14 Va. Admin. Code § 5-380-110
Current through Register Vol. 40, No. 22, June 17, 2024
Section 14VAC5-380-110 - Servicing of poolA. A service agent for the pool shall apply for and shall be subject to the approval of the Commission before entering into a contract with a pool and shall satisfy the Commission that it has adequate facilities and competent personnel to fulfill its obligations to the pool and comply with this chapter.B. A service agent shall maintain a resident agent in this Commonwealth and that agent shall be authorized to act for the service agent on any and all matters covered by the service agreement.C. A service agent shall file with the Commission copies of all contracts entered into with the pool as they relate to the services to be performed. The service contract must state that the service agent agrees to handle all claims covered by the service agreement incurred during the contract period to their conclusions without additional compensation unless approval to transfer them is obtained from the Commission prior to such transfer.D. The service agent shall furnish a fidelity bond covering its employees in an amount sufficient to protect all monies for which he has a fiduciary responsibility.E. Upon satisfactory compliance with the above provisions, a certificate of approval as a recognized and authorized service agent shall be issued to the applicant. Failure to comply with any of the forgoing rules or any order of the Commission within the time prescribed shall be considered justification for withdrawing the certificate of approval. The Commission shall give 10 days prior notice of such withdrawal. The notice shall be served personally, or by certified or registered mail, upon all interested parties setting forth the reason for withdrawal, and providing the service agent an opportunity to introduce evidence and be heard. If, after a hearing, which may be formal or informal, the service agent's certificate of approval is withdrawn, this withdrawal shall become effective 30 days after issuance of the Commission's order or within such shorter or longer period as the Commission may consider necessary to protect the interests of the pool, its members and their employees.
F. Each individual, partnership, corporation or other entity approved to act as a service agent for a pool may be required to file with the Commission an annual statement of financial condition within four months of the completion of its fiscal year.G. The pool may through its own personnel provide the services performed by a service agent upon approval by the Commission.14 Va. Admin. Code § 5-380-110
Derived from Regulation 33, Case No. INS890261, § 12, eff. September 1, 1989.Statutory Authority
§ 62.1-44.34:12 of the Code of Virginia.