{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/38.2-3725.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/38.2-3725.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/38.2-3725.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/38.2-3725.html"}],"law_id":79475,"edition_id":1,"section_id":79475,"structure_id":15016,"section_number":"38.2-3725","catch_line":"Policy forms to be filed with Commission; approval or disapproval by Commission","history":"1982, c. 223, \u00a7 38.1-482.7:1; 1986, c. 562, \u00a7 38.2-3710; 1992, c. 586; 1999, c. 586.","full_text":"A\n\nNo form shall be delivered or issued for delivery in this Commonwealth until a copy of each form has been filed with and approved by the Commission.B\n\nIf a group policy of credit life or credit accident and sickness insurance is delivered in another state, the insurer shall be required to file the group certificate, application or enrollment request, and notice of proposed insurance delivered or issued for delivery in this state for approval. These forms shall comply with § 38.2-3724, with the exception of subsection D and § 38.2-3737. The premium rates shall comply with those established in this chapter or it must be demonstrated to the satisfaction of the Commission that the rates are actuarially equivalent to those required by §§ 38.2-3726 and 38.2-3727 if the coverage differs from that required in Virginia. In no case shall the premiums exceed those set by the Commission in §§ 38.2-3726 and 38.2-3727, as amended by § 38.2-3730.C\n\nThe Commission shall disapprove or withdraw approval previously given to any form if the Commission determines that:1\n\nIt does not comply with the laws of this Commonwealth;2\n\nIt contains any provision or has any title, heading, backing or other indication of the contents of any or all of its provisions which encourage misrepresentation or are unjust, unfair, misleading, deceptive or contrary to the public policy of this Commonwealth; or3\n\nThe premium rates or charges are not reasonable in relation to the benefits provided.D\n\nThe benefits provided by any credit life insurance form shall be considered reasonable in relation to the premium charged provided that the rate does not exceed the current prima facie rate set by the Commission. The prima facie rate that shall be effective January 1, 1993, shall be that set forth in § 38.2-3726. Thereafter, effective January 1, 1995, the Commission shall, on a triennial basis, set forth adjusted prima facie rates that will achieve a sixty percent loss ratio. The methodology used by the Commission in setting the prima facie rates shall be as set forth in § 38.2-3730. The prima facie rates shall be provided to insurers no later than September 1 prior to each triennium and shall be effective as to all forms issued on or after January 1 of the following triennium.E\n\nThe benefits provided by any credit accident and sickness insurance form shall be considered reasonable in relation to the premium charged provided that the rate does not exceed the current prima facie rates set by the Commission. The Commission shall set forth adjusted prima facie rates that will achieve a fifty percent loss ratio as of January 1, 1993, and adjusted prima facie rates that will achieve a sixty percent loss ratio as of January 1, 1995. Thereafter, the Commission shall, on a triennial basis, set forth adjusted prima facie rates that will achieve a sixty percent loss ratio. The methodology used by the Commission in setting the prima facie rates shall be as set forth in § 38.2-3730. The prima facie rates shall be provided to insurers no later than September 1, 1992, for the rates to be effective January 1, 1993; September 1, 1994, for the rates to be effective January 1, 1995; and September 1 prior to each triennium thereafter, and shall be effective as to all forms issued on or after such January 1.F\n\nIf necessary to assure availability of credit insurance, the Commission may consider other factors in order to provide a fair return to insurers. These other factors may include, but are not limited to, the following: (i) actual and expected loss experience; (ii) general and administrative expenses; (iii) loss settlement and adjustment expenses; (iv) reasonable creditor compensation; (v) investment income; (vi) the manner in which premiums are charged; (vii) other acquisition costs, reserves, taxes, regulatory license fees and fund assessments; and (viii) other relevant data consistent with generally accepted actuarial standards.G\n\nThe Commission shall, within thirty days after the filing of any form requiring approval, notify the insurer filing the form of the form’s approval or disapproval. If a form is disapproved, the