Code of Virginia § 59.1-434.7. Home service contracts not insurance; exemptions.
314 words·~1 min read·
/va/title-59-1/chapter-33-1/59-1-434-7·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. Home service contracts are
(i)not contracts of insurance in the Commonwealth and
(ii)not subject to regulation under Title 38.2.
B. Any provider that has a net worth, on a stand-alone basis or together with a parent company, calculated in accordance with generally accepted accounting principles or statutory accounting principles at the election of the provider, in excess of $100 million shall be subject to neither
(i)the provisions of this chapter nor
(ii)the provisions of Title 38.2.
C. Any matter subject to the insurance regulatory authority of the State Corporation Commission pursuant to Title 38.2 shall not be subject to the provisions of this chapter.
D. Providers that comply with this chapter shall not be subject to the provisions of Title 38.2.
E. Employees of providers that comply with this chapter and licensed real estate agents or other contractors operating under a written agreement with such providers that market, sell, or offer to sell home service contracts on behalf of the registered provider shall be subject to neither
(i)the provisions of this chapter nor
(ii)the provisions of Title 38.2.
F. The provisions of this chapter shall not apply to:
1. Any extended service contract providers offering extended service contracts on consumer products, as those terms are defined in § 59.1-435 , that are registered and regulated pursuant to Chapter 34 (§ 59.1-435 et seq.); or
2. Any maintenance and service agreement
(i)pertaining to a heating, ventilation, air conditioning, or cooling system entered into between a seller of petroleum heating oil, propane, or natural gas and the seller's customer if the seller does not engage in selling home service contracts for property other than heating, ventilation, air conditioning, or cooling systems or
(ii)entered into by a person who provides telecommunications services in the Commonwealth to which the service contract, guarantee or warranty relates.
2017, c. 727 .