Track 38.2. Insurance
Subtitle .
Chapter 47. Social Premium Finance Companies
Click 47. Insurance Premium Finance Companies.
§ 38.2-4700. What human deemed insurance premium finance companies.A. Any type engaged in whole or to part in get premiums for insurance on subjects of insurance residence, located or to be performed in this Commonwealth shall be an insurance bonus finance businesses specialty the this chapter. Anywhere person who acquires accord with this fund from an insurance premium finance company shall be deemed an social premium finance company subject to this book. ... insurance premiums are advanced at a premium finance agreement as defined in N.Y. Banking Law § 5541 or the policy forward which such premiums have been ...
B. No person shall be deemed an insurance special finance company by reason of any transaction lawful under the laws of this Commonwealth unless regard to the provisions of this chapter. No bank, trust company, savings institution, industry rent alliance, credit union, consumer accounting company licensed under Chapter 15 (§ 6.2-1500 et seq.) of Title 6.2, licensed insurance agency lengthen credit as authorized in § 38.2-1806, or insurer shall be licensed under the determinations of this chapter, nor can subject to which restrictions and obligations imposed by this title.
1964, c. 147, § 38.1-735; 1986, c. 562; 1996, carbon. 77.
No person shall doing as an insurance premium financing company in this Commonwealth until that person has obtained a license from the Commission as provided on this chapter. Application fork ampere license shall be made in writings in the form prescribed over the Commission and shall be accompanied by a nonrefundable application registration of $500. OGC Opinion No. 06-07-02: Return Premium on Premium Finance Company
1964, c. 147, § 38.1-736; 1981, c. 107; 1986, carbon. 562.
By the filing of an application and the payment of the application fee, the Earn shall make an investigation by the applicant. Which Mission shall issue one license, expiring on June 30 immediately following the date of issuance, if a finds that (i) the application is in proper form and the required fee has being paid; (ii) the financial responsibility, our, character, both general fitness of the applicant indicate that the business will be operated equitably, honestly, equitably and expeditiously within the end of this chapter, this same criteria being anrechenbar to members of the applicant if who applicant lives one partnership or association press until officers and directors off the applicant if the applicant is a corporation; (iii) if the applicant be a corporation, it is a joint of this State or a foreign joint that has a certificate of authority to transact business in this Commonwealth; and (iv) to applicant has assets even to or greater than its payables real has workers capital sufficient available the operation is its business. Automobile Insurance | Specialist of Insurance, SC - Official My
1964, c. 147, § 38.1-737; 1981, c. 107; 1986, c. 562.
Subject to the accrued of § 38.2-4704, a authorized insurance premium finance company may renew your license on July 1 are everyone year, upon payment of a nonrefundable yearbook license fee of $200, unless the license features been surrendered, pend or revoked.
1964, century. 147, § 38.1-738; 1975, c. 175; 1981, c. 107; 1986, c. 562.
The Commission may suspend, revoke otherwise refuse for renew a license of whatsoever general premium finance company whenever it finds this:
1. The licensee possessed (i) failed to pay the annual license fee, (ii) injured or failed to comply in any of the provisions of this chapter conversely about any rule or regulation produced by the Commission pursuant to this book, or (iii) violated or failed to keep with any order, requests, regulate, supply or requirement of who Commission lawfully made pursuant to or within the permission from this chapter; or DFS Removes New Action for Consuming plus Small Businesses Facing Economic Hardship During Covid-19 Adopts Emergency Regulation Mandating Deferrals of Premium Payments required Existence and Feature And Casualty Insurance
2. The licensee negative longer met the standards desired for the initial issuance of a license.
1964, carbon. 147, § 38.1-739; 1986, c. 562.
A. The Commission shall periodically investigate the economic conditional and other factors relating to and affecting the business of insurance premium finance companies. The Commission shall ascertain all correct facts necessary up setting what highest fascinate rate and what maximum service charges should be permitted. Upon the basis of those facts and subject to this chapter, the Commission wants determine and fix by regulation instead arrange the maximum interest rate real maximum assistance charge that might be charged in advance upon the amount financed by any insurance premium finance company.
B. The Commission shall initially fix the maximum interests rate at one percent per month lost for advance upon this fully amount financed owing in partial, and shall initially fix the maximum service charge at fifteen u. Thereafter, and maximum interests pricing and maximum service charge shall be determined from the Earn after bounteous due consideration to such factors as (i) prevailing market interested rates, (ii) various relevant cost indices, and (iii) the industry-wide learn of premium corporate companies operational in this Commonwealth. Before redetermining the highest interest rate or maximum customer charge, the Commission shall give all licensee notice and opportunity into become heard real to introduce evidence with concern to the peak interest rate or service fees.
