AAIS has received approvals from the Virginia Bureau of Insurance for revised amendatory endorsements filed in that state to comply with new statutory language regarding notifications of cancellations, non-renewals, reductions in coverage, or increases in premium for certain liability policies.
Under a new law in Virginia, notice to an insured is not in effect until until the insurance company delivers the notice by registered or certified mail, or any other similar first-class mail tracking method that is used or approved by the U.S. Postal Service.
The law, which takes effect on July 1, 2015, removes the method of “certificate of mailing” for evidence of mailing such notices.
The law is one of several insurance measures enacted by the Virginia state assembly in 2015 and summarized in a recent administrative letter from the bureau.
AAIS Advisory notices are posted periodically to announce AAIS product developments, and to provide news items that are relevant to our program users. Advisory notices are news summaries that paraphrase documents which should be consulted directly for complete, authoritative information.