Section 10. General considerations

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In an effort to expedite review and approval of all Life, Accident and Sickness, Annuity, Credit Life and Credit Accident and Sickness policy forms to be marketed in Virginia, the Bureau of Insurance has established this chapter (14VAC5-100-10 et seq.) applicable to all insurers licensed to transact such insurance in this Commonwealth.

In addition to the rules contained in this chapter (14VAC5-100-10 et seq.) each company must also be guided by all other regulations promulgated by the State Corporation Commission and by Virginia's insurance laws when preparing and submitting policy forms for approval.

For the purpose of this chapter (14VAC5-100-10 et seq.) the term "form" or "forms" includes but is not limited to policy, rider, endorsement, amendment, application, certificate or statement of insurance, supplemental agreement, rate filings and related materials.

If an insurer fails to adhere to this chapter (14VAC5-100-10 et seq.) in the preparation and submission of a filing, the Bureau of Insurance will declare that a form has not been properly filed and will decline to review it. Resubmission of forms in accordance with this chapter will be required.

Historical Notes

Derived from RBI 1-77A, Case No. 19789, § 1, eff. May 1, 1977.

Statutory Authority

§ 38.2-223 of the Code of Virginia.

                    
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