                                 CODE OF VIRGINIA

MISQUOTE OF PREMIUM (§ 38.2-1906.1)

Notwithstanding any other provision of this chapter, if an insurer or its agent
provides a written quotation for insurance to an insured or applicant for
insurance and the rate filing in effect for the insurer results in a premium
increase of ten percent or more over the quoted premium, the insured or
applicant may, within fifteen days of written notification of the increase by
the insurer or its agent, request cancellation of the contract or policy. The
insurer shall, upon receipt of such request, cancel the contract or policy
calculating the earned premium pro rata using the premium originally quoted by
the insurer or its agent. Nothing in this section shall apply to any increase in
premium which is the result of incorrect information furnished by the insured or
applicant or information omitted by the insured or applicant.

HISTORY: 1990, c. 503.