§ 38.2-6401. Requirements for offering guaranteed asset protection waivers
A. Guaranteed asset protection waivers may be offered, sold, or provided to borrowers in the Commonwealth in compliance with this chapter. B. GAP waivers may, at the option of the creditor, be sold for a single payment or may be offered with a monthly or periodic payment option. C. Notwithstanding any other provision of law, […]
§ 38.2-6402. Contractual liability or other insurance policies
A. Contractual liability or other insurance policies insuring GAP waivers shall state the obligation of the insurer to reimburse or pay to the creditor any sums the creditor is legally obligated to waive under the GAP waivers issued by the creditor and purchased or held by the borrower. B. Coverage under a contractual liability or […]
§ 38.2-6301. Health care sharing ministry not providing insurance
The provisions of this title shall not apply to a health care sharing ministry. A health care sharing ministry that, through its publication to members, solicits funds for the payment of medical expenses of other members, shall not be considered to be engaging in the business of insurance for purposes of this title and shall […]
§ 38.2-6400. Definitions
As used in this chapter, unless the context requires another meaning: “Administrator” means a person, other than an insurer or creditor, that performs administrative or operational functions pursuant to a guaranteed asset protection waiver program. “Borrower” means a debtor, retail buyer, or lessee, under a finance agreement. “Commercial transaction” means a transaction entered into primarily […]
§ 38.2-6300. Definition
As used in this chapter, “health care sharing ministry” means a health care cost sharing arrangement among individuals of the same religion based on their sincerely held religious beliefs, which arrangement is administered by a non-profit organization that has been granted an exemption from federal income taxation pursuant to § 501(c)(3) of the Internal Revenue […]
§ 38.2-6201. Appointment of representative
The Commissioner of Insurance is hereby appointed as the Commonwealth’s representative to the Interstate Insurance Product Regulation Commission. 2004, c. 761.
§ 38.2-6113. Application of other laws
A. Except to the extent that such application would be inconsistent with any provision of this chapter, the provisions of Chapter 5 (§ 32.1-123 et seq.) of Title 32.1 and of other chapters of this title, and regulations promulgated thereunder, that are applicable to (i) an insurer licensed pursuant to § 38.2-1024, (ii) a carrier […]
§ 38.2-6200. Form of Compact
The General Assembly hereby enacts, and the Commonwealth of Virginia hereby enters into, the Interstate Insurance Product Regulation Compact with any and all states legally joining therein according to its terms, in the form substantially as follows: Article I. Purposes. The purposes of this Compact are, through means of joint and cooperative action among the […]
§ 38.2-6112. Licensing of agents
Dental benefit contracts may be solicited only through health insurance agents and limited lines life and health agents licensed in accordance with Chapter 18 (§ 38.2-1800 et seq.) of this title. Home office salaried officers whose principal duties and responsibilities do not include the negotiation or solicitation of dental benefit contracts shall not be required […]
§ 38.2-6108. Plan dentist contracts; preferred providers; assignment of benefits
A. Each contract with a plan dentist shall contain the following provisions: 1. A hold harmless clause that satisfies the requirements of subdivision C 9 of § 38.2-5805. 2. A provision specifying when the contract becomes effective. 3. A provision specifying the date the contract terminates. 4. A provision specifying the renewal terms. 5. Provisions […]