reglab/housing_qa huggingface dataset:
VA Code § 38.2-1206 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 12 - Reciprocal Insurance|§ 38.2-1206. License required of reciprocals; surplus

A. No reciprocal shall engage in any insurance transaction in this Commonwealth until it has obtained a license to do so in accordance with the applicable provisions of Articles 5 (§ 38.2-1024 et seq.) and 7 (§ 38.2-1045 et seq.) of Chapter 10 of this title.B. No domestic or foreign reciprocal shall be licensed to transact the business of insurance in this Commonwealth unless it has a surplus to policyholders of at least $1,600,000, and no alien reciprocal shall be so licensed unless it has a trusteed surplus, as defined in § 38.2-1031, of at least $1,600,000.Code 1950, § 38-549; 1952, c. 317, § 38.1-695; 1977, c. 322; 1986, c. 562; 1991, c. 261.
VA Code § 38.2-1207 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 12 - Reciprocal Insurance|§ 38.2-1207. Exceptions as to reciprocals licensed and operating

A. Notwithstanding other provisions of this chapter regarding minimum required surplus, any reciprocal that was licensed to write and was writing any class of insurance in this Commonwealth on June 30, 1991, may continue to write that class of insurance under the appropriate license from the Commission until July 1, 1994. The reciprocal shall maintain at all times the minimum surplus, and the minimum trusteed surplus if an alien reciprocal, required on June 30, 1991.B. Before any reciprocal obtains a license to write in this Commonwealth any class of insurance that it was not writing and licensed to write in this Commonwealth on June 30, 1991, it shall comply with all the requirements of this article regarding surplus.1977, c. 322, § 38.1-695.1; 1986, c. 562; 1991, c. 261.
VA Code § 38.2-1208 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 12 - Reciprocal Insurance|§ 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 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.1952, c. 317, § 38.1-696; 1986, c. 562; 2017, c. 655.
VA Code § 38.2-1209 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 12 - Reciprocal Insurance|§ 38.2-1209. Residence and office of attorney of foreign and alien reciprocals

Nothing in this title regarding the admission and licensing of foreign and alien insurers requires that the attorney of a foreign or alien reciprocal be resident or domiciled in this Commonwealth, or that the principal office of the attorney be maintained in this Commonwealth. The office or offices of the attorney shall be determined by the subscribers through the power of attorney.Code 1950, § 38-545; 1952, c. 317, § 38.1-698; 1986, c. 562.
VA Code § 38.2-1210 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 12 - Reciprocal Insurance|§ 38.2-1210. Contracts executed by attorney

Reciprocal insurance contracts shall be executed by the attorney of the reciprocal.Code 1950, § 38-545; 1952, c. 317, § 38.1-699; 1986, c. 562.
VA Code § 38.2-1211 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 12 - Reciprocal Insurance|§ 38.2-1211. License required of agent

No person shall act in this Commonwealth as an agent of a reciprocal in the selling, solicitation or negotiation of applications for insurance, subscriber's agreements and powers of attorney, or in the collection of premiums in connection with the reciprocal insurer, without first procuring a license from the Commission pursuant to the requirements in Chapter 18 of this title. An agent shall be appointed by each reciprocal the agent represents.1977, c. 313, § 38.1-700.1; 1986, c. 562; 2001, c. 706.
VA Code § 38.2-1212 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 12 - Reciprocal Insurance|§ 38.2-1212. Subscribers' liability

A. Each subscriber insured under an assessable policy shall have a contingent assessment liability for payment of actual losses and expenses incurred while his policy was in force. This shall be in the amount provided for in the power of attorney or subscriber's agreement.B. The contingent assessment liability on any one policy in any one calendar year shall equal the premiums earned, as defined in § 38.2-1226, on the policy for that year multiplied by not less than one nor more than ten.C. The contingent assessment liability shall not be joint, but shall be individual and several.D. Each assessable policy issued by the insurer shall plainly set forth a statement of the contingent assessment liability on the front of the policy in capital letters in no less than ten point type.1952, c. 317, §§ 38.1-702, 38.1-716; 1986, c. 562.
VA Code § 38.2-1214 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 12 - Reciprocal Insurance|§ 38.2-1214. Savings returned to subscribers

