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Virginia Code Title 38.2. Insurance § 38.2-1812.2. Administrative charges in excess of premium prohibited; exceptions

Current as of January 01, 2025 | Updated by Findlaw Staff

A. Notwithstanding the provisions of § 38.2-310 and Article 4 (§ 38.2-1837 et seq.) of this chapter, no agent shall charge, or demand or receive from, an applicant for insurance or a policyholder any consideration in return for rendering services associated with a contract of insurance, when the consideration is in addition to the premium for such contract, unless:

1. The applicant or policyholder consents in writing before any services are rendered. Consent shall be provided on a form that includes the applicant's or policyholder's signature, the duration of services and amount of fees to be charged, the services for which the fees are charged, and a statement that the agent is entitled to receive a commission from the insurer for selling, soliciting, or negotiating the insurance; and

2. A schedule of fees and documentation for services rendered is maintained in the agent's office and is made available to applicants or policyholders upon request.

B. This section shall not apply to charges for services described in subsection C of § 38.2-4608 when provided by title insurance agents.

C. This section shall apply to new and renewal policies issued or renewed on or after July 1, 1999.

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Cite this article: FindLaw.com - Virginia Code Title 38.2. Insurance § 38.2-1812.2. Administrative charges in excess of premium prohibited; exceptions - last updated January 01, 2025 | https://codes.findlaw.com/va/title-38-2-insurance/va-code-sect-38-2-1812-2/

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