-260)
DIBR
Documents Incorporated by Reference (14VAC5-260)
Chapter 265
Rules Governing Corporate Governance Annual DisclosuresRead all
Section 10
Purpose and Scope
Section 20
Definitions
Section 30
Filing Procedures
Section 40
Contents of Corporate Governance Annual Disclosure
Section 50
Severability Clause
Chapter 270
Rules Governing Annual Financial ReportingRead all
Section 10
Purpose
Section 20
Applicability
Section 30
Scope
Section 40
Definitions
Section 50
General Requirements Related to Filing and Extensions for Filing of Annual Audited Financial Reports and Audit Committee Appointment
Section 60
Contents of Annual Audited Financial Report
Section 70
Designation of Independent Certified Public Accountant
Section 80
Qualifications of Accountant
Section 90
Consolidated or Combined Audits
Section 100
Scope of Audit and Report of Independent Certified Public Accountant
Section 110
Notification of Adverse Financial Condition
Section 120
Communicating Internal Control Related Matters Noted in an Audit
Section 130
Accountant's Letter of Qualifications
Section 140
Availability and Maintenance of Independent Certified Public Accountant Workpapers
Section 144
Requirements for Audit Committees
Section 145
Internal Audit Function Requirements
Section 146
Conduct of Insurer in Connection with the Preparation of Required Reports and Documents
Section 148
Management's Report of Internal Control over Financial Reporting
Section 150
Exemptions
Section 160
[Repealed]
Section 170
Canadian and British Companies
Section 174
Retention of Independent Certified Public Accountant on or After January 1, 2010, and Other Effective Dates
Section 180
Severability
FORMS
Forms (14VAC5-270)
DIBR
Documents Incorporated by Reference (14VAC5-270)
Chapter 280
Rules Establishing Standards for Life, Annuity, and Accident and Sickness Reinsurance AgreementsRead all
Section 10
Definitions
Section 20
Purpose
Section 30
Scope
Section 40
Accounting and Actuarial Requirements
Section 50
Written Agreements
Section 60
Existing Agreements
Section 70
Severability
Section 70:1
Exhibit 1. Significant Risks Table
Section 70:2
Exhibit 2. Sample Formula for Determining Reserve Interest Rate Adjustment
Chapter 290
Rules Establishing Standards for Companies Deemed to Be in Hazardous Financial ConditionRead all
Section 10
Purpose
Section 20
Applicability and Scope
Section 30
Standards
Section 40
Commission's Authority
Section 50
Severability
Chapter 300
Rules Governing Credit for ReinsuranceRead all
Section 10
Purpose
Section 20
[Repealed]
Section 30
Applicability and Scope
Section 40
Definitions
Section 50
[Repealed]
Section 60
Credit for Reinsurance; Reinsurer Licensed in This Commonwealth
Section 70
Credit for Reinsurance; Accredited Reinsurers
Section 80
Credit for Reinsurance; Reinsurer Domiciled and Licensed in Another State, and Neither Licensed nor Accredited in Virginia
Section 90
Credit for Reinsurance; Reinsurers Maintaining Trust Funds
Section 95
Credit for Reinsurance; Certified Reinsurers
Section 100
Credit for Reinsurance Required by Law
Section 110
Asset or Reduction from Liability for Reinsurance Ceded to an Assuming Insurer Not Meeting the Requirements of 14VAC5-300-60 Through 14VAC5-300-100
Section 120
Trust Agreements Qualified under 14VAC5-300-110 and Subdivision 2 of § 38.2-1316.4 of the Act
Section 130
Letters of Credit Qualifying for § 38.2-1316.4 Credit under 14VAC5-300-110
Section 140
Other Security
Section 150
Reinsurance Contract
Section 160
Contracts Affected
Section 170
Severability
FORMS
Forms
DIBR
Documents Incorporated by Reference
Chapter 310
Rules Governing Actuarial Opinions and MemorandaRead all
Section 10
Purpose
Section 20
Authority; Effective Date
Section 30
Scope
Section 40
Definitions
Section 50
General Requirements for Actuarial Opinions
Section 60
[Repealed]
Section 80
Statement of Actuarial Opinion Based on an Asset Adequacy Analysis
Section 90
Description of Actuarial Memorandum Issued for an Asset Adequacy Analysis and Regulatory Asset Adequacy Issues Summary
Section 100
Record Retention
Section 105
Notification of an Opinion in Error; Amended Opinion
Section 110
[Repealed]
Section 120
Severability
Chapter 318
Rules Governing Term and Universal Life Insurance Reserve FinancingRead all
Section 10
Purpose and Scope
Section 20
Applicability
Section 30
Definitions
Section 40
Exemptions from This Chapter
Section 50
The Actuarial Method
Section 60
Requirements Applicable to Covered Policies to Obtain Credit for Reinsurance; Opportunity for Remediation
Section 70
Prohibition Against Avoidance
Section 80
Severability
Chapter 319
Life Insurance ReservesRead all
Section 10
Definitions
Section 20
Purpose
Section 30
Applicability
Section 40
General Calculation Requirements for Basic Reserves and Premium Deficiency Reserves
Section 50
Calculation of Minimum Valuation Standard for Policies with Guaranteed Nonlevel Gross Premiums or Guaranteed Nonlevel Benefits (Other Than ...
