52-36 - Definitions. - Virginia Statutes

§ 52-36. Definitions.

As used in this chapter, the following words shall have the followingmeanings:

"Commission" means the State Corporation Commission.

"Insurance fraud" means any commission or attempted commission of thecriminal acts and practices defined in § 18.2-178 which involve any type ofinsurance as defined in §§ 38.2-110 through 38.2-122.2 and 38.2-124 through38.2-132.

"Insurance policy" means a contract or other written instrument between aninsured and insurer setting forth the obligations and responsibilities ofeach party.

"Insurance premium finance company" has the same meaning as specified in §38.2-4700.

"Insurance professional" means adjusters, agents, managing general agents,surplus lines brokers, reinsurance intermediaries, insurance consultants,brokers, and attorneys-in-fact.

"Insurance transaction," "insurance business," and "business ofinsurance" include solicitation, negotiations preliminary to execution of aninsurance contract, execution of an insurance contract and the transaction ofmatters subsequent to execution of a contract and arising out of it, andmatters arising out of any relationship among or between an insured, aninsurer and a third party for which an insurance policy provides coverage.

"Insured" means any person covered by an insurance policy.

"Insurer" means any person subject to regulation pursuant to Title 38.2,46.2, or 65.2 engaged in the business of making, or purporting to makecontracts of insurance; however, this term shall not include (i) any personlicensed by or subject to regulation pursuant to Chapter 18 (§ 38.2-1800 etseq.) of Title 38.2, (ii) title insurers subject to regulation pursuant toChapter 46 (§ 38.2-4600 et seq.) of Title 38.2, (iii) continuing careproviders subject to registration pursuant to Chapter 49 (§ 38.2-4900 etseq.) of Title 38.2, and (iv) purchasing groups authorized by Chapter 51 (§38.2-5100 et seq.) of Title 38.2.

(1998, c. 590; 2000, c. 526.)