VA | The Virginia State Corporation Commission Bureau of Insurance has issued Administrative Order No. 12183.
The purpose of the Order is to amend the National Council on Compensation Insurance’s Residual Market Manual for writing Workers’ Compensation Insurance in Virginia.
By correspondence dated February 29, 2024, the applicant, National Council on Compensation Insurance on behalf of its members requested the approval of the Commissioner of Insurance of certain revisions to the manual:
Item RM-W-8051 Revisions to NCCl’s Residual Market Manual Rules Related to Deposit Premium for Premium Financed Policies
Now, the Commissioner, having considered the recommendation of the staff of the Bureau
of Insurance, that the proposed filing is proper and not in conflict or inconsistent with the laws of Virginia, finds and orders that:
(1) the proposed revisions in this filing to the manual for writing Workers’ Compensation Insurance in Virginia are approved for use in Virginia for new and renewal policies effective on or after June 01, 2024, and
(2) an attested copy of this order be sent to the National Council on Compensation Insurance; to the Virginia Workers’ Compensation Commission; and, to the Deputy Commissioner of Insurance for the Property and Casualty Division.