38.2-2212.1 - Powers of Commission; replacement policies. - Virginia Statutes

§ 38.2-2212.1. Powers of Commission; replacement policies.

Upon the verified petition of an insurer, where the petitioning insurerproposes to replace all or substantially all of its policies in anotherinsurer, the Commission may relieve the insurer of the requirements ofsubsection E of § 38.2-2212 and of the mailing requirements of § 38.2-2208,provided the insurer demonstrates to the satisfaction of the Commission that(i) the replacement policy is underwritten by an affiliate insurer undercommon control with the petitioning insurer; (ii) the replacement policy issubstantially similar to the existing policy with the petitioning insurer;(iii) the premium charged for the replacement policy is no greater than thatcharged by the petitioning insurer for the existing policy; and (iv) thereplacement insurer is duly licensed to transact the business of insurance inthe Commonwealth of Virginia. The replacement insurer shall retain a copy ofany offer of replacement for a period of one year from the expiration of anyexisting policy that is not replaced. The Commission may further conditionany such relief to protect the best interests of the policyholder.

(1991, c. 215.)