§ 38.2-4806. Notice to insured that insurance is not placed with a licensedinsurer required.
A. For all policies of insurance procured under this chapter, the surpluslines broker procuring such policies shall execute an affidavit in form andcontent as prescribed by the Commission affirming that the insured was giventhe notice required and prescribed under subsection B of this section. Theaffidavit shall be filed with the Commission within 30 calendar days afterthe end of the calendar quarter in which any such insurance has beenprocured. The affidavit shall accompany the reports required by subsection Cof this section and subsection A of § 38.2-4807 and shall be considered asworn statement as to the validity and accuracy of such reports.
"Class" of insurance shall mean those classes enumerated in §§ 38.2-109through 38.2-122 and §§ 38.2-124 through 38.2-134.
A company is authorized to write the insurance coverage sought when it islicensed for that class of insurance in this Commonwealth and has compliedwith the applicable provisions of Chapters 3 (§ 38.2-300 et seq.), 19 (§38.2-1900 et seq.), 20 (§ 38.2-2000 et seq.), and 26 (§ 38.2-2600 et seq.) ofthis title concerning rules, rates and policy forms providing the insurancecoverage sought, unless such insurance has been exempted from filing byCommission order.
B. A notice in a form prescribed by the Commission shall be given to theinsured under the provisions of a policy procured pursuant to this chapter bythe surplus lines broker procuring the policy or by any duly licensedproperty and casualty insurance agent placing surplus lines business with thesurplus lines broker. The notice shall contain, but not be limited to,statements that the policy is being procured from or has been placed with aninsurer approved by the Commission for issuance of surplus lines insurance inthis Commonwealth, but not licensed or regulated by the Commission and thatthere is no protection under the Virginia Property and Casualty InsuranceGuaranty Association, established under Chapter 16 (§ 38.2-1600 et seq.) ofthis title, against financial loss to claimants or policyholders because ofthe insolvency of an unlicensed insurer. The notice shall also set forth thename, license number and mailing address of the broker. The notice shall begiven prior to placement of the insurance. In the event coverage must beplaced and become effective within 24 hours after referral of the business tothe surplus lines broker, the notice may be given promptly following such aplacement. In addition, a copy of the notice shall be affixed to the policy.
C. Within 30 calendar days after the end of each calendar quarter, eachlicensed surplus lines broker shall file a report with the Commissionsummarizing the business transacted during that quarter. Such report shall beon a form prescribed by the Commission and shall include for each surpluslines policy written the direct gross premium, the policy number, the name ofthe insured, the policy period and the name of the insurer from whichcoverage has been procured and any other information required by theCommission.
(Code 1950, § 38.-314.7; 1960, c. 503; 1979, c. 513, § 38.1-327.52; 1981, c.241; 1984, c. 719; 1986, c. 562; 1987, c. 519; 1988, c. 828; 1996, c. 240;2001, c. 706; 2008, c. 212.)
§ 38.2-4806. Notice to insured that insurance is not placed with a licensedinsurer required.
A. For all policies of insurance procured under this chapter, the surpluslines broker procuring such policies shall execute an affidavit in form andcontent as prescribed by the Commission affirming that the insured was giventhe notice required and prescribed under subsection B of this section. Theaffidavit shall be filed with the Commission within 30 calendar days afterthe end of the calendar quarter in which any such insurance has beenprocured. The affidavit shall accompany the reports required by subsection Cof this section and subsection A of § 38.2-4807 and shall be considered asworn statement as to the validity and accuracy of such reports.
"Class" of insurance shall mean those classes enumerated in §§ 38.2-109through 38.2-122 and §§ 38.2-124 through 38.2-134.
A company is authorized to write the insurance coverage sought when it islicensed for that class of insurance in this Commonwealth and has compliedwith the applicable provisions of Chapters 3 (§ 38.2-300 et seq.), 19 (§38.2-1900 et seq.), 20 (§ 38.2-2000 et seq.), and 26 (§ 38.2-2600 et seq.) ofthis title concerning rules, rates and policy forms providing the insurancecoverage sought, unless such insurance has been exempted from filing byCommission order.
