Code of Virginia § 38.2-4807. Licensees to keep records and file annual statement of policies.

152 words·~1 min read·/va/title-38-2/chapter-48/38-2-4807

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

A. Every licensed surplus lines broker shall keep in his office a complete record of

(i)each policy of insurance procured by him under this chapter during the previous calendar year;

(ii)the name and address of the insurer or insurers;

(iii)the inception and expiration dates of each policy;

(iv)the perils insured against;

(v)the location of each risk so insured and the premium rate and the gross premium charged for each such policy of insurance;

(vi)the amount of premium returned; and

(vii)any other information the Commission requires.

B. The record of each policy of insurance shall be kept open at all reasonable times to examination by the Commission without notice for a period of not less than five years following termination of the policy.

Code 1950, § 38.1-314.8; 1960, c. 503; 1979, c. 513, § 38.1-327.53; 1986, c. 562; 2001, c. 706 ; 2011, c. 498 .