Insurance; SCC to require person to make restitution if improperly withholds money. (HB260)

Introduced By

Del. Jennifer McClellan (D-Richmond)

Description

Insurance; restitution.  Authorizes the State Corporation Commission to require a person to make restitution in the amount of the direct actual financial loss if the person improperly withholds, misappropriates, or converts any money or property received in the course of conducting business. Currently, the Commission's authority to order restitution is limited to cases where an insurer charges an excessive rate or discriminatory premium or fails to pay undisputed amounts required under an insurance contract.   View Full Text »

Outcome

No Richmond Sunlight visitors voted on this bill while voting was open.