                                 CODE OF VIRGINIA

NOTICE TO INSURED THAT INSURANCE IS PLACED WITH AN ELIGIBLE NONADMITTED INSURER
REQUIRED (§ 38.2-4806)

A notice in a form prescribed by the Commission shall be given to the insured
under the provisions of a policy procured pursuant to this chapter by the
surplus lines broker procuring the policy or by any duly licensed property and
casualty insurance agent placing surplus lines business with the surplus lines
broker. The notice shall contain, but not be limited to, statements that the
policy is being procured from or has been placed with an insurer approved by the
Commission as an eligible nonadmitted insurer and that there is no protection
under the Virginia Property and Casualty Insurance Guaranty Association
established under Chapter 16 (§ 38.2-1600 et seq.) against financial loss to
claimants or policyholders because of the insolvency of an eligible nonadmitted
insurer. The notice shall also set forth the name, license number, and mailing
address of the broker. The notice shall be given prior to placement of the
insurance. In the event coverage must be placed and become effective within 24
hours after referral of the business to the surplus lines broker, the notice may
be given promptly following such a placement. In addition, a copy of the notice
shall be affixed to the policy.

HISTORY: Code 1950, § 38.-314.7; 1960, c. 503; 1979, c. 513, § 38.1-327.52;
1981, c. 241; 1984, c. 719; 1986, c. 562; 1987, c. 519; 1988, c. 828; 1996, c.
240; 2001, c. 706; 2008, c. 212; 2011, c. 498; 2018, c. 205.