Commission shall also notify the insurer of its reasons for disapproval. The Commission may extend the period within which it shall indicate its approval or disapproval of a form by thirty days. Any form received but not approved or disapproved by the Commission shall be deemed approved at the expiration of the thirty days, or sixty days if the period is extended. No insurer shall use a form deemed approved under the provisions of this section until the insurer has filed with the Commission a written notice of its intent to use the form together with a copy of the form and the original transmittal letter thereof. The notice shall be filed in the offices of the Commission at least ten days prior to the insurer’s use of the form.H\n\nIf the Commission proposes to withdraw approval previously given to any form, it shall notify the insurer in writing not less than thirty days prior to the proposed effective date of withdrawal and give its reasons for withdrawal. No insurer shall issue such forms or use them after the effective date of withdrawal, except as provided in subsection I of this section.I\n\nAny insurer aggrieved by the disapproval or withdrawal of approval of any form may proceed as indicated in § 38.2-1926.","order_by":null,"text":{"0":{"id":284695,"text":"No form shall be delivered or issued for delivery in this Commonwealth until a copy of each form has been filed with and approved by the Commission.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":284696,"text":"If a group policy of credit life or credit accident and sickness insurance is delivered in another state, the insurer shall be required to file the group certificate, application or enrollment request, and notice of proposed insurance delivered or issued for delivery in this state for approval. These forms shall comply with § 38.2-3724, with the exception of subsection D and § 38.2-3737. The premium rates shall comply with those established in this chapter or it must be demonstrated to the satisfaction of the Commission that the rates are actuarially equivalent to those required by §§ 38.2-3726 and 38.2-3727 if the coverage differs from that required in Virginia. In no case shall the premiums exceed those set by the Commission in §§ 38.2-3726 and 38.2-3727, as amended by § 38.2-3730.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":284697,"text":"The Commission shall disapprove or withdraw approval previously given to any form if the Commission determines that:","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"C1"},"3":{"id":284698,"text":"It does not comply with the laws of this Commonwealth;","type":"section","prefixes":["C","1"],"prefix":"1","entire_prefix":"C1","prefix_anchor":"C1","level":2,"prior_prefix":"C","next_prefix":"C2"},"4":{"id":284699,"text":"It contains any provision or has any title, heading, backing or other indication of the contents of any or all of its provisions which encourage misrepresentation or are unjust, unfair, misleading, deceptive or contrary to the public policy of this Commonwealth; or","type":"section","prefixes":["C","2"],"prefix":"2","entire_prefix":"C2","prefix_anchor":"C2","level":2,"prior_prefix":"C1","next_prefix":"C3"},"5":{"id":284700,"text":"The premium rates or charges are not reasonable in relation to the benefits provided.","type":"section","prefixes":["C","3"],"prefix":"3","entire_prefix":"C3","prefix_anchor":"C3","level":2,"prior_prefix":"C2","next_prefix":"D"},"6":{"id":284701,"text":"The benefits provided by any credit life insurance form shall be considered reasonable in relation to the premium charged provided that the rate does not exceed the current prima facie rate set by the Commission. The prima facie rate that shall be effective January 1, 1993, shall be that set forth in § 38.2-3726. Thereafter, effective January 1, 1995, the Commission shall, on a triennial basis, set forth adjusted prima facie rates that will achieve a sixty percent loss ratio. The methodology used by the Commission in setting the prima facie rates shall be as set forth in § 38.2-3730. The prima facie rates shall be provided to insurers no later than September 1 prior to each triennium and shall be effective as to all forms issued on or after January 1 of the following triennium.