Section 60
Calculation of Minimum Valuation Standard for Flexible Premium and Fixed Premium Universal Life Insurance Policies That Contain Provisions ...
Section 70
Twenty-Year Select Mortality Factors
Section 80
Severability
Chapter 320
Rules Establishing Minimum Reserve Standards for Individual and Group Accident and Sickness Insurance ContractsRead all
Section 10
Purpose
Section 20
General
Section 30
Claim Reserves
Section 40
Premium Reserves
Section 50
Contract Reserves
Section 60
Reinsurance
Section 70
Severability
Section 70:1
Appendix a. Specific Standards for Morbidity, Interest and Mortality
Section 70:2
Appendix B. Glossary of Technical Terms Used
Section 70:3
Appendix C. Reserves for Waiver of Premium
Chapter 321
Use of the 2001 CSO Mortality Table in Determining Reserve Liabilities and Nonforfeiture BenefitsRead all
Section 10
Authority
Section 20
Definitions
Section 30
2001 CSO Mortality Table
Section 40
Conditions
Section 50
Applicability of the 2001 CSO Mortality Table to 14VAC5-319
Section 60
Gender-Blended Tables
Section 70
Severability Clause
DIBR
Documents Incorporated by Reference (14VAC5-321)
Chapter 322
Use of the 2001 CSO Preferred Class Structure Mortality Table in Determining Reserve LiabilitiesRead all
Section 10
Authority
Section 20
Definitions
Section 30
2001 CSO Preferred Class Structure Mortality Table
Section 40
Conditions
Section 50
Severability Clause
DIBR
Documents Incorporated by Reference (14VAC5-322)
Chapter 323
Rules Governing Preneed Life Insurance Minimum Standards for Determining Reserve Liabilities and Nonforfeiture ValuesRead all
Section 10
Authority
Section 20
Definitions
Section 30
Minimum Valuation Mortality Standards
Section 40
Minimum Valuation Interest Rate Standards
Section 50
Minimum Valuation Method Standards
Section 60
Transition Provisions
Section 70
Severability
DIBR
Documents Incorporated by Reference (14VAC5-323)
Chapter 330
Reporting of Salvage and Subrogation Recoveries [Repealed]Read all
Section 10
[Repealed]
Chapter 335
Rules Governing Claims-Made Liability Insurance PoliciesRead all
Section 10
Scope
Section 20
Definitions
Section 23
Required Notice
Section 27
Standards for Basic Extended Reporting Period
Section 30
Requirement to Offer Supplemental Extended Reporting Period
Section 40
Supplemental Extended Reporting Period Requirements
Section 45
Requirement to Provide Loss Information
Section 50
Prohibitions
Section 60
Severability
Chapter 340
Rules Governing Standards for the Content of Fire Insurance or Fire Insurance in Combination with Other CoveragesRead all
Section 10
Scope and Purpose
Section 20
Standards for Content of Policies
Section 30
Certification
Section 40
Dwelling Buildings and Contents Policy; Basic Form
Section 50
Dwelling Buildings and Contents Policy; Broad Form
Section 60
Dwelling Buildings and Contents Policy; Special Form
Section 70
Homeowners Policy; Basic Form
Section 80
Homeowners Policy; Broad Form
Section 90
Homeowners Policy; Special Form
Section 100
Homeowners Policy; Comprehensive Form
Section 110
Homeowners Policy; Condominium Unit-Owners Form
Section 120
Market Value Policy
Section 130
Severability
Section 140
Advertisement
Section 150
Effective Date
Section 150:1
Exhibit 1. Minimum Standards of Content for a Dwelling Building(S) and Contents -- Basic Form (Seasonal Property Shall Be so Described in This Policy)
Section 150:2
Exhibit 2. Minimum Standards of Content for a Dwelling Building(S) and Contents - Broad Form
Section 150:3
Exhibit 3. Minimum Standards of Content for a Dwelling Building(S) and Contents - Special Form
Section 150:4
