HB 1240

Abstract

Legal services plans. Authorizes legal services organizations to provide to the Virginia Department of Agriculture and Consumer Services any registration information or fees on behalf of their legal services plan sellers. Currently, sellers are required to register with the Department individually. The measure also (i) allows legal services plans to be written in Virginia by a foreign corporation that is licensed as an insurer in its state of domicile and authorized to write legal services plans under the laws of any state; (ii) authorizes a foreign insurer issuing legal services plans to file financial statements with the State Corporation Commission using certain alternative forms;  (iii) allows a legal services organization to use policy forms without prior approval of the Commission if it has filed an informational filing and written notice of its intent to use the form; (iv) allows legal services organizations to exclude the management discussion and analysis sections of their financial statements filed with the Commission; and (v) provides that the Commission may investigate or examine a legal services organization as it deems necessary.

Legal services plans. Authorizes legal services organizations to provide to the Virginia Department of Agriculture and Consumer Services any registration information or fees on behalf of their legal services plan sellers. Currently, sellers are required to register with the Department individually. The measure also (i) allows legal services plans to be written in Virginia by a foreign corporation that is licensed as an insurer in its state of domicile and authorized write legal services plans under the laws of any state; (ii) authorizes a foreign insurer issuing legal services plans to file financial statements with the State Corporation Commission using certain alternative forms;  (iii) allows a legal services organization to use policy forms without prior approval of the Commission if it has filed an informational filing and written notice of its intent to use the form; (iv) allows legal services organizations to exclude the management discussion and analysis sections of their financial statements filed with the Commission; and (v) provides that the Commission may investigate or examine a legal services organization as it deems necessary.

Legal services plans. Authorizes legal services organizations to provide to the Virginia Department of Agricultureand Consumer Services any registration information or fees on behalfof their legal services plan sellers. Currently, sellers are requiredto register with the Department individually. The measure also (i)authorizes a foreign insurer issuing legal services plans to filefinancial statements with the State Corporation Commission in theform used in its state of domicile; (ii) allows legal services plansto be written in Virginia by a foreign insurer that is authorizedto write legal services plans in another jurisdiction; (iii) authorizesa legal services organization to request an exemption from the requirementthat the Commission conduct an examination of it every five yearsif the organization provides an audited financial statement; (iv)allows a legal services organization to seek a waiver of the requirementthat it obtain the Commission's prior approval of policy forms and related documents; (v) eliminates the requirement that legal services organizations file actuarial opinions; and (vi) allows legal services organizations to exclude the management discussion and analysis sectionsof their financial statements filed with the Commission.