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C3","next_prefix":"E"},"7":{"id":284702,"text":"The benefits provided by any credit accident and sickness insurance form shall be considered reasonable in relation to the premium charged provided that the rate does not exceed the current prima facie rates set by the Commission. The Commission shall set forth adjusted prima facie rates that will achieve a fifty percent loss ratio as of January 1, 1993, and adjusted prima facie rates that will achieve a sixty percent loss ratio as of January 1, 1995. Thereafter, the Commission shall, on a triennial basis, set forth adjusted prima facie rates that will achieve a sixty percent loss ratio. The methodology used by the Commission in setting the prima facie rates shall be as set forth in § 38.2-3730. The prima facie rates shall be provided to insurers no later than September 1, 1992, for the rates to be effective January 1, 1993; September 1, 1994, for the rates to be effective January 1, 1995; and September 1 prior to each triennium thereafter, and shall be effective as to all forms issued on or after such January 1.","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D","next_prefix":"F"},"8":{"id":284703,"text":"If necessary to assure availability of credit insurance, the Commission may consider other factors in order to provide a fair return to insurers. These other factors may include, but are not limited to, the following: (i) actual and expected loss experience; (ii) general and administrative expenses; (iii) loss settlement and adjustment expenses; (iv) reasonable creditor compensation; (v) investment income; (vi) the manner in which premiums are charged; (vii) other acquisition costs, reserves, taxes, regulatory license fees and fund assessments; and (viii) other relevant data consistent with generally accepted actuarial standards.","type":"section","prefixes":["F"],"prefix":"F","entire_prefix":"F","prefix_anchor":"F","level":1,"prior_prefix":"E","next_prefix":"G"},"9":{"id":284704,"text":"The Commission shall, within thirty days after the filing of any form requiring approval, notify the insurer filing the form of the form’s approval or disapproval. If a form is disapproved, the Commission shall also notify the insurer of its reasons for disapproval. The Commission may extend the period within which it shall indicate its approval or disapproval of a form by thirty days. Any form received but not approved or disapproved by the Commission shall be deemed approved at the expiration of the thirty days, or sixty days if the period is extended. No insurer shall use a form deemed approved under the provisions of this section until the insurer has filed with the Commission a written notice of its intent to use the form together with a copy of the form and the original transmittal letter thereof. The notice shall be filed in the offices of the Commission at least ten days prior to the insurer’s use of the form.","type":"section","prefixes":["G"],"prefix":"G","entire_prefix":"G","prefix_anchor":"G","level":1,"prior_prefix":"F","next_prefix":"H"},"10":{"id":284705,"text":"If the Commission proposes to withdraw approval previously given to any form, it shall notify the insurer in writing not less than thirty days prior to the proposed effective date of withdrawal and give its reasons for withdrawal. No insurer shall issue such forms or use them after the effective date of withdrawal, except as provided in subsection I of this section.","type":"section","prefixes":["H"],"prefix":"H","entire_prefix":"H","prefix_anchor":"H","level":1,"prior_prefix":"G","next_prefix":"I"},"11":{"id":284706,"text":"Any insurer aggrieved by the disapproval or withdrawal of approval of any form may proceed as indicated in § 38.2-1926.","type":"section","prefixes":["I"],"prefix":"I","entire_prefix":"I","prefix_anchor":"I","level":1,"prior_prefix":"H"}},"ancestry":[{"id":15016,"edition_id":1,"name":"Credit Life Insurance and Credit Accident and Sickness Insurance","identifier":"37.1","label":"chapter","depth":2,"order_by":1,"parent_id":12698,"metadata":{},"date_created":"2026-06-26 03:51:32","date_modified":"2026-06-26 03:51:32","permalink":{"id":216059,"object_type":"structure","relational_id":15016,"identifier":"37.1","token":"38.2\/37.1","url":"\/38.2\/37.1\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12698,"edition_id":1,"name":"Insurance","identifier":"38.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":210661,"object_type":"structure","relational_id":12698,"identifier":"38.2","token":"38.2","url":"\/38.