Installment Payment Plans, issued May 3, 1993

a STEVEN T. FO STER C O M M ISSIO N E R O F IN SU RAN CE BOX 1157 R IC H M O N D , V IR G IN IA 23209 TELEPH O NE: (804) 371-9741 TDD/VOICE: (804) 371-9375 May 3, 1993 Administrative Letter 1993-6 TO: RATE SERVICE ORGANIZATIONS AND ALL LICENSED PROPERTY AND CASUALTY INSURERS IN VIRGINIA RE: INSTALLMENT PAYMENT PLANS It has come to the attention of the State Corporation Commission Bureau of Insurance (Bureau) that some insurers may be charging individual insureds differing down payment amounts, based on subjective underwriting criteria. Effective immediately, installment payment plan rules on file with the Bureau must include all available installment options, down payment requirements, and installment service charges. As in the past, a single installment payment plan filing will suffice for all lines of insurance and/or programs, for each insurer to which the filing applies. To ensure compliance, please review the programs you currently have on file in Virginia, and file an amended manual page(s), if necessary to bring your filings into compliance with these requirements. Sincerely Steven T. Foster Commissioner of Insurance