14 Va. Admin. Code § 5-390-30

Current through Register Vol. 41, No. 2, September 9, 2024

Section 14VAC5-390-30 - Records

A. If the licensee engages in any other business, the records relating to the insurance premium finance business shall be kept separate from the records of any other business.

B. Every insurance premium finance contract, all documents relating thereto, and copies of all documents delivered to an insured, shall be retained so as to be readily available for inspection at all reasonable hours during the term of the contract and for a period of three years thereafter. Such retention may be in an electronic format.

C. All records shall be maintained at locations as designated in the application for license or at such other locations as the licensee shall designate by written notice to the commission. Each licensee shall keep records for each insurance premium finance contract, other than those acquired as security for a debt, that shall include the following information:

1. Date of contract or of acquisition;

2. Name and address of insured;

3. Premium for each insurance policy financed;

4. Principal balance at acquisition;

5. Amount of service charge;

6. Time balance;

7. Total finance charge;

8. Annual percentage rate;

9. Number, interval and amount of payments;

10. Distribution of the proceeds showing the date, amount, purpose and name of all persons to whom any part of the proceeds was paid.

14 Va. Admin. Code § 5-390-30

Derived from Regulation 6, Case No. INS890007, § 3, eff. September 1, 1989; amended, Virginia Register Volume 18, Issue 12, eff. February 1, 2002.

Statutory Authority

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