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VIRGINIA STATUTES AND CODES
46.2-424 - Duty of insurance carrier after notice of accident; report of omissions by insurers to State Corporation Commission; investigation and assessment for omissions.
§ 46.2-424. Duty of insurance carrier after notice of accident; report ofomissions by insurers to State Corporation Commission; investigation andassessment for omissions.
On receipt of the certificate of insurance, the insurance carrier or suretycompany named in the certificate of insurance shall determine whether thepolicy or bond was applicable to liability, if any, as to the named insured.Thereupon and not later than thirty days following receipt of the certificateof insurance, the insurance company or surety company shall cause to be filedwith the Commissioner a written notice if the policy or bond was notapplicable to liability, if any, as to the named insured resulting from theaccident. The Commissioner shall prescribe the manner in which the writtennotice shall be made.
When the insurance company or surety company notifies the Commissioner thatthe policy or bond named in the certificate of insurance was not applicableto liability resulting from the accident, the Department shall determine,under § 46.2-708, whether suspension of the driver's license, registrationcards, and license plates issued to the owner of the motor vehicle involvedin the accident is required.
If the records of the Department reasonably indicate that any insurancecarrier or surety company does not cause to be filed the notice hereinrequired, the Commissioner shall report every such omission to the StateCorporation Commission.
The State Corporation Commission shall investigate every such report ofomission. If the Commission finds that any insurance carrier or suretycompany licensed to transact business in the Commonwealth, has failed,without good reason, to cause to be filed the notice required hereunder, theState Corporation Commission may assess the carrier or company fifty dollarsfor each omission.
(Code 1950, § 46-438; 1958, c. 541, § 46.1-451; 1972, c. 442; 1989, c. 727.)