14 Va. Admin. Code § 5-101-100

Current through Register Vol. 40, No. 22, June 17, 2024

Section 14VAC5-101-100 - Out-of-state filings

A. Any company that wishes to deliver a certificate of insurance to any person located in this Commonwealth in connection with a policy issued outside of Virginia shall indicate the type of group (i) as defined in § 38.2-3318.1 or 38.2-3521.1 of the Code of Virginia as applicable or (ii) a nondefined or discretionary group to which the policy is issued.

1. If the group is defined in accordance with § 38.2-3318.1 or 38.2-3521.1 of the Code of Virginia as applicable, the company shall file for use any form that will be delivered in Virginia along with documentation that substantiates that the issuing state's filing requirements have been met. In addition, a certification from the company is required indicating that the group insurance coverage marketed to residents of this Commonwealth will comply with the provisions of § 38.2-3318.1 or 38.2-3521.1 of the Code of Virginia as applicable.

2. If the group is nondefined or discretionary and the state of issue has substantially similar laws to Virginia in accordance with subsection B of this section , the company shall file for use any form that will be delivered in Virginia along with documentation that substantiates that the issuing state's filing requirements have been met. In addition, a certification from the company is required indicating that the group insurance coverage marketed to residents of this Commonwealth complies with the requirements of subsection B this section.

3. If the group is nondefined or discretionary and the state of issue does not have substantially similar laws to Virginia, the company shall file for approval any form that will be delivered in this Commonwealth in accordance with § 38.2-316 of the Code of Virginia.

B. Laws of another state are substantially similar to Virginia if the commission finds that:

1. The policy is not contrary to Virginia's public policy and is in the best interest of the citizens of Virginia;

2. The issuance of the policy will result in economies of acquisition or administration; and

3. The benefits are reasonable in relation to the premiums charged.

14 Va. Admin. Code § 5-101-100

Derived From Virginia Register Volume 36, Issue 09, eff. 1/1/2020.

Statutory Authority: §§ 12.1-13 and 38.2-223 of the Code of Virginia.