reglab/housing_qa huggingface dataset:
VA Code § 38.2-1048 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 10 - Organization, Admission and Licensing of Insurers|§ 38.2-1048. Return of deposits

A. The Commission, at its discretion, may direct the State Treasurer to return to any insurer all or a part of the deposit made by it under § 38.2-1045 if the insurer (i) has complied with § 38.2-1049, or (ii) has ceased to transact business in this Commonwealth. In the case of the latter, the fixed or contingent liabilities secured by the deposit shall have been satisfied or terminated or shall have been assumed by another insurer licensed to transact the business of insurance in this Commonwealth. If the Commission finds that any voluntary deposit of any insurer made under § 38.2-1050 no longer is required in whole or in part to comply with the laws of this or any other state, it may to such extent direct the return of that deposit. The Commission, before directing the return of any deposit, may require evidence it considers satisfactory that the insurer is entitled to the return of all or part of the deposit.B. Notwithstanding the provisions in § 38.2-1046 and subsection A of this section, if an insurer domiciled in this Commonwealth is placed in receivership, and a receiver is appointed, pursuant to the provisions of Chapter 15 (§ 38.2-1500 et seq.) of this title, the Commission shall direct the State Treasurer to return any deposit made with it by the insurer to such receiver for distribution, disbursement, or other application in accordance with provisions set forth in Chapter 15 (§ 38.2-1500 et seq.) of this title and any applicable order of liquidation, conservation or rehabilitation.Code 1950, § 38-52; 1952, c. 317, § 38.1-112; 1986, c. 562; 1988, c. 298; 1995, c. 60.
VA Code § 38.2-1049 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 10 - Organization, Admission and Licensing of Insurers|§ 38.2-1049. Alternate deposit requirements

A. The insurer, at the discretion of the Commission, may be relieved of making the deposit required by § 38.2-1045 if the insurer makes deposits according to the following provisions:1. Acceptable securities as defined in subsection B of this section are deposited with the State Treasurer in the form prescribed in clause (iv) of subsection A of § 38.2-1045 or with the insurance commissioner, treasurer or other officer or official body of any other state first for the protection of the insurer's policyholders.2. The securities are not to be in default as to principal and interest.3. The securities have a market value of at least $500,000.4. A certificate is furnished to the Commission and authenticated by the appropriate state official holding the deposit that the requirements of this subsection have been met.B. For the purpose of this section, acceptable securities are defined as bonds of the United States, or of any state, or of any city, county or town of any state, or bonds or notes secured by mortgages or deeds of trust on otherwise unencumbered real estate of a market value in each case of not less than double the amount loaned, or other securities approved by the Commission.Code 1950, §§ 38-37, 38-40, 37-175, 38-516; 1952, c. 317, § 38.1-113; 1964, c. 605; 1975, c. 556; 1986, c. 562; 1992, c. 14.
VA Code § 38.2-1050 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 10 - Organization, Admission and Licensing of Insurers|§ 38.2-1050. Voluntary deposit in excess of amount required

Any domestic insurer, in order to comply with the laws of any other state or of the United States, may make a voluntary deposit with the State Treasurer in excess of the amount required by § 38.2-1045. This excess deposit shall be subject to all other applicable provisions of the laws of this Commonwealth relating to the deposits of insurers. However, this excess deposit shall be for the protection of all the insurer's policyholders and general creditors, notwithstanding the provisions of § 38.2-1046.Code 1950, § 38-41; 1952, c. 317, § 38.1-114; 1966, c. 263; 1986, c. 562.
VA Code § 38.2-1052 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 10 - Organization, Admission and Licensing of Insurers|§ 38.2-1052. Exchange of securities

A depositing insurer may from time to time exchange for any of the deposited securities other securities eligible for deposit under this article if in the opinion of the Commission the aggregate value of the deposit will not be reduced below the amount required by law.1952, c. 317, § 38.1-116; 1986, c. 562.
VA Code § 38.2-1053 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 10 - Organization, Admission and Licensing of Insurers|§ 38.2-1053. Interest on deposits; to whom paid