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":78738,"structure_id":15016,"section_number":"38.2-3717","catch_line":"Scope","url":"\/38.2-3717\/","token":"38.2\/37.1\/38.2-3717","metadata":false},{"id":61942,"structure_id":15016,"section_number":"38.2-3718","catch_line":"Definitions","url":"\/38.2-3718\/","token":"38.2\/37.1\/38.2-3718","metadata":false},{"id":68352,"structure_id":15016,"section_number":"38.2-3719","catch_line":"Forms of credit life insurance and credit accident and sickness insurance","url":"\/38.2-3719\/","token":"38.2\/37.1\/38.2-3719","metadata":false},{"id":71214,"structure_id":15016,"section_number":"38.2-3720","catch_line":"Amount of credit life insurance and credit accident and sickness insurance","url":"\/38.2-3720\/","token":"38.2\/37.1\/38.2-3720","metadata":false},{"id":83437,"structure_id":15016,"section_number":"38.2-3721","catch_line":"Term of credit life insurance and credit accident and sickness insurance","url":"\/38.2-3721\/","token":"38.2\/37.1\/38.2-3721","metadata":false},{"id":74250,"structure_id":15016,"section_number":"38.2-3722","catch_line":"Variable interest rate indebtedness; amount; disclosure; refunds","url":"\/38.2-3722\/","token":"38.2\/37.1\/38.2-3722","metadata":false},{"id":60031,"structure_id":15016,"section_number":"38.2-3723","catch_line":"Reserves","url":"\/38.2-3723\/","token":"38.2\/37.1\/38.2-3723","metadata":false},{"id":72023,"structure_id":15016,"section_number":"38.2-3724","catch_line":"Policy provisions; disclosure to debtors; delivery of policy or certificate","url":"\/38.2-3724\/","token":"38.2\/37.1\/38.2-3724","metadata":false},{"id":79475,"structure_id":15016,"section_number":"38.2-3725","catch_line":"Policy forms to be filed with Commission; approval or disapproval by Commission","url":"\/38.2-3725\/","token":"38.2\/37.1\/38.2-3725","metadata":false},{"id":81616,"structure_id":15016,"section_number":"38.2-3726","catch_line":"Credit life insurance rates","url":"\/38.2-3726\/","token":"38.2\/37.1\/38.2-3726","metadata":false},{"id":64017,"structure_id":15016,"section_number":"38.2-3727","catch_line":"Credit accident and sickness insurance rates","url":"\/38.2-3727\/","token":"38.2\/37.1\/38.2-3727","metadata":false},{"id":67560,"structure_id":15016,"section_number":"38.2-3728","catch_line":"Use of rates","url":"\/38.2-3728\/","token":"38.2\/37.1\/38.2-3728","metadata":false},{"id":77928,"structure_id":15016,"section_number":"38.2-3729","catch_line":"Refunds","url":"\/38.2-3729\/","token":"38.2\/37.1\/38.2-3729","metadata":false},{"id":76093,"structure_id":15016,"section_number":"38.2-3730","catch_line":"Experience reports and adjustment of prima facie rates","url":"\/38.2-3730\/","token":"38.2\/37.1\/38.2-3730","metadata":false},{"id":63767,"structure_id":15016,"section_number":"38.2-3731","catch_line":"Claims","url":"\/38.2-3731\/","token":"38.2\/37.1\/38.2-3731","metadata":false},{"id":78709,"structure_id":15016,"section_number":"38.2-3732","catch_line":"Insurer delegation of duties","url":"\/38.2-3732\/","token":"38.2\/37.1\/38.2-3732","metadata":false},{"id":76840,"structure_id":15016,"section_number":"38.2-3733","catch_line":"Portion of premium may be allowed to creditor; insurance may be provided and serviced at creditor's place of business","url":"\/38.2-3733\/","token":"38.2\/37.1\/38.2-3733","metadata":false},{"id":63261,"structure_id":15016,"section_number":"38.2-3734","catch_line":"License requirements","url":"\/38.2-3734\/","token":"38.2\/37.1\/38.2-3734","metadata":false},{"id":57264,"structure_id":15016,"section_number":"38.2-3735","catch_line":"Disclosure and readability","url":"\/38.2-3735\/","token":"38.2\/37.1\/38.2-3735","metadata":false},{"id":71653,"structure_id":15016,"section_number":"38.2-3736","catch_line":"Noncontributory coverage","url":"\/38.2-3736\/","token":"38.2\/37.1\/38.2-3736","metadata":false},{"id":69488,"structure_id":15016,"section_number":"38.2-3737","catch_line":"Application","url":"\/38.2-3737\/","token":"38.2\/37.1\/38.2-3737","metadata":false},{"id":70889,"structure_id":15016,"section_number":"38.2-3738","catch_line":"What laws applicable","url":"\/38.2-3738\/","token":"38.2\/37.1\/38.2-3738","metadata":false}],"previous_section":{"id":72023,"structure_id":15016,"section_number":"38.2-3724","catch_line":"Policy provisions; disclosure to debtors; delivery of policy or certificate","url":"\/38.2-3724\/","token":"38.2\/37.1\/38.2-3724","metadata":false},"next_section":{"id":81616,"structure_id":15016,"section_number":"38.2-3726","catch_line":"Credit life insurance rates","url":"\/38.2-3726\/","token":"38.2\/37.1\/38.2-3726","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-3725\/","history_text":"