A reciprocal may return to its subscribers any savings or credits accruing to their accounts. Any such distribution shall not unfairly discriminate between classes of risks or policies, or between subscribers. However, the distribution may vary for classes of subscribers based upon the experience of those classes.1952, c. 317, § 38.1-704; 1986, c. 562.
VA Code § 38.2-1215 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 12 - Reciprocal Insurance|§ 38.2-1215. Reserves

Each reciprocal shall maintain the same unearned premium and loss or claim reserves required for stock and mutual companies writing the same classes of insurance.Code 1950, §§ 38-558, 38-559; 1952, c. 317, § 38.1-705; 1986, c. 562.
VA Code § 38.2-1216 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 12 - Reciprocal Insurance|§ 38.2-1216. Clerk of Commission to be appointed agent for service of process; procedure thereafter

A. Each attorney of a domestic reciprocal who files the declaration required by § 38.2-1219, and each attorney of a foreign or alien reciprocal who applies for a license to transact the business of insurance in this Commonwealth shall file with the Commission a written power of attorney executed in duplicate by the attorney appointing the clerk of the Commission as agent of the reciprocal. Upon the appointment, the clerk of the Commission (i) may be served all lawful process against or notice to such reciprocal, and (ii) shall be authorized to enter an appearance in behalf of the reciprocal. A copy of the power of attorney, duly certified by the Commission, shall be received in evidence in all courts of this Commonwealth. Any domestic, foreign or alien reciprocal that, on July 1, 1986, has appointed the Secretary of the Commonwealth as its agent for service of process shall comply with the requirements of this section within six months of July 1, 1986.B. Whenever any such process or notice is served upon the clerk of the Commission, a copy of the process or notice shall be mailed to the attorney at the address shown on the power of attorney. Nothing in this section shall limit the right to serve any process or notice upon any reciprocal in any other manner permitted by law.Code 1950, § 38-547; 1952, c. 317, § 38.1-706; 1968, c. 125; 1976, c. 559; 1986, c. 562.
VA Code § 38.2-1217 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 12 - Reciprocal Insurance|§ 38.2-1217. Reciprocal may be sued as such; where action or suit may be brought; upon whom service of process had

A. Any reciprocal doing business in this Commonwealth may sue or be sued in the name or designation under which its insurance contracts are effected.B. Any action or suit against a reciprocal may be brought in any county or city (i) where its principal office is located, or (ii) where the cause of action or any part of the cause of action arose. If the action or suit is to recover a loss under a policy of insurance, it may also be brought in the county or city where the property insured was situated at the date of the policy. Any action or suit against a foreign or alien reciprocal may also be brought in any county or city of this Commonwealth in which it has any debts owed to it.C. In an action or suit against a reciprocal, process against or notice to the reciprocal may be served upon the clerk of the Commission. If the defendant in the action or suit is a domestic reciprocal, process against or notice to that domestic reciprocal shall be served upon the attorney for that domestic reciprocal unless service upon that attorney is not feasible.Code 1950, § 38-547; 1952, c. 317, § 38.1-707; 1986, c. 562.
VA Code § 38.2-1218 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 12 - Reciprocal Insurance|§ 38.2-1218. Effect of judgment against reciprocal

Any judgment against a reciprocal based upon legal process duly served as provided in this chapter shall be binding upon the reciprocal and upon each of the reciprocal's subscribers as their respective interests may appear, in an amount not exceeding their respective contingent assessment liabilities.1952, c. 317, § 38.1-708; 1986, c. 562.
VA Code § 38.2-1219 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 12 - Reciprocal Insurance|§ 38.2-1219. Organization of reciprocals; what declaration to contain

