Section 40. Transmittal letter

A letter of transmittal must be submitted in duplicate to the Bureau of Insurance for each filing. This letter must describe each form, its intended use and the kind of insurance provided. More than one form may be included in a transmittal letter if all forms transmitted in one letter fall into only one of the following categories: (i) life, (ii) accident and sickness, (iii) annuity, (iv) credit life/accident and sickness. A single group policy which combines coverages in one or more of the categories listed may be filed using one transmittal letter.

While it is not mandatory, the Bureau prefers that separate transmittal letters be used to submit forms which are intended to be used separately and have no relationship, other than providing the same general type of insurance.

In addition, each transmittal letter shall include the following information:

1. The form number(s). Each form submitted must have a number which may consist of digits, letters or a combination of both. The number must distinguish the form from all other forms used by the insurer.

2. Where forms are submitted as replacements, revisions or modifications of previously approved forms, such must be clearly indicated in the letter of transmittal which shall set forth the exact changes that are intended.

3. A statement identical to the following which is signed by the General Counsel or an officer of the company or any attorney or actuary representing the company:

The company has reviewed the enclosed policy form(s) and certifies that, to the best of its knowledge and belief, each form submitted is consistent and complies with the requirements of Title 38.2 of the Code of Virginia and the regulations promulgated pursuant thereto.

4. An identification of any change in benefits and premiums which occurs while the form is in force with a reference to the contract provisions which describe the benefit change.

5. A description of the market for which the form is intended. Especially note intentions to concentrate on a specialized market.

6. If approval of the form submitted has been withdrawn by any other regulatory body for the reason that the form contains one or more provisions deemed to be misleading, deceptive or contrary to public policy, such fact must be clearly stated.

Unless a statement to the contrary is contained in the transmittal letter, it will be assumed that a company is seeking formal approval. The Bureau will, on request, give tentative approval to a form submitted as a photocopy, galley-proof or paste-up. This does not constitute formal approval and does not authorize use of the form.

At least one copy of the form to be reviewed must be included in the filing. If the company desires a copy of the form stamped "Approved" or "Filed" for its records, it should submit the form in duplicate and include a stamped, self- addressed return envelope.

The letter of transmittal should be addressed as follows:

Bureau of Insurance State Corporation Commission P. O. Box 1157 Richmond, Virginia 23218

Historical Notes

Derived from RBI 1-77A, Case No. 19789, § 4, eff. May 1, 1977.

Statutory Authority

§ 38.2-223 of the Code of Virginia.