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- Virginia Surplus Lines Broker, Consultant and Viatical Settlement Broker Licenses must be renewed prior to July 1. Non-renewed licenses terminate June 30. All other Virginia licenses are perpetual. Online renewal is now open.
- RESA/Title Settlement Agent Registration must be renewed by June 30. Failure to renew will result in termination of your RESA/Title Settlement Agent Registration. Online renewal via SIRCON is now open. Review non-resident renewal instructions at: http://www.scc.virginia.gov/boi/pro/resa/resanonresrenew.pdf.
- Managing General Agent must be renewed by June 30. Failure to renew will result in termination of your Managing General Agent license. Online renewal via SIRCON is now open.
- All Viatical Settlement Brokers, as required by Virginia Code, shall within 60 days of licensure and annually thereafter by March 1 of each year certify to the Commission implementation of anti-fraud initiatives reasonably calculated to detect, prosecute, and prevent fraudulent viatical settlement acts. Review a copy of Virginia Code § 38.2-6011 E at https://law.lis.virginia.gov/vacode/title38.2/chapter60/section38.2-6011/.
Visit www.scc.virginia.gov/boi/formapp.aspx to download and properly complete the Annual Certification of Anti-Fraud Initiatives Form. Email completed certifications and any questions concerning your compliance status to VSBAnti-FraudPlan@scc.virginia.gov
- Notification of Virginia adopting Amendments to Rules Governing Claims-Made Liability Policies (14 VAC 5-335-10 et seq. of the Virginia Administrative Code}, available at http://www.scc.virginia.gov/case/ by clicking on "Docket Search," "Search Cases" and entering the above Case Number. A clean copy of Chapter 335 is available here. The revised Rules are effective October 1, 2018.
The amendments to Chapter 335 are necessary to update the Rules to reflect current positions and practices for filing and approval, establish greater clarity for ease of application and modernize the Rules to create more consistency with the regulatory requirements of other states. The proposed amendments and revisions as a result of the comments clarify and further define that the Rules do not apply to non-admitted insurers or to incidental claims-made liability insurance, make a distinction between a basic extended reporting period and a supplemental reporting period .and identify clear standards for each, clarify and simplify provisions to offer a supplemental extended reporting period and the effective date for such period, add requirements for the insurer to provide loss information to the insured, and clarify certain prohibitions and minimum standards.
Questions concerning this postcard may be addressed to Eric Lowe, Policy Advisor-Insurance, Bureau of Insurance, State Corporation Commission, P.O. Box 1157, Richmond, VA 23218, (804) 371-9628, Eric.Lowe@scc.virginia.gov.
Notification of Virginia adopting the revised Rules Governing Unfair Claims Settlement Practices (14 VAC 5-400-10 et seq.) (Chapter 400). Revised Chapter 400 is effective January 1, 2018.
The order adopting the revisions to the Rules may be accessed at www.scc.virginia.gov/case by clicking on "Docket Search," "Search Cases" and entering Case Number INS-2016- 00265.
- ACA Rate & Form Filing Information
- Certified Reinsurer Applications – The Commission is posting notices of applications
for certified reinsurers in the Commonwealth of Virginia and inviting members of
the public to respond to the application. Information regarding comments on applications
of certified reinsurers is available at www.scc.virginia.gov/cons/rein
July 12, 2018 4:38 PM