A. Twenty-five or more persons domiciled in this Commonwealth and designated as subscribers may organize a domestic reciprocal and apply to the Commission for a license to transact the business of insurance. The original subscribers and the proposed attorney shall execute and file with the Commission a declaration setting forth:1. The name of the attorney, and the name of the reciprocal;2. The location of the reciprocal's principal office, which shall be the same as that of the attorney, and shall be in this Commonwealth;3. The classes of insurance proposed to be written;4. The names and addresses of the original subscribers;5. The designation and appointment of the attorney, and a copy of the power of attorney and subscriber's agreement;6. The names and addresses of the officers and directors of the attorney if a corporation, or of its members if not a corporation;7. The powers of the subscribers' advisory committee, and the names and terms of office of its members;8. A statement that each of the original subscribers has in good faith applied for insurance of the class proposed to be written and that the reciprocal has received from each original subscriber the anticipated premium or premium deposit for a term of not less than six months for the policy for which application is made;9. A statement of the financial condition of the reciprocal including a schedule of its assets;10. A statement that the reciprocal has the surplus to policyholders required by § 38.2-1206; and11. A copy of each policy, endorsement and application form it proposes to issue or use.B. The declaration shall be acknowledged by each original subscriber and by the attorney in the manner required for the acknowledgment of deeds in § 55.1-612.Code 1950, § 38-546; 1952, c. 317, § 38.1-709; 1986, c. 562.
VA Code § 38.2-1220 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 12 - Reciprocal Insurance|§ 38.2-1220. Attorney to file bond

A. Concurrent with the filing of the declaration provided for in § 38.2-1219, the attorney of a domestic reciprocal shall certify to the Commission, and thereafter for each year in which the reciprocal is licensed under this chapter shall keep in force, a bond payable to this Commonwealth that complies with the requirements of this chapter.B. The bond shall be in an amount established at the discretion of the Commission, which shall be at least $50,000. The bond shall be on the condition that the attorney will faithfully account for all moneys and other property of the reciprocal coming into the attorney's control and that the attorney will not withdraw or appropriate for his own use from the funds of the reciprocal any moneys or property to which he is not entitled under the power of attorney.C. The bond shall provide that it is not subject to cancellation unless thirty days' written notice of intent to cancel is given to both the attorney and the Commission.D. The bond shall be executed by the attorney and by a fidelity insurer licensed in this Commonwealth and shall be subject to the approval of the Commission.1952, c. 317, § 38.1-710; 1986, c. 562; 2001, c. 706.
VA Code § 38.2-1221 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 12 - Reciprocal Insurance|§ 38.2-1221. Deposit instead of bond

Instead of filing the bond required by § 38.2-1220, the attorney may maintain on deposit with the State Treasurer an equal amount in cash or in value of securities of the kind specified in § 38.2-1045, subject to the same conditions as the bond.1952, c. 317, § 38.1-711; 1986, c. 562.
VA Code § 38.2-1222 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 12 - Reciprocal Insurance|§ 38.2-1222. Subscribers' advisory committee

The advisory committee exercising the subscribers' rights in a domestic reciprocal shall be selected under rules adopted by the subscribers. At least three-fourths of the committee shall be composed of subscribers other than the attorney or any person employed by, representing, or having a financial interest in the attorney. The committee shall supervise the finances of the reciprocal and the reciprocal's operations to the extent required to assure their conformity with the subscriber's agreement and power of attorney and shall exercise any other powers conferred on it by the subscriber's agreement. The committee may also be referred to as a board of directors or a board of trustees or by such other name as the committee chooses.1952, c. 317, § 38.1-712; 1986, c. 562; 1990, c. 10.
VA Code § 38.2-1224 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 12 - Reciprocal Insurance|§ 38.2-1224. Modification of power of attorney and subscriber's agreement

