Virginia Life, Accident & Sickness Insurance Guaranty Association; coverage for polices & contracts. (HB448)
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
Virginia Life, Accident and Sickness Insurance Guaranty Association. Updates and expands the scope of the Virginia Life, Accident and Sickness Insurance Guaranty Association. The Association provides a system for the protection of policy owners, annuitants, and other persons against failure in an insurer's performance of its contractual obligations under life and accident and sickness insurance policies and annuity contracts as a result of the insurer's impairment or insolvency. Amends § 38.2-1442 (“Guaranty association obligations.”), § 38.2-1700 (“Purpose and applicability of chapter.”), § 38.2-1715 (“Prohibited advertisement of Association coverage in insurance sales; notice to policy owners.”), of the Code of Virginia. View Full Text »
