                                 CODE OF VIRGINIA

DUTY OF INSURANCE CARRIER AFTER NOTICE OF ACCIDENT; REPORT OF OMISSIONS BY
INSURERS TO STATE CORPORATION COMMISSION; INVESTIGATION AND ASSESSMENT FOR
OMISSIONS (§ 46.2-424)

On receipt of the certificate of insurance, the insurance carrier or surety
company named in the certificate of insurance shall determine whether the policy
or bond was applicable to liability, if any, as to the named insured. Thereupon
and not later than thirty days following receipt of the certificate of
insurance, the insurance company or surety company shall cause to be filed with
the Commissioner a written notice if the policy or bond was not applicable to
liability, if any, as to the named insured resulting from the accident. The
Commissioner shall prescribe the manner in which the written notice shall be
made.
		When the insurance company or surety company notifies the Commissioner that
the policy or bond named in the certificate of insurance was not applicable to
liability resulting from the accident, the Department shall determine, under §
46.2-708, whether suspension of the driver&#8217;s license, registration cards,
and license plates issued to the owner of the motor vehicle involved in the
accident is required.
		If the records of the Department reasonably indicate that any insurance
carrier or surety company does not cause to be filed the notice herein required,
the Commissioner shall report every such omission to the State Corporation
Commission.
		The State Corporation Commission shall investigate every such report of
omission. If the Commission finds that any insurance carrier or surety company
licensed to transact business in the Commonwealth, has failed, without good
reason, to cause to be filed the notice required hereunder, the State
Corporation Commission may assess the carrier or company fifty dollars for each
omission.

HISTORY: Code 1950, § 46-438; 1958, c. 541, § 46.1-451; 1972, c. 442; 1989, c.
727.