46.2-466 - Regulations for assignment, rate classifications, and schedules. - Virginia Statutes

§ 46.2-466. Regulations for assignment, rate classifications, and schedules.

The Commission may make reasonable regulations for the assignment of risks toinsurance carriers.

It shall establish rate classifications, rating schedules, rates, andregulations to be used by insurance carriers issuing assigned risk, policiesof motor vehicle liability, physical damage, and medical payments insurancein accordance with this chapter as appear to it to be proper.

In the establishment of rate classifications, rating schedules, rates, andregulations, it shall be guided by the principles and practices which havebeen established under its statutory authority to regulate motor vehicleliability, physical damage, and medical payments insurance rates and it mayact in conformity with its statutory discretionary authority in such matters.

(Code 1950, § 46-487; 1958, c. 541, § 46.1-498; 1972, c. 842; 1989, c. 727.)