Foreign title insurance companies; unearned premium reserves. (HB116)
Introduced By
Progress
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Introduced |
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Passed Committee |
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Passed House |
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Passed Senate |
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Signed by Governor |
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Became Law |
Description
Foreign title insurance companies; unearned premium reserves. Authorizes foreign title insurance companies to establish and maintain unearned premium reserves on title insurance policies issued on Virginia properties pursuant to the reserving laws of the companies' domiciliary regulator, if the domiciliary regulator is accredited under the National Association of Insurance Commissioner's Financial Regulation Standards and Accreditation Program. Currently, foreign title insurance companies are required to maintain unearned premium reserves at the higher of the amount required of domestic title insurance companies or the amount required in the jurisdiction of domicile. Amends § 38.2-4610.1 (“Unearned premium reserve.”), § 38.2-4610.1:1 (“Unearned premium reserves of foreign title insurance companies.”), of the Code of Virginia. View Full Text »