The State Treasurer, at the time of receiving any securities deposited under this title, shall give the insurer authority to collect the interest for its own use as the interest is paid. This authority shall continue in force until the insurer fails to pay any of its liabilities for which the deposit is security. In that case, the party paying interest shall be notified of the failure, and thereafter the interest shall be payable to the State Treasurer, and shall be applied, if necessary, to the payment of the liabilities.Code 1950, § 38-48; 1952, c. 317, § 38.1-117; 1986, c. 562.
VA Code § 38.2-1054 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 10 - Organization, Admission and Licensing of Insurers|§ 38.2-1054. Duty of State Treasurer when securities deposited are paid

When the principal of any securities deposited under this title is paid to the State Treasurer, the money received shall be paid to the insurer. However, if the securities were required to be deposited under § 38.2-1045, the payment shall not be made until the insurer deposits an equal amount of other securities of the character required for similar deposits. If the insurer fails to deliver to the State Treasurer, within thirty days after receiving notice of this requirement, the securities necessary to maintain its required deposit, the State Treasurer with the approval in writing of the Commission, may use the money to purchase and hold other securities of the required character.Code 1950, § 38-51; 1952, c. 317, § 38.1-118; 1986, c. 562.
VA Code § 38.2-1055 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 10 - Organization, Admission and Licensing of Insurers|§ 38.2-1055. Annual report of State Treasurer to Commission

Each January the State Treasurer shall certify to the Commission the kind and face value of all securities, bonds, notes, mortgages or deeds of trust deposited under this title and held at the end of the preceding calendar year.Code 1950, § 38-45; 1952, c. 317, § 38.1-119; 1986, c. 562.
VA Code § 38.2-1056 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 10 - Organization, Admission and Licensing of Insurers|§ 38.2-1056. Treasurer to receipt for deposits; responsibility of Commonwealth; taxation of deposited bonds

The State Treasurer shall provide receipts to the insurer for all securities deposited with him under the provisions of this title. The Commonwealth shall be responsible for the safekeeping of the securities. If some or all of the securities are lost, destroyed or misappropriated, the Commonwealth shall pay or satisfy the loss to the insurer making the deposit. Securities deposited with the State Treasurer shall not be subject to taxation.Code 1950, §§ 38-42, 38-46; 1952, c. 317, § 38.1-120; 1986, c. 562.
VA Code § 38.2-1057 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 10 - Organization, Admission and Licensing of Insurers|§ 38.2-1057. Assessment for expense of holding deposits; Insurance Collateral Assessment Fund

A. For the purpose of defraying the expense of the State Treasurer's office in the safekeeping and handling of the securities or surety bonds deposited under the provisions of this title, the State Treasurer shall levy annually against each insurer an assessment. The assessment shall be a percentage of the par or face value of the securities or surety bonds on deposit with the State Treasurer's office in each insurer's account at the end of each calendar year. The percentage shall be determined annually by the State Treasurer as the amount necessary to meet the estimated annual expenses incurred by the State Treasurer to meet the provisions of this title. The percentage shall not exceed one-fourth of one percent of the par or face value of the securities or surety bonds on deposit with the State Treasurer's office. Assessment collections that are more than actual expenses in any year shall be added to the next year's assessment calculation. The assessment shall be collected every January. No part of the amount collected shall be used to increase the compensation of any person connected with the office of the State Treasurer.B. All moneys collected from the annual assessment imposed under subsection A shall be paid into the state treasury and credited to a special, nonreverting fund known as the Insurance Collateral Assessment Fund which is hereby established. The Fund shall be established on the books of the Comptroller and be administered by the State Treasurer's office. Disbursements from the Fund shall be on warrants issued by the Comptroller to pay expenses associated with the safekeeping and handling of the securities or surety bonds deposited under the provisions of this title. Any moneys remaining in the Fund at the end of a fiscal year shall not revert to the general fund but shall remain in the Fund and be used to offset subsequent years' expenses as provided in subsection A.Code 1950, § 38-43; 1952, c. 317, § 38.1-121; 1973, c. 173; 1986, c. 562; 2005, c. 38.
VA Code § 38.2-1058 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 10 - Organization, Admission and Licensing of Insurers|§ 38.2-1058. Felony for State Treasurer to dispose of securities illegally

