If no specific charge is made to the debtor for credit life or credit accident and sickness insurance, the Commission is granted discretion in applying the provisions of this chapter. Each company must comply with § 38.2-3725 and the filing letter must specifically request an exemption from Virginia law. For purposes of this section, it will be considered that the debtor is charged a specific amount for insurance if an identifiable charge for insurance is disclosed in the credit or other instrument furnished the debtor which sets out the financial elements of the credit transactions, or if there is a differential in finance, interest, service or other similar charges made to debtors who are in like circumstances, except for their insured or noninsured status.
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