This law was first created in 1982. The record of its establishment is cataloged in chapter 223 of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1982 \u201cActs\u201d aren\u2019t available online. It has been modified 3 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1986, chapter 562; in 1992, chapter 586; in 1999, chapter 586<\/a>.<\/p>","references":[{"id":64017,"section_number":"38.2-3727","catch_line":"Credit accident and sickness insurance rates","order_by":null,"url":"\/38.2-3727\/"},{"id":67560,"section_number":"38.2-3728","catch_line":"Use of rates","order_by":null,"url":"\/38.2-3728\/"},{"id":76093,"section_number":"38.2-3730","catch_line":"Experience reports and adjustment of prima facie rates","order_by":null,"url":"\/38.2-3730\/"},{"id":71653,"section_number":"38.2-3736","catch_line":"Noncontributory coverage","order_by":null,"url":"\/38.2-3736\/"}],"refers_to":[{"id":67284,"section_number":"38.2-1926","catch_line":"Action of Commission upon request for hearing on order or decision made without a hearing","order_by":null,"url":"\/38.2-1926\/"},{"id":72023,"section_number":"38.2-3724","catch_line":"Policy provisions; disclosure to debtors; delivery of policy or certificate","order_by":null,"url":"\/38.2-3724\/"},{"id":81616,"section_number":"38.2-3726","catch_line":"Credit life insurance rates","order_by":null,"url":"\/38.2-3726\/"},{"id":64017,"section_number":"38.2-3727","catch_line":"Credit accident and sickness insurance rates","order_by":null,"url":"\/38.2-3727\/"},{"id":76093,"section_number":"38.2-3730","catch_line":"Experience reports and adjustment of prima facie rates","order_by":null,"url":"\/38.2-3730\/"},{"id":69488,"section_number":"38.2-3737","catch_line":"Application","order_by":null,"url":"\/38.2-3737\/"}],"permalink":{"id":216093,"object_type":"law","relational_id":79475,"identifier":"38.2-3725","token":"38.2\/37.1\/38.2-3725","url":"\/38.2-3725\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/38.2-3725\/","token":"38.2\/37.1\/38.2-3725","dublin_core":{"Title":"Policy forms to be filed with Commission; approval or disapproval by Commission","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-3725","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> No form<\/span> shall be delivered or issued for delivery in this Commonwealth until a copy of each form<\/span> has been filed with and approved by the Commission<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> If a group policy of credit life or credit accident and sickness insurance<\/span> is delivered in another state<\/span>, the insurer<\/span> shall be required to file the group certificate, application or enrollment request, and notice of proposed insurance<\/span> delivered or issued for delivery in this state<\/span> for approval. These forms<\/span> shall comply with § 38.2-3724<\/a>, with the exception of subsection D and § 38.2-3737<\/a>. The premium rates<\/span><\/span> shall comply with those established in this chapter or it must be demonstrated to the satisfaction of the Commission<\/span> that the rates<\/span><\/span> are actuarially equivalent to those required by §§ 38.2-3726<\/a> and 38.2-3727<\/a> if the coverage differs from that required in Virginia. In no case shall the premiums exceed those set by the Commission<\/span> in §§ 38.2-3726<\/a> and 38.2-3727<\/a>, as amended by § 38.2-3730<\/a>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> The Commission<\/span> shall disapprove or withdraw approval previously given to any form<\/span> if the Commission<\/span> determines that: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> It does not comply with the laws<\/span> of this Commonwealth; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> It contains any provision or has any title, heading, backing or other indication of the contents of any or all of its provisions which encourage misrepresentation or are unjust, unfair, misleading, deceptive or contrary to the public policy of this Commonwealth; or <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> The premium rates<\/span><\/span> or charges are not reasonable in relation to the benefits provided. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> The benefits provided by any credit life insurance<\/span> form<\/span> shall be considered reasonable in relation to the premium charged provided that the rate<\/span> does not exceed the current prima facie rate<\/span> set by the Commission<\/span>. The prima facie rate<\/span> that shall be effective January 1, 1993, shall be that set forth in § 38.2-3726<\/a>. Thereafter, effective January 1, 1995, the Commission<\/span> shall, on a triennial basis, set forth adjusted prima facie rates<\/span><\/span> that will achieve a sixty percent loss ratio. The methodology used by the Commission<\/span> in setting the prima facie rates<\/span><\/span> shall be as set forth in § 38.2-3730<\/a>. The prima facie rates<\/span><\/span> shall be provided to insurers<\/span> no later than September 1 prior to each triennium and shall be effective as to all forms<\/span> issued on or after January 1 of the following triennium. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

