A. A portion of the premium for credit life insurance or credit accident and sickness insurance may be allowed by the insurer to a creditor for providing and servicing such insurance. Such portion of the premium so allowed shall not be deemed as a rebate of premium or as interest charges or consideration or an amount in excess of permitted charges in connection with the loan or other credit transaction.
B. All of the acts necessary to provide and service credit life insurance and credit accident and sickness insurance may be performed within the same place of business in which is transacted the business giving rise to the loan or other credit transaction.
1960, c. 67, § 38.1-482.9; 1982, c. 223, § 38.2-3712; 1986, c. 562; 1992, c. 586.
Structure Code of Virginia
Chapter 37.1 - Credit Life Insurance and Credit Accident and Sickness Insurance
§ 38.2-3719. Forms of credit life insurance and credit accident and sickness insurance
§ 38.2-3720. Amount of credit life insurance and credit accident and sickness insurance
§ 38.2-3721. Term of credit life insurance and credit accident and sickness insurance
§ 38.2-3722. Variable interest rate indebtedness; amount; disclosure; refunds
§ 38.2-3724. Policy provisions; disclosure to debtors; delivery of policy or certificate
§ 38.2-3725. Policy forms to be filed with Commission; approval or disapproval by Commission
§ 38.2-3726. Credit life insurance rates
§ 38.2-3727. Credit accident and sickness insurance rates
§ 38.2-3730. Experience reports and adjustment of prima facie rates
§ 38.2-3732. Insurer delegation of duties
§ 38.2-3734. License requirements
§ 38.2-3735. Disclosure and readability