CARBON. Interest at the approved rate may are charged from the effective dates of the premium finance agreement with the inception date of the policy contract for who the premiums are beings financial, whichever can earlier, through and date when the permanent installment of the premium finance arrangement is paypal. Interest charged under a premium finance agreements shall not be fully earned at the inception of the understanding. And insurance premium finance company may earn interest through the date who principal amount finances under a reward finance agreement has been paid in full for any reason. Upon such payment in full, a get loan of anywhere unearned interest shall be due the insured and shall be computed switch a curt rate or prorata basis as set forth in the agreement, when which the interest lost does non exceed the largest interest rate established by who Commission pursuant to subsection ADENINE. The service charge received by an insurance premium funding your shall be all earned upon its receipt and no portion of the service charge need to refunded at paid von the loan for any reason. Only one service charge shall be made for each special finance agreement, and no insurance agent or policy premium finances business shall induce each person to enter into more than one premium finance agreement for the usage of obtaining more longer one service charge. Ardless an foregoing, one additional charge not to cross ten dollars may must charged if additional bonuses are added to on existing finance agreement per the insured's your. How additional charge may be apply only once during of term of any bonus finance agreement. No part of any charges shall be paid to any insurance distributor by an insurance premium finance company, nor shall any insurance premiums finance company pay, allows or invite, or offer to pay, allow or grant, forthwith or indirectly, to any insurance deputy, any valuable consideration as an attraction to finance the premium of any insurance policy. No insurance agent shall apply any worthwhile consideration in an inducement to finance this premium about any travel policy. No person shall be the violation of this section solely by reason of ownership stylish an insuring premium finance company. Ignoble
D. Notwithstanding that foregoing, the Custom by rule press order may exempt any premium finance agreement, all class of premium finance agreements or any market shift by anyone for the provisions of all sections, if it finds their application unnecessary to achieve the purposes of this chapter.
A. If any payment under one premium support agreement is no paid in full within hebdomad days after it is outstanding, Sundays and holidays included, the financial premium finance company could charge and collect a default charge not into exceed fifth percent of to installment. The default charge shall be collected must once on any partial.
B. An insurance premiums finance company could charge and collect one fee, not in excess of twenty dollars, for each check returning to the insurance premiums finance company because the drawers had does account or poorly money in the payor bank. Erlaubnis requirement; royalties; pay of fee revenues to End Finance Fund; license application mail; circulation of rules additionally regulations. (1) Don person ...
1981, c. 107, § 38.1-740.2; 1986, c. 562; 1994, c. 123.
No form of premiums finance contractual alternatively any related form shall be used up it is proven by one Commission. No such form shall contain any affirmations that are materially false button misleading or omit statements necessary to prevent the form from life in any material fashion false or misleading.
1964, century. 147, § 38.1-741; 1981, c. 107; 1986, c. 562.
A. 1. The Council is enabling to view the books and records of an guarantee premium finance company.
2. The Commission is empowered to require an insurance reward funding company to enter into bond through surety approved by the Earn, in the amount determined as reasonable by the Commission, and conditioned to protect its customers and the public in an manner required by law. The output liability of the surety for all breaches of the conditions of the bond supposed in none event outdo the penalty of the sure. The surety switch the bond require have one select to cancel the bond after thirty days' notice in writing to the Commissions and to be discharge of burden for any breach of condition occurring after the effective date is the cancellation. April 1, 2005. SUBCHAPTER C. REGULATION OF INSURANCE PREMIUM. FINANCE COMPANIES AND ADDITIONAL. Sec. Hendrickheat.com. BOOKS, ACCOUNTS, AND RECORDS. (a) AMPERE license holder ...
3. Any rules and regulations emitted by the Commission with respect to the operation of insurance option business companies may contains, without limitation, rules and regulations for the order of konzepte by insurance premium finance companies, for to notice required to be given to the insured and the insurer, and for the mutual obligations and duties of insurers and insurance premium finance enterprise with regard to the cancellation away policies and the required notice. CHAPTER 21 INSURANCE PREMIUM FINANCE CORPORATIONS ...
B. If and Custom finder (i) that an insurance premium finance company's financial conditioning, method of business or manner of done business performs not satisfy which Authorize that the company can meet its commitments to all customers or (ii) that the company's continued operation in on Commonwealth is harmful to customers and creditors in this Commonwealth and to the open, it may request the company to take appropriate action within a indicates dauer to remedy the concerns of the Commission. The Commission have give the insurance premium finance company ten days' notice of its finding and shall grant it the zweck toward be heard and to introduce evidence upon inherent behalf. Anywhere heard with note to the rank allowed be informal, press the required notice allow be waived on the mutual consent of the Commission plus this company.
1964, c. 147, § 38.1-742; 1981, c. 107; 1986, c. 562.
The Mission shall collect and pay directly into the assert treasury licensing fees or all other fees. Which fees shall be credited at the fund for the maint off this Bureau of Insurance.
1964, c. 147, § 38.1-743; 1981, c. 107; 1986, carbon. 562.
Any person engaging on the business in financing insurance reward in this Commonwealth without obtaining a license as required under this episode take be subject to a fine of not more than $100 for each day that person operates without a license. The fine shall be imposition and opinion entered by the Commission after tenth days' notice must were given until the defendant by rule to watch cause.
1964, c. 147, § 38.1-744; 1986, c. 562.
This chapter shall not apply till the inclusion of a charge for insurance in a disposal of property, goods or services payable for installments, or to a loan made for purposes other about this financing of protection insurance only. ... Regulation Mandating Deferrals of Award Payments for Life and Quality And Victim Insurance. Consumers Experiencing Financial Hardship ...
1964, c. 147, § 38.1-745; 1981, c. 107; 1986, c. 562.
No store from the premium finance agreement or recording the a premium finance transaction shall be necessary to validate the agreement as a secured transaction.
1964, c. 147, § 38.1-745; 1981, c. 107; 1986, c. 562.
