§ 38.2-2015. Agreements for equitable apportionment of insurance; reasonableperformance standards; Virginia Workers' Compensation Insurance Plan.
A. Agreements among insurers may be made for the equitable apportionmentamong them of insurance that may be afforded applicants who are in good faithentitled to insurance but who are unable to procure it through ordinarymethods. Insurers may agree among themselves on the use of reasonable ratemodifications for the insurance. The agreements and rate modifications shallbe subject to the approval of the Commission.
B. The Commission may require that the agreements contain reasonableperformance standards for insurers or agents, or both, with respect toinsurance afforded such applicants. The performance standards may contain,but shall not be limited to: (i) original applications, (ii) premiumpayments, (iii) policy issuance, (iv) policy changes, (v) return premium,(vi) return commission and (vii) administrative procedures for monitoringcompliance with the standards.
C. The Commission may approve policy forms and endorsements for use by suchinsurers with respect to insurance afforded such applicants.
D. All licensed insurers writing workers' compensation insurance in theCommonwealth shall participate in the Virginia Workers' CompensationInsurance Plan, which shall provide for the equitable apportionment among theparticipants of insurance that may be afforded applicants who are in goodfaith entitled to but who are unable to procure such insurance throughordinary methods. Notwithstanding any other provision of law, insurers andrate service organizations participating in the Virginia Workers'Compensation Insurance Plan may, in connection with such participation, actin cooperation with each other in the making of rates, rating systems, policyforms, underwriting rules, surveys, inspections, investigations, thefurnishing of statistical or other information on losses and expenses, or theconduct of research. The rates and supplementary rate information to be usedby such plan shall be approved by the Commission. Such rates shall reflectresidual market experience to the extent actuarially appropriate and shall beset so that the amount received in premiums, together with reasonableinvestment income earned on those premiums, is reasonably expected to besufficient to pay claims and losses incurred and reasonable operatingexpenses of the servicing insurers.
(Code 1950, § 38-250; 1952, c. 317, § 38.1-264; 1964, c. 596; 1966, c. 299;1980, c. 112; 1986, c. 562; 1993, c. 985.)
§ 38.2-2015. Agreements for equitable apportionment of insurance; reasonableperformance standards; Virginia Workers' Compensation Insurance Plan.
A. Agreements among insurers may be made for the equitable apportionmentamong them of insurance that may be afforded applicants who are in good faithentitled to insurance but who are unable to procure it through ordinarymethods. Insurers may agree among themselves on the use of reasonable ratemodifications for the insurance. The agreements and rate modifications shallbe subject to the approval of the Commission.
B. The Commission may require that the agreements contain reasonableperformance standards for insurers or agents, or both, with respect toinsurance afforded such applicants. The performance standards may contain,but shall not be limited to: (i) original applications, (ii) premiumpayments, (iii) policy issuance, (iv) policy changes, (v) return premium,(vi) return commission and (vii) administrative procedures for monitoringcompliance with the standards.
C. The Commission may approve policy forms and endorsements for use by suchinsurers with respect to insurance afforded such applicants.
D. All licensed insurers writing workers' compensation insurance in theCommonwealth shall participate in the Virginia Workers' CompensationInsurance Plan, which shall provide for the equitable apportionment among theparticipants of insurance that may be afforded applicants who are in goodfaith entitled to but who are unable to procure such insurance throughordinary methods. Notwithstanding any other provision of law, insurers andrate service organizations participating in the Virginia Workers'Compensation Insurance Plan may, in connection with such participation, actin cooperation with each other in the making of rates, rating systems, policyforms, underwriting rules, surveys, inspections, investigations, thefurnishing of statistical or other information on losses and expenses, or theconduct of research. The rates and supplementary rate information to be usedby such plan shall be approved by the Commission. Such rates shall reflectresidual market experience to the extent actuarially appropriate and shall beset so that the amount received in premiums, together with reasonableinvestment income earned on those premiums, is reasonably expected to besufficient to pay claims and losses incurred and reasonable operatingexpenses of the servicing insurers.
(Code 1950, § 38-250; 1952, c. 317, § 38.1-264; 1964, c. 596; 1966, c. 299;1980, c. 112; 1986, c. 562; 1993, c. 985.)
§ 38.2-2015. Agreements for equitable apportionment of insurance; reasonableperformance standards; Virginia Workers' Compensation Insurance Plan.
A. Agreements among insurers may be made for the equitable apportionmentamong them of insurance that may be afforded applicants who are in good faithentitled to insurance but who are unable to procure it through ordinarymethods. Insurers may agree among themselves on the use of reasonable ratemodifications for the insurance. The agreements and rate modifications shallbe subject to the approval of the Commission.
B. The Commission may require that the agreements contain reasonableperformance standards for insurers or agents, or both, with respect toinsurance afforded such applicants. The performance standards may contain,but shall not be limited to: (i) original applications, (ii) premiumpayments, (iii) policy issuance, (iv) policy changes, (v) return premium,(vi) return commission and (vii) administrative procedures for monitoringcompliance with the standards.
C. The Commission may approve policy forms and endorsements for use by suchinsurers with respect to insurance afforded such applicants.
D. All licensed insurers writing workers' compensation insurance in theCommonwealth shall participate in the Virginia Workers' CompensationInsurance Plan, which shall provide for the equitable apportionment among theparticipants of insurance that may be afforded applicants who are in goodfaith entitled to but who are unable to procure such insurance throughordinary methods. Notwithstanding any other provision of law, insurers andrate service organizations participating in the Virginia Workers'Compensation Insurance Plan may, in connection with such participation, actin cooperation with each other in the making of rates, rating systems, policyforms, underwriting rules, surveys, inspections, investigations, thefurnishing of statistical or other information on losses and expenses, or theconduct of research. The rates and supplementary rate information to be usedby such plan shall be approved by the Commission. Such rates shall reflectresidual market experience to the extent actuarially appropriate and shall beset so that the amount received in premiums, together with reasonableinvestment income earned on those premiums, is reasonably expected to besufficient to pay claims and losses incurred and reasonable operatingexpenses of the servicing insurers.
(Code 1950, § 38-250; 1952, c. 317, § 38.1-264; 1964, c. 596; 1966, c. 299;1980, c. 112; 1986, c. 562; 1993, c. 985.)
