§ 38.2-3732 Insurer delegation of duties
Any insurer that delegates to a creditor any of its duties under the laws of this Commonwealth or the regulations of this Commission shall be responsible to see that such creditor discharges such duties in accordance with said laws and regulations. A finding by the Commission that either the insurer or its delegee has failed to comply with such requirements shall subject the insurer and creditor to any and all disciplinary actions authorized under this title. Such responsibility shall include but not be limited to a determination that:
1. Proper insurance rates are being charged by the creditor;
4. Amounts of insurance payable on death in excess of the amounts necessary to discharge indebtedness are properly distributed; and
5. The creditor is promptly and fairly processing complaints concerning its credit insurance operations and is maintaining proper procedures for and records of complaints processed.
History
This law was first created in 1992. The record of its establishment is cataloged in chapter 586 of that year’s edition of “Acts of Assembly,” the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1992 “Acts” aren’t available online.
1992, c. 586.