If the State Treasurer disposes of any securities deposited with him under this title, other than as provided in this title, he shall be guilty of a Class 3 felony, and, upon conviction, shall be punished by a fine double the amount of the disposed securities.Code 1950, § 38-53; 1952, c. 317, § 38.1-122; 1986, c. 562.
VA Code § 38.2-1100 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 11 - Captive Insurers|§ 38.2-1100. Scope of chapter

The provisions of this chapter shall apply solely to captive insurers or association captive insurers domiciled in this Commonwealth.1980, c. 665, § 38.1-916; 1986, c. 562.
VA Code § 38.2-1101 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 11 - Captive Insurers|§ 38.2-1101. Definitions

As used in this chapter:"Affiliated company" means (i) any company that directly or indirectly owns, controls, or holds, with power to vote, ten percent or more of the outstanding voting securities of a pure captive insurer, or (ii) any company of which ten percent or more of the voting securities are directly or indirectly owned, controlled, or held, with power to vote, by a parent, subsidiary, or associated company."Associated company" means any company in the same corporate system with a pure captive insurer."Association captive insurer" means any domestic insurer transacting the business of insurance and reinsurance only on risks, hazards, and liabilities of the members of an insurance association."Captive insurer" means any pure captive insurer or any association captive insurer."Insurance association" means any group of individuals, corporations, partnerships, associations, or governmental units or agencies whose members collectively own, control, or hold with power to vote all of the outstanding voting securities of an association captive insurer."Parent" means a corporation, partnership, governmental unit or agency, or individual who directly or indirectly owns, controls or holds, with power to vote, more than fifty percent of the outstanding voting securities of a pure captive insurer."Pure captive insurer" means any domestic insurer transacting the business of insurance and reinsurance only on risks, hazards, and liabilities of its parent, subsidiary companies of its parent, and associated and affiliated companies."Subsidiary company" means any corporation of which fifty percent or more of the outstanding voting securities are directly or indirectly owned, controlled, or held, with power to vote, by a parent or by a company that is a subsidiary of the parent.1980, c. 665, § 38.1-917; 1981, c. 494; 1986, c. 562.
VA Code § 38.2-1102 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 11 - Captive Insurers|§ 38.2-1102. Application for license; limitations on authority

A. No captive insurer shall transact any insurance business in this Commonwealth unless (i) it is permitted to do so by its articles of incorporation or charter and (ii) it procures a license to transact the business of insurance from the Commission in accordance with Article 5 (§ 38.2-1024 et seq.) of Chapter 10 of this title. The license shall be renewed in accordance with § 38.2-1025. A captive insurer may only be licensed to write the classes of insurance described in §§ 38.2-110 through 38.2-120, 38.2-124, 38.2-126 and reinsure in accordance with § 38.2-136.B. 1. The Commission shall not issue a license to transact the business of insurance in this Commonwealth to any pure captive insurer until it is satisfied that the total insurance coverage necessary to insure all risks, hazards, and liabilities would develop, in the aggregate, gross annual premiums of at least $500,000.2. The Commission shall not issue a license to transact the business of insurance in this Commonwealth to any association captive insurer until it is satisfied (i) that the total insurance coverage necessary to insure all risks, hazards, and liabilities would develop, in the aggregate, gross annual premiums of at least one million dollars and (ii) that its insurance association has been in existence for at least one year. The Commission may waive the requirement that the insurance association be in existence for at least 1 year if the association captive insurer satisfies the Commission that each member of the insurance association would have a gross annual premium in excess of $100,000.C. No captive insurer may write classes of personal insurance coverage for individuals unless the individual is a parent.D. No captive insurer may write insurance or reinsurance on personally owned motor vehicles or homeowners' insurance or any component of them.1980, c. 665, § 38.1-918; 1986, c. 562.
VA Code § 38.2-1103 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 11 - Captive Insurers|§ 38.2-1103. Name

