Source: http://lis.virginia.gov/cgi-bin/legp604.exe?171+ful+CHAP0655
Timestamp: 2018-07-16 23:49:35
Document Index: 597140659

Matched Legal Cases: ['§ 38', '§ 38', '§ 13', '§ 13', '§ 38', '§ 38', '§ 38']

CHAPTER 655 An Act to amend and reenact §§ 38.2-1024, 38.2-1027, and 38.2-1208 of the Code of Virginia, relating to reciprocal insurance. [S 1158] Approved March 20, 2017
1. That §§ 38.2-1024, 38.2-1027, and 38.2-1208 of the Code of Virginia are amended and reenacted as follows:
Before transacting any insurance business in this Commonwealth, each foreign or alien insurer or reciprocal shall obtain a certificate of authority and shall comply with the applicable provisions of Article 17 (§ 13.1-757 et seq.) of Chapter 9 of Title 13.1 in the case of a stock insurer and, of Article 14 (§ 13.1-919 et seq.) of Chapter 10 of Title 13.1 in the case of a mutual insurer, and of Article 1 (§ 38.2-1200 et seq.) of Chapter 12 in the case of a reciprocal. The certificate shall be in addition to the license to transact the business of insurance required by § 38.2-1024.
§ 38.2-1208. Additional requirements, foreign and alien reciprocals.
No foreign reciprocal shall be licensed to transact the business of insurance in this Commonwealth unless it has filed with the Commission a certificate of the supervising insurance official of the state in which it is organized. The certificate shall show that the foreign reciprocal is licensed to write and is writing actively and is writing actively in that state or an affiliate of the foreign reciprocal is licensed to write and is writing actively in its state of domicile or at least two other states the class of insurance it proposes to write in this Commonwealth. No alien reciprocal shall be licensed to transact the business of insurance until it has filed with the Commission a certificate of the supervising insurance official of (i) the state through which it entered the United States or (ii) the alien reciprocal's domiciliary country. The certificate shall show that the alien reciprocal is licensed to write and is writing actively in that state or country the class of insurance it proposes to write in this Commonwealth.