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Virginia Administrative Code (Last Updated: January 10, 2017) |
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Title 14. Insurance |
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Agency 5. State Corporation Commission, Bureau of Insurance |
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Chapter 41. Rules Governing Advertisement of Life Insurance and Annuities |
Section 150. Approval and records maintenance requirements
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A. All advertisements written, created, designed, or presented by an agent or other party responsible for advertisement shall be approved by the insurer.
B. Each insurer shall establish and at all times maintain a system of control over the method of dissemination, content, and form of all advertisements of its policies. A system of control shall include regular and routine notification to agents, brokers, and others authorized by the insurer to disseminate advertisements of the requirement and procedures for company approval prior to the use of any advertisement that is not furnished by the insurer.
C. Each insurer shall maintain at its home or principal office a complete file containing a specimen copy of every printed, published, or prepared advertisement of its individual policies and specimen copies of typical printed, published, or prepared advertisements of its blanket, franchise, and group policies, disseminated in this Commonwealth, with a notation indicating the manner and extent of distribution and the form number of any policy referred to in any advertisement. The file shall be subject to inspection by the commission. All advertisements shall be maintained in the file for a period of five years after discontinuance of their use or publication.
D. Each insurer shall inform its agents of the requirements of this regulation.
E. If the commission finds that it may be in the best interests of the public, at the commission's specific request, it may require particular insurers or agents to submit all or any part of their advertisements to the commission for review or approval prior to use.
Historical Notes
Derived from Volume 27, Issue 14, eff. July 1, 2011.