Modification of the terms of the power of attorney and subscriber's agreement of a domestic reciprocal shall be made jointly by the attorney and the subscribers' advisory committee. Any such modification shall be filed with the attorney and the Commission and such filing shall by operation of law bind all subscribers the same as if each subscriber individually adopted and executed the modified, altered, or amended subscriber's agreement and power of attorney, and a copy of such agreement and power of attorney shall be provided to each subscriber within ninety days of such modifications, alterations, or amendments. No modification shall be effective retroactively, nor shall it affect any insurance contract issued prior to the modification.1952, c. 317, § 38.1-701; 1986, c. 562; 1990, c. 10.
VA Code § 38.2-1225 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 12 - Reciprocal Insurance|§ 38.2-1225. Contributions

The attorney or other interested persons may advance to a domestic reciprocal any funds required in its operations. No repayment of the principal, or any payment of interest thereon, in whole or in part, shall be made without the approval of the Commission. The principal advanced and any interest accrued thereon shall not be treated as a liability of the reciprocal until the repayment of principal or payment of interest is approved by the Commission; nonetheless, all statements published or filed shall show accrued interest and the amount of principal remaining unpaid. In the event of a liquidation or dissolution, all claims under the instrument shall be subordinated to subscriber, claimant and beneficiary claims as well as debts owed to all other classes of creditors. The principal advanced shall not be withdrawn or repaid and no payments of interest thereon shall be made unless the reciprocal has sufficient earned surplus in excess of its minimum required surplus. No commission or brokerage shall be paid in acquiring the funds. Interest on the principal advanced shall be at a rate not exceeding the one-year treasury bill interest rate plus three percentage points at the time the loan is made or renewed.1952, c. 317, § 38.1-713; 1986, c. 562; 1994, c. 503.
VA Code § 38.2-1226 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 12 - Reciprocal Insurance|§ 38.2-1226. Assessments

A. Assessments may be levied upon the subscribers of a domestic reciprocal by the attorney in accordance with § 38.2-1212. The assessments shall be approved in advance by the subscribers' advisory committee and the Commission.B. Each domestic reciprocal subscriber's share of a deficiency for which an assessment is made shall be computed by multiplying the premiums earned on the subscriber's policies during the period to be covered by the assessment by the ratio of the total deficiency to the total premiums earned during the period upon all policies subject to the assessment. However, no assessment shall exceed the aggregate contingent assessment liability computed in accordance with § 38.2-1212. For the purposes of this section, the premiums earned on the subscriber's policies are the gross premiums charged by the reciprocal for the policies minus any charges not recurring upon the renewal or extension of the policies. No subscriber shall have an offset against any assessment for which he is liable on account of any claim for unearned premium or losses payable.1952, c. 317, § 38.1-714; 1986, c. 562.
VA Code § 38.2-1227 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 12 - Reciprocal Insurance|§ 38.2-1227. Time limit for assessment

Every subscriber of a domestic reciprocal having contingent assessment liability shall be liable for and shall pay his share of any assessment computed in accordance with this article if, while the policy is in force or within one year after its termination, the subscriber is notified (i) by the attorney of his intention to levy the assessment or (ii) that delinquency proceedings have been commenced against the reciprocal under the provisions of Chapter 15 of this title, and the Commission or receiver intends to levy an assessment.1952, c. 317, § 38.1-715; 1986, c. 562.
VA Code § 38.2-1228 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 12 - Reciprocal Insurance|§ 38.2-1228. Subscribers' share in assets

Upon the liquidation of a domestic reciprocal, the assets remaining after discharge of its (i) indebtedness and policy obligations, (ii) the return of any contributions of the attorney or other person made as provided in § 38.2-1225, and (iii) the return of any unused deposits, savings or credits, shall be distributed. The distribution shall be according to a formula approved by the Commission or the court to the persons who were its subscribers within the twelve months prior to the final termination of its license.1952, c. 317, § 38.1-717; 1986, c. 562.
VA Code § 38.2-1229 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 12 - Reciprocal Insurance|§ 38.2-1229. Impaired reciprocals