Exhibit 4. Minimum Standards of Content for a Homeowners Policy - Basic Form
Section 150:5
Exhibit 5. Minimum Standards of Content for a Homeowners Policy - Broad Form
Section 150:6
Exhibit 6. Minimum Standards of Content for a Homeowners Policy - Special Form
Section 150:7
Exhibit 7. Minimum Standards of Content for a Homeowners Policy - Comprehensive Form
Section 150:8
Exhibit 8. Minimum Standards of Content for a Homeowners Policy - Condominium Unit-Owners Form
Section 150:9
Exhibit 9. Minimum Standards of Content for a Market Value Policy
Chapter 345
Rules Governing Rate Stabilization in Property and Casualty InsuranceRead all
Section 10
Purpose and Applicability
Section 20
Definitions
Section 30
General Standards
Section 40
Filing Requirements
Section 50
Prohibited Actions
Section 60
Certification
Section 70
Severability
FORMS
Forms (14VAC5-345)
Chapter 350
Rules Governing Surplus Lines Insurance [Repealed]Read all
Section 10
[Repealed]
Section 20
[Repealed]
Section 30
[Repealed]
Section 40
[Repealed]
Section 85
[Repealed]
Section 90
[Repealed]
Section 95
[Repealed]
Section 100
[Repealed]
Section 110
[Repealed]
Section 150
[Repealed]
Section 155
[Repealed]
Section 160
[Repealed]
Section 165
[Repealed]
Section 170
[Repealed]
Section 190
[Repealed]
Section 200
[Repealed]
Section 210
[Repealed]
Section 220
[Repealed]
Section 230
[Repealed]
FORMS
[Repealed]
Chapter 360
Rules Governing Local Government Group Self-Insurance PoolsRead all
Section 10
Purpose
Section 20
Definitions
Section 30
Application for License As Group Self-Insurance Pool; Requirements; Approval; Review
Section 40
Application for License; Additional Requirements
Section 45
Security Deposit Requirement
Section 50
Investments
Section 60
Filing of Reports; Examination by Commission
Section 70
Reserves
Section 80
Responsibilities of Members' Supervisory Board
Section 90
Contribution Requirements
Section 100
Distribution of Surplus Funds
Section 110
Member Agreement
Section 120
Servicing of Pool
Section 130
Handling of Pool Deficit
Section 140
Termination of Pool Members
Section 150
Terms of License; Voluntary Dissolution of Pool; Mergers
Section 160
Revocation or Suspension of Self-Insurance License
Section 170
Application of Unfair Trade Practices Act; Insurance Information and Privacy Protection Act
Section 180
Penalties
Section 190
Severability
Chapter 370
Rules Governing Group Self-Insurers of Liability under the Virginia Workers' Compensation ActRead all
Section 10
Purpose
Section 20
Definitions
Section 30
Application for License As Group Self-Insurance Association Requirements; Approval; Review
Section 40
Application for License As Group Self-Insurance Association; Additional Requirements
Section 50
Approval of Members of Association
Section 60
Security Deposit and Surety Bond Requirement
Section 70
Investment
Section 80
Filing of Reports
Section 90
Contracts for Excess Insurance
Section 100
Responsibilities of Members' Supervisory Board
Section 110
Advance Contribution Requirements and Distribution of Surplus Funds
Section 120
Indemnity Agreement and Power of Attorney
Section 130
Servicing of Association
Section 140
Termination of Members of Association
Section 145
Mergers
Section 150
Revocation of Self-Insurance License
Section 160
Penalties
Section 170
Examination of Association
Section 180
Severability
FORMS
Forms (14VAC5-370)
Chapter 380
Rules Governing Underground Storage Tank Owners and Operators Group Self-Insurance PoolsRead all
Section 10
Purpose
Section 20
Definitions
Section 30
Application for License As Group Self-Insurance Pool; Requirements; Approval; Review
Section 40
