14VAC5-335-40: Supplemental extended reporting period requirements

A. Each insurer shall offer a supplemental extended reporting period to allow an extension of the time to report claims as follows:

1. For medical professional liability insurance, an unlimited supplemental extended reporting period shall be offered with unimpaired limits of liability and shall be effective the same day as the termination of the policy; or

2. For all other claims-made liability insurance policies, a supplemental extended reporting period of at least one year shall be offered.

In addition, the insurer may also offer greater or more limited extensions of time in which to report claims.

B. A supplemental extended reporting period purchased with unimpaired limits of liability in whole or in part shall be effective the same day as the termination of the policy. In all other instances, the policy provisions shall establish the effective date of the supplemental extended reporting period as (i) the same day as the termination of the policy if no basic extended reporting period applies, or (ii) the same day the basic extended reporting period expires if a basic extended reporting period applies.