A. If (i) the assets of a domestic reciprocal are at any time insufficient to settle the sum of its liabilities, except those on account of funds contributed by the attorney or other parties, and its required surplus to policyholders, and (ii) the deficiency is not cured from other sources, its attorney shall levy an assessment upon subscribers made subject to assessment by the terms of their policies for the amount needed to make up the deficiency. However, the assessment shall be subject to § 38.2-1212.B. If the attorney fails to make the assessment within thirty days after the Commission orders him to do so, or if the deficiency is not fully made up within sixty days after the date the assessment was made, delinquency proceedings may be instituted and conducted against the insurer as provided in Chapter 15 of this title.C. If liquidation of the reciprocal is ordered, an assessment shall be levied upon the subscribers for the amount the Commission or the court, as the case may be, determines to be necessary to discharge all liabilities of the reciprocal. This assessment shall exclude any funds contributed by the attorney or other persons, but shall include the reasonable cost of the liquidation. However, the assessment shall be subject to § 38.2-1212.1952, c. 317, § 38.1-718; 1986, c. 562.
VA Code § 38.2-1231 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 12 - Reciprocal Insurance|§ 38.2-1231. Attorney's financial statement

A. The subscribers' advisory committee of a domestic reciprocal shall annually obtain from its attorney an audited financial report of the attorney's financial position and the results of its operations as related to its management of the reciprocal. A copy of the report shall be filed with the Commission.B. Unless the Commission provides otherwise in writing, the report required by this section shall be due within 120 days after the end of the attorney's fiscal year, shall be prepared in conformity with generally accepted accounting practices, and shall be audited by an independent certified public accountant.C. If the attorney obtains an independent audit on a consolidated basis, the audited consolidated financial statements shall satisfy the requirements of this section provided the attorney's financial position and results of its operation as related to its management of the reciprocal are separately disclosed.D. The report filed pursuant to this section and any information provided in connection with the preparation of such report shall not be open to public inspection and shall receive confidential treatment by the Commission.1996, c. 304.
VA Code § 38.2-1301 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 13 - Reports, Reserves and Examinations, Insurance Holding Companies, Reinsurance Intermediaries, and Managing General Agents|§ 38.2-1301. Additional reports

A. In addition to the annual statement, the Commission may require a licensed insurer to file additional reports, exhibits or statements considered necessary to secure complete information concerning the condition, solvency, experience, transactions or affairs of the insurer. The Commission shall establish deadlines for filing these additional reports, exhibits or statements and may require verification by any officers of the insurer designated by the Commission.B. The Commission may require a domestic, foreign or alien insurer that is authorized to transact insurance in this Commonwealth to file with the National Association of Insurance Commissioners (NAIC) a copy of the insurer's financial statement required to be filed pursuant to § 38.2-1301, on a quarterly basis. Unless otherwise prescribed by the Commission, all such financial statements, whether filed with the Commission or the NAIC, shall be prepared in accordance with applicable provisions of the annual statement instructions and the accounting practices and procedures manuals adopted by the NAIC, or any successor publications. The Commission may prescribe that additional copies of financial statements and other reports be filed in machine-readable format.Code 1950, § 38-122; 1952, c. 317, § 38.1-160; 1986, c. 562; 1991, c. 312; 1992, c. 588; 1994, c. 308.
VA Code § 38.2-1302 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 13 - Reports, Reserves and Examinations, Insurance Holding Companies, Reinsurance Intermediaries, and Managing General Agents|§ 38.2-1302. Extension of filing time

The Commission may extend an insurer's deadline for filing annual statements, other reports or exhibits provided the deadline for annual statements is not extended beyond April 30.Code 1950, § 38-126; 1952, c. 317, § 38.1-161; 1986, c. 562.