Upon the verified petition of an insurer, where the petitioning insurer proposes to replace all or substantially all of its policies in another insurer, the Commission may relieve the insurer of the requirements of subsections B and C of § 38.2-2114 and of the mailing requirements of § 38.2-2113; provided the insurer demonstrates to the satisfaction of the Commission that (i) the replacement policy is underwritten by an affiliate insurer under common control with the petitioning insurer; (ii) the replacement policy is substantially similar to the existing policy with the petitioning insurer; (iii) the premium charged for the replacement policy is no greater than that charged by the petitioning insurer for the existing policy; and (iv) the replacement insurer is duly licensed to transact the business of insurance in the Commonwealth of Virginia. The replacement insurer shall retain a copy of any offer of replacement for a period of one year from the expiration of any existing policy that is not replaced. The Commission may further condition any such relief to protect the best interests of the policyholder.
1991, c. 292.
Structure Code of Virginia
Chapter 21 - Fire Insurance Policies
§ 38.2-2100. Application of chapter
§ 38.2-2101. Policies shall conform to provisions of this chapter
§ 38.2-2103. Information to be printed on policy
§ 38.2-2104. Standard insuring agreement for fire insurance policies
§ 38.2-2105. Standard provisions, conditions, stipulations and agreements for such policies
§ 38.2-2106. Standard form for execution of policies
§ 38.2-2107. Commission may establish guidelines for filing readable fire insurance policy forms
§ 38.2-2108. Standards for content of fire insurance policies
§ 38.2-2108.1. Commercial fire insurance policies; changes to amount of coverage
§ 38.2-2109. Execution of policies
§ 38.2-2110. Other matter permitted in the policy
§ 38.2-2111. Special regulations to be added to policy
§ 38.2-2112. Temporary insurance contracts; duration; what deemed to include
§ 38.2-2113. Mailing or electronic delivery of notice of cancellation or refusal to renew
§ 38.2-2114.1. Powers of Commission; replacement policies
§ 38.2-2115. Discrimination in issuance of fire insurance
§ 38.2-2116. Policies issued by two or more insurers
§ 38.2-2117. Approval of forms or provisions for additional coverage
§ 38.2-2118. Required statement on insurance policies for owner-occupied dwellings
§ 38.2-2119. Approval of forms or provisions for certain risks
§ 38.2-2120. Optional coverage to be offered with homeowner's policy
§ 38.2-2121. When courts may appoint umpires
§ 38.2-2122. Appraisers and umpires; oath to be taken
§ 38.2-2123. Chapter not applicable to certain mutual insurers
§ 38.2-2124. Optional coverage to be offered with fire insurance policy
§ 38.2-2125. Notice regarding flood exclusion
§ 38.2-2126. Insurance credit score disclosure; use of credit information
§ 38.2-2127. Notice of change in deductible
§ 38.2-2128. Certain exclusions permitted