The Virginia State Corporation Commission’s Bureau of Insurance has amended the rules governing claims-made liability insurance policies (the “Rules”) (14 VAC 5-335-10 et seq.).

The amendments to the Rules update the Rules to reflect current positions and practices for filing and approval and are intended to clarify and modernize the Rules to create more consistency with the regulatory requirements of other states.   The amended Rules clarify and define that the Rules do not apply to non-admitted insurers or to incidental claims-made liability insurance, distinguish between a basic extended reporting period and a supplemental extended reporting period and identify certain standards for each, clarify and simplify provisions to offer a supplemental extended reporting period and the effective date for such period, add requirements for the insurer to provide loss information to the insured, and clarify certain prohibitions and minimum standards.

The amended Rules are effective October 1, 2018.