E.<\/span> The benefits provided by any credit accident and sickness insurance<\/span> form<\/span> shall be considered reasonable in relation to the premium charged provided that the rate<\/span> does not exceed the current prima facie rates<\/span><\/span> set by the Commission<\/span>. The Commission<\/span> shall set forth adjusted prima facie rates<\/span><\/span> that will achieve a fifty percent loss ratio as of January 1, 1993, and adjusted prima facie rates<\/span><\/span> that will achieve a sixty percent loss ratio as of January 1, 1995. Thereafter, the Commission<\/span> shall, on a triennial basis, set forth adjusted prima facie rates<\/span><\/span> that will achieve a sixty percent loss ratio. The methodology used by the Commission<\/span> in setting the prima facie rates<\/span><\/span> shall be as set forth in § 38.2-3730<\/a>. The prima facie rates<\/span><\/span> shall be provided to insurers<\/span> no later than September 1, 1992, for the rates<\/span><\/span> to be effective January 1, 1993; September 1, 1994, for the rates<\/span><\/span> to be effective January 1, 1995; and September 1 prior to each triennium thereafter, and shall be effective as to all forms<\/span> issued on or after such January 1. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

F.<\/span> If necessary to assure availability of credit insurance<\/span>, the Commission<\/span> may consider other factors in order<\/span> to provide a fair return to insurers<\/span>. These other factors may include, but are not limited to, the following: (i) actual and expected loss experience; (ii) general and administrative expenses; (iii) loss settlement<\/span> and adjustment expenses; (iv) reasonable creditor<\/span> compensation; (v) investment income; (vi) the manner in which premiums are charged; (vii) other acquisition costs, reserves, taxes, regulatory license fees and fund assessments; and (viii) other relevant data consistent with generally accepted actuarial standards. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

G.<\/span> The Commission<\/span> shall, within thirty days after the filing of any form<\/span> requiring approval, notify the insurer<\/span> filing the form<\/span> of the form<\/span>’s approval or disapproval. If a form<\/span> is disapproved, the Commission<\/span> shall also notify the insurer<\/span> of its reasons for disapproval. The Commission<\/span> may extend the period within which it shall indicate its approval or disapproval of a form<\/span> by thirty days. Any form<\/span> received but not approved or disapproved by the Commission<\/span> shall be deemed approved at the expiration of the thirty days, or sixty days if the period is extended. No insurer<\/span> shall use a form<\/span> deemed approved under the provisions of this section until the insurer<\/span> has filed with the Commission<\/span> a written notice of its intent<\/span> to use the form<\/span> together with a copy of the form<\/span> and the original transmittal letter thereof. The notice shall be filed in the offices of the Commission<\/span> at least ten days prior to the insurer<\/span>’s use of the form<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

H.<\/span> If the Commission<\/span> proposes to withdraw approval previously given to any form<\/span>, it shall notify the insurer<\/span> in writing not less than thirty days prior to the proposed effective date of withdrawal and give its reasons for withdrawal. No insurer<\/span> shall issue<\/span> such forms<\/span> or use them after the effective date of withdrawal, except as provided in subsection I of this section. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

I.<\/span> Any insurer<\/span> aggrieved by the disapproval or withdrawal of approval of any form<\/span> may proceed as indicated in § 38.2-1926<\/a>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nPOLICY FORMS TO BE FILED WITH COMMISSION; APPROVAL OR DISAPPROVAL BY COMMISSION\n(\u00a7 38.2-3725)\n\nA. No form shall be delivered or issued for delivery in this Commonwealth until\na copy of each form has been filed with and approved by the Commission.\n\nB. If a group policy of credit life or credit accident and sickness insurance is\ndelivered in another state, the insurer shall be required to file the group\ncertificate, application or enrollment request, and notice of proposed insurance\ndelivered or issued for delivery in this state for approval. These forms shall\ncomply with § 38.2-3724, with the exception of subsection D and §\n38.2-3737. The premium rates shall comply with those established in this chapter\nor it must be demonstrated to the satisfaction of the Commission that the rates\nare actuarially equivalent to those required by §§ 38.2-3726 and\n38.2-3727 if the coverage differs from that required in Virginia. In no case\nshall the premiums exceed those set by the Commission in §§ 38.2-3726\nand 38.2-3727, as amended by § 38.2-3730.