Application for License; Additional Requirements
Section 50
Security Deposit and Bond Requirements
Section 60
Filing of Reports; Examination by the Commission
Section 70
Reserves
Section 80
Responsibilities of Members' Supervisory Board
Section 90
Contribution Requirements and Distribution of Surplus Funds
Section 100
Member Agreement
Section 110
Servicing of Pool
Section 120
Termination of Pool Members
Section 130
Revocation of License; Voluntary Dissolution of Pool; Merger of Pools
Section 140
Penalties
Section 150
Severability
Chapter 385
Rules Governing Aboveground Storage Tank and Pipeline Operators Group Self-Insurance PoolsRead all
Section 10
Purpose
Section 20
Definitions
Section 30
Application for License As Group Self-Insurance Pool; Requirements; Approval; Review
Section 40
Application for License; Additional Requirements
Section 50
Security Deposit
Section 60
Filing of Reports; Examination by the Commission
Section 70
Reserves
Section 80
Responsibilities of Members' Supervisory Board
Section 90
Contribution Requirements and Distribution of Surplus Funds
Section 100
Member Agreement
Section 110
Servicing of Pool
Section 120
Termination of Pool Members
Section 130
Revocation of License; Voluntary Dissolution of Pool; Merger of Pools
Section 140
Penalties
Section 150
Severability
Chapter 390
Rules Governing Insurance Premium Finance CompaniesRead all
Section 10
Licensing
Section 20
Forms
Section 30
Records
Section 40
Cancellation of Insurance
Section 50
Surety Bond
Section 60
Annual Report
Section 70
Miscellaneous
FORMS
Forms (14VAC5-390)
Chapter 395
Rules Governing Settlement AgentsRead all
Section 10
Applicability
Section 20
Definitions
Section 25
[Repealed]
Section 30
Registration
Section 40
Insurance and Bonding Requirements
Section 50
Audits
Section 60
Separate Fiduciary Trust Account
Section 70
Reporting Requirements
Section 75
Operating Requirements
Section 80
Enforcement
Section 90
Severability
Section 100
Commission Authority
FORMS
Forms (14VAC5-395)
DIBR
Documents Incorporated by Reference (14VAC5-395)
Chapter 400
Rules Governing Unfair Claim Settlement PracticesRead all
Section 10
Purpose and Scope
Section 20
Definitions
Section 25
Compliance Standards
Section 30
File and Record Documentation
Section 40
Misrepresentation of Policy Provisions
Section 50
Acknowledgment of Pertinent Communications
Section 60
Standards for Prompt Investigation of Claims
Section 70
Claims Settlement Standards Applicable to All Insurers
Section 80
Claims Settlement Standards Applicable to Automobile Insurance
Section 90
Claims Settlement Standards Applicable to Property Policies
Section 100
Claims Settlement Standards Applicable to Accident and Sickness Insurance, Life Insurance, and Annuities
Section 110
Severability
Chapter 402
[Reserved]Read all
Section 10
[Reserved]
Chapter 410
Rules Governing Multiple Employer Welfare ArrangementsRead all
Section 10
Purpose
Section 20
Applicability and Scope
Section 30
Definitions
Section 40
Licensing and Filing Requirements
Section 50
Licensing of Persons Soliciting, Negotiating, Procuring, or Effecting Applications for Coverage
Section 60
Violations
Section 70
Service of Process
Section 80
Severability
FORMS
Forms (14VAC5-410)
Chapter 420
Rules Governing Military Sales PracticesRead all
Section 10
Purpose and Scope
Section 20
Definitions
Section 30
Exemptions
Section 40
Prohibited Practices on a Military Installation
Section 50
Prohibited Practices Regardless of Location
Section 60
Severability
FORMS
Forms (14VAC5-420)
DIBR
Documents Incorporated by Reference (14VAC5-420)


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