Virginia Administrative Code
Title 14 - INSURANCE
Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE
Chapter 335 - RULES GOVERNING CLAIMS-MADE LIABILITY INSURANCE POLICIES
Section 14VAC5-335-45 - Requirement to provide loss information
Universal Citation: 4 VA Admin Code 5-335-45
Current through Register Vol. 41, No. 3, September 23, 2024
A. If the policy is issued with an aggregate limit:
1. The insurer shall provide loss
information to the named insured with the notice of cancellation or nonrenewal
of the policy; or
2. The named
insured may request loss information within 120 days from the date of policy
renewal. The insurer shall provide such loss information within 15 calendar
days of the insured's request.
B. The loss information shall be sufficient to inform the named insured regarding the remaining or potentially remaining limits of coverage available under the terminating policy.
C. This section shall apply to medical professional liability insurance only if the insurer offers an extended reporting period with other than unimpaired limits of liability .
Statutory Authority: §§ 12.1-13 and 38.2-223 of the Code of Virginia.
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