Liability, fire, & motor vehicle insurance policies; establishes exceptions to prohibitions. (SB612)
Introduced By
Sen. Ken Stolle (R-Virginia Beach)
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
Nonrenewal of liability, fire, and motor vehicle insurance policies. Establishes exceptions to prohibitions on the refusal to renew certain liability, fire, and motor vehicle insurance policies. Such renewal provisions will not apply to an insurer if an affiliated insurer has manifested its willingness to provide coverage at a lower premium than would have been charged for the same exposures on the expiring policy. Amends § 38.2-2114 (“Grounds and procedure for termination of policy; contents of notice; review by Commissioner; exceptions; immunity from liability.”), § 38.2-2212 (“Grounds and procedure for cancellation of or refusal to renew motor vehicle insurance policies; review by Commissioner.”), § 38.2-231 (“Notice of cancellation, refusal to renew, reduction in coverage or increase in premium of certain liability insurance policies.”), of the Code of Virginia. View Full Text »