A captive insurer shall not adopt the name of any existing company transacting a similar business or any name so familiar that it may mislead the public.1980, c. 665, § 38.1-919; 1986, c. 562.
VA Code § 38.2-1104 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 11 - Captive Insurers|§ 38.2-1104. Formation; licensure after examination; amendment of articles; principal and home office

A. Captive insurers with shares of capital stock shall be incorporated under Article 3 (§ 13.1-618 et seq.) of Chapter 9 of Title 13.1 as modified by this title and, except as provided in this title, shall be subject to all the general restrictions and shall have all the general powers imposed and conferred upon such corporations by law.B. Captive insurers without shares of capital stock shall be incorporated under Article 3 (§ 13.1-818 et seq.) of Chapter 10 of Title 13.1, as modified by this title and, except as provided in this title, shall be subject to all the general restrictions and shall have all the general powers imposed and conferred upon such corporations by law.C. 1. No charter shall be granted to any captive insurer until the Commission receives a certificate from the State Treasurer showing that (i) cash, bonds or other securities in the amount required by § 38.2-1105 have been deposited or (ii) an irrevocable letter of credit in that amount has been deposited and is to be held under the provisions, terms and conditions set forth in § 38.2-1105.2. When the certificate has been presented to the Commission, the Commission may make or direct to be made an examination of the captive insurer.3. The Commission shall issue a license if the captive insurer complies with this chapter.D. Any amendment of the articles of incorporation of a captive insurer shall be pursuant to Article 11 (§ 13.1-705 et seq.) of Chapter 9 or of Article 10 (§ 13.1-884 et seq.) of Chapter 10 of Title 13.1.E. The principal and home office of every captive insurer shall be in this Commonwealth.1980, c. 665, § 38.1-920; 1986, c. 562.
VA Code § 38.2-1105 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 11 - Captive Insurers|§ 38.2-1105. Deposit of minimum capital; letter of credit instead of deposit

A. No captive insurer shall be issued a license to transact the business of insurance in this Commonwealth until it has met the requirements of Article 5 (§ 38.2-1024 et seq.) of Chapter 10 of this title.B. The captive insurer shall deposit with the State Treasurer cash, bonds, or securities equal to the minimum capital or, if a mutual insurer, fifty percent of the minimum surplus, as required by Article 5 (§ 38.2-1024 et seq.) of Chapter 10 of this title. The State Treasurer shall accept an irrevocable letter of credit, in a form acceptable to the Commission, on behalf of a captive insurer instead of requiring the above-mentioned deposit. The letter of credit shall be issued by a national or state bank and approved by the Commission.C. The deposit or letter of credit shall be held by the State Treasurer for the benefit of all policyholders and creditors wherever located and shall be administered as provided in Article 7 (§ 38.2-1045 et seq.) of Chapter 10 of this title.D. The State Treasurer shall furnish to the captive insurer a certificate certifying that the State Treasurer holds the securities or letters of credit in trust for the benefit of the policyholders and creditors of the captive insurer.1980, c. 665, § 38.1-921; 1986, c. 562.
VA Code § 38.2-1106 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 11 - Captive Insurers|§ 38.2-1106. Minimum surplus in form of letter of credit

A. Any licensed captive insurer may, subject to the approval of the Commission, hold all or a portion of (i) the minimum surplus as set forth in Article 5 (§ 38.2-1024 et seq.) of Chapter 10 in the form of an irrevocable letter of credit, if a stock insurer, or (ii) fifty percent of minimum surplus not subject to subsection B of § 38.2-1105, if a mutual insurer. The letter of credit shall be issued by a national or state bank and approved by the Commission.B. Any letter of credit permitted pursuant to this section shall be held by the State Treasurer for the benefit of all policyholders and creditors and shall be administered as provided in Article 7 (§ 38.2-1045 et seq.) of Chapter 10 of this title.1980, c. 665, § 38.1-922; 1986, c. 562.
VA Code § 38.2-1107 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 11 - Captive Insurers|§ 38.2-1107. Membership in rating organizations