\n\nC. The Commission shall disapprove or withdraw approval previously given to any\nform if the Commission determines that:\n\n 1. It does not comply with the laws of this Commonwealth;\n\n 2. It contains any provision or has any title, heading, backing or other\n indication of the contents of any or all of its provisions which encourage\n misrepresentation or are unjust, unfair, misleading, deceptive or contrary to\n the public policy of this Commonwealth; or\n\n 3. The premium rates or charges are not reasonable in relation to the benefits\n provided.\n\nD. The benefits provided by any credit life insurance form shall be considered\nreasonable in relation to the premium charged provided that the rate does not\nexceed the current prima facie rate set by the Commission. The prima facie rate\nthat shall be effective January 1, 1993, shall be that set forth in §\n38.2-3726. Thereafter, effective January 1, 1995, the Commission shall, on a\ntriennial basis, set forth adjusted prima facie rates that will achieve a sixty\npercent loss ratio. The methodology used by the Commission in setting the prima\nfacie rates shall be as set forth in § 38.2-3730. The prima facie rates\nshall be provided to insurers no later than September 1 prior to each triennium\nand shall be effective as to all forms issued on or after January 1 of the\nfollowing triennium.\n\nE. The benefits provided by any credit accident and sickness insurance form\nshall be considered reasonable in relation to the premium charged provided that\nthe rate does not exceed the current prima facie rates set by the Commission.\nThe Commission shall set forth adjusted prima facie rates that will achieve a\nfifty percent loss ratio as of January 1, 1993, and adjusted prima facie rates\nthat will achieve a sixty percent loss ratio as of January 1, 1995. Thereafter,\nthe Commission shall, on a triennial basis, set forth adjusted prima facie rates\nthat will achieve a sixty percent loss ratio. The methodology used by the\nCommission in setting the prima facie rates shall be as set forth in §\n38.2-3730. The prima facie rates shall be provided to insurers no later than\nSeptember 1, 1992, for the rates to be effective January 1, 1993; September 1,\n1994, for the rates to be effective January 1, 1995; and September 1 prior to\neach triennium thereafter, and shall be effective as to all forms issued on or\nafter such January 1.\n\nF. If necessary to assure availability of credit insurance, the Commission may\nconsider other factors in order to provide a fair return to insurers. These\nother factors may include, but are not limited to, the following: (i) actual and\nexpected loss experience; (ii) general and administrative expenses; (iii) loss\nsettlement and adjustment expenses; (iv) reasonable creditor compensation; (v)\ninvestment income; (vi) the manner in which premiums are charged; (vii) other\nacquisition costs, reserves, taxes, regulatory license fees and fund\nassessments; and (viii) other relevant data consistent with generally accepted\nactuarial standards.\n\nG. The Commission shall, within thirty days after the filing of any form\nrequiring approval, notify the insurer filing the form of the form’s\napproval or disapproval. If a form is disapproved, the Commission shall also\nnotify the insurer of its reasons for disapproval. The Commission may extend the\nperiod within which it shall indicate its approval or disapproval of a form by\nthirty days. Any form received but not approved or disapproved by the Commission\nshall be deemed approved at the expiration of the thirty days, or sixty days if\nthe period is extended. No insurer shall use a form deemed approved under the\nprovisions of this section until the insurer has filed with the Commission a\nwritten notice of its intent to use the form together with a copy of the form\nand the original transmittal letter thereof. The notice shall be filed in the\noffices of the Commission at least ten days prior to the insurer’s use of\nthe form.\n\nH. If the Commission proposes to withdraw approval previously given to any form,\nit shall notify the insurer in writing not less than thirty days prior to the\nproposed effective date of withdrawal and give its reasons for withdrawal. No\ninsurer shall issue such forms or use them after the effective date of\nwithdrawal, except as provided in subsection I of this section.\n\nI. Any insurer aggrieved by the disapproval or withdrawal of approval of any\nform may proceed as indicated in § 38.2-1926.\n\nHISTORY: 1982, c. 223, \u00a7 38.1-482.7:1; 1986, c. 562, \u00a7 38.2-3710; 1992, c.\n586; 1999, c. 586.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}