Virginia Code 38.2-600: Purposes.
The purposes of this article are to:
Terms Used In Virginia Code 38.2-600
- Adverse underwriting decision: means :
1. See Virginia Code 38.2-602
- business of insurance: include solicitation, negotiations preliminary to execution, execution of an insurance contract, and the transaction of matters subsequent to execution of the contract and arising out of it. See Virginia Code 38.2-100
1. Establish standards for the collection, use, and disclosure of information gathered in connection with insurance transactions by insurance institutions, agents or insurance-support organizations;
2. Maintain a balance between the need for information by those conducting the business of insurance and the public’s need for fairness in insurance information practices, including the need to minimize intrusiveness;
3. Establish a regulatory mechanism to enable natural persons to ascertain what information is being or has been collected about them in connection with insurance transactions and to have access to such information for the purpose of verifying or disputing its accuracy;
4. Limit the disclosure of information collected in connection with insurance transactions; and
5. Enable insurance applicants and policyholders to obtain the reasons for any adverse underwriting decision.
1981, c. 389, § 38.1-57.3; 1986, c. 562; 2020, c. 264.