No captive insurer shall be required to join a rating organization.1980, c. 665, § 38.1-926; 1986, c. 562.
VA Code § 38.2-1108 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 11 - Captive Insurers|§ 38.2-1108. Tax on premiums collected

All captive insurers transacting business in this Commonwealth shall pay taxes as provided for in Chapter 25 of Title 58.1, except that taxes shall be paid on risks and property situated in any state in which the captive insurer is not licensed and upon which no premium tax is otherwise paid or payable.1980, c. 665, § 38.1-928; 1986, c. 562.
VA Code § 38.2-1109 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 11 - Captive Insurers|§ 38.2-1109. Applicability of other provisions of title

Except as otherwise provided, all laws of this title that apply to insurers writing the same classes of insurance that captive insurers are permitted to write, shall apply in every respect to captive insurers.1980, c. 665, § 38.1-930; 1986, c. 562.
VA Code § 38.2-1200 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 12 - Reciprocal Insurance|§ 38.2-1200. Scope of chapter

This chapter applies to all reciprocals and reciprocal insurance as defined in § 38.2-1201.1952, c. 317, § 38.1-688; 1986, c. 562.
VA Code § 38.2-1201 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 12 - Reciprocal Insurance|§ 38.2-1201. Definitions

A. As used in this title:"Reciprocal" means the aggregation of subscribers under a common name."Reciprocal insurance" means insurance resulting from the mutual exchange of insurance contracts among persons in an unincorporated association under a common name through an attorney-in-fact having authority to obligate each person both as insured and insurer.B. As used in this chapter:"Attorney" means the person designated and authorized by subscribers as the attorney-in-fact having authority to obligate them on reciprocal insurance contracts."Subscriber" means a person obligated under a reciprocal insurance agreement.1952, c. 317, § 38.1-689; 1986, c. 562.
VA Code § 38.2-1202 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 12 - Reciprocal Insurance|§ 38.2-1202. Insuring power of reciprocals

A reciprocal licensed to transact the business of insurance in this Commonwealth may write the classes of insurance enumerated in Article 2 (§ 38.2-101 et seq.) of Chapter 1 of this title, except life insurance, annuities, and title insurance.Code 1950, § 38-543; 1952, c. 317, § 38.1-690; 1986, c. 562.
VA Code § 38.2-1203 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 12 - Reciprocal Insurance|§ 38.2-1203. What laws applicable to reciprocals; compliance with § 38.2-208

A. Except as otherwise provided, all the provisions of this title relating to insurers generally, and those relating to insurers writing the same classes of insurance that reciprocals are permitted to write, are applicable to reciprocals.B. A reciprocal shall be deemed to have complied with § 38.2-208 if:1. It issues policies containing a contingent assessment liability as provided for in § 38.2-1212; and2. It has and maintains reinsurance in an amount that the Commission considers adequate to reasonably limit the reciprocal's aggregate losses to the lesser of:a. Ten percent of the surplus to policyholders of the reciprocal multiplied by the number of subscribers;b. The surplus to policyholders of the reciprocal multiplied by three; orc. Five million dollars.Code 1950, § 38-543; 1952, c. 317, § 38.1-691; 1977, c. 58; 1986, c. 562.
VA Code § 38.2-1204 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 12 - Reciprocal Insurance|§ 38.2-1204. Power to enter into reciprocal insurance contracts

A. Persons of this Commonwealth may enter into reciprocal insurance contracts with each other and with persons of other states and countries. For the purposes of this chapter, the definition of "person" shall also include any county, city, or town, school board, Transportation District Commission, or any other local governmental authority or local agency or public service corporation owned, operated or controlled by a locality or local government authority, with power to enter into contractual undertakings within or without the Commonwealth.B. For any corporation now existing or hereafter organized under the laws of this Commonwealth, the power and authority to enter into reciprocal insurance contracts shall be in addition to the powers conferred upon it in its certificate of incorporation, and shall be incidental to the purposes for which the corporation is organized.Code 1950, §