38.2-2620 - Required disclosures regarding reimbursement insurance policies. - Virginia Statutes

§ 38.2-2620. Required disclosures regarding reimbursement insurance policies.

A. Reimbursement insurance policies insuring home service contracts issued,sold, or offered for sale in this Commonwealth shall state that the insurerthat issued the reimbursement insurance policy shall reimburse or pay onbehalf of the provider any covered sums the provider is legally obligated topay and, in the event of the provider's nonperformance, shall provide theservice that the provider is legally obligated to perform according to theprovider's contractual obligations under the home service contracts issued orsold by the provider.

B. In the event covered service is not provided by the home service contractprovider within 60 days of proof of loss by the home service contract holder,the contract holder is entitled to apply directly to the reimbursementinsurance company.

(2006, c. 634.)