B. A notice in a form prescribed by the Commission shall be given to theinsured under the provisions of a policy procured pursuant to this chapter bythe surplus lines broker procuring the policy or by any duly licensedproperty and casualty insurance agent placing surplus lines business with thesurplus lines broker. The notice shall contain, but not be limited to,statements that the policy is being procured from or has been placed with aninsurer approved by the Commission for issuance of surplus lines insurance inthis Commonwealth, but not licensed or regulated by the Commission and thatthere is no protection under the Virginia Property and Casualty InsuranceGuaranty Association, established under Chapter 16 (§ 38.2-1600 et seq.) ofthis title, against financial loss to claimants or policyholders because ofthe insolvency of an unlicensed insurer. The notice shall also set forth thename, license number and mailing address of the broker. The notice shall begiven prior to placement of the insurance. In the event coverage must beplaced and become effective within 24 hours after referral of the business tothe surplus lines broker, the notice may be given promptly following such aplacement. In addition, a copy of the notice shall be affixed to the policy.
C. Within 30 calendar days after the end of each calendar quarter, eachlicensed surplus lines broker shall file a report with the Commissionsummarizing the business transacted during that quarter. Such report shall beon a form prescribed by the Commission and shall include for each surpluslines policy written the direct gross premium, the policy number, the name ofthe insured, the policy period and the name of the insurer from whichcoverage has been procured and any other information required by theCommission.
(Code 1950, § 38.-314.7; 1960, c. 503; 1979, c. 513, § 38.1-327.52; 1981, c.241; 1984, c. 719; 1986, c. 562; 1987, c. 519; 1988, c. 828; 1996, c. 240;2001, c. 706; 2008, c. 212.)
§ 38.2-4806. Notice to insured that insurance is not placed with a licensedinsurer required.
A. For all policies of insurance procured under this chapter, the surpluslines broker procuring such policies shall execute an affidavit in form andcontent as prescribed by the Commission affirming that the insured was giventhe notice required and prescribed under subsection B of this section. Theaffidavit shall be filed with the Commission within 30 calendar days afterthe end of the calendar quarter in which any such insurance has beenprocured. The affidavit shall accompany the reports required by subsection Cof this section and subsection A of § 38.2-4807 and shall be considered asworn statement as to the validity and accuracy of such reports.
"Class" of insurance shall mean those classes enumerated in §§ 38.2-109through 38.2-122 and §§ 38.2-124 through 38.2-134.
A company is authorized to write the insurance coverage sought when it islicensed for that class of insurance in this Commonwealth and has compliedwith the applicable provisions of Chapters 3 (§ 38.2-300 et seq.), 19 (§38.2-1900 et seq.), 20 (§ 38.2-2000 et seq.), and 26 (§ 38.2-2600 et seq.) ofthis title concerning rules, rates and policy forms providing the insurancecoverage sought, unless such insurance has been exempted from filing byCommission order.
B. A notice in a form prescribed by the Commission shall be given to theinsured under the provisions of a policy procured pursuant to this chapter bythe surplus lines broker procuring the policy or by any duly licensedproperty and casualty insurance agent placing surplus lines business with thesurplus lines broker. The notice shall contain, but not be limited to,statements that the policy is being procured from or has been placed with aninsurer approved by the Commission for issuance of surplus lines insurance inthis Commonwealth, but not licensed or regulated by the Commission and thatthere is no protection under the Virginia Property and Casualty InsuranceGuaranty Association, established under Chapter 16 (§ 38.2-1600 et seq.) ofthis title, against financial loss to claimants or policyholders because ofthe insolvency of an unlicensed insurer. The notice shall also set forth thename, license number and mailing address of the broker. The notice shall begiven prior to placement of the insurance. In the event coverage must beplaced and become effective within 24 hours after referral of the business tothe surplus lines broker, the notice may be given promptly following such aplacement. In addition, a copy of the notice shall be affixed to the policy.
C. Within 30 calendar days after the end of each calendar quarter, eachlicensed surplus lines broker shall file a report with the Commissionsummarizing the business transacted during that quarter. Such report shall beon a form prescribed by the Commission and shall include for each surpluslines policy written the direct gross premium, the policy number, the name ofthe insured, the policy period and the name of the insurer from whichcoverage has been procured and any other information required by theCommission.
(Code 1950, § 38.-314.7; 1960, c. 503; 1979, c. 513, § 38.1-327.52; 1981, c.241; 1984, c. 719; 1986, c. 562; 1987, c. 519; 1988, c. 828; 1996, c. 240;2001, c. 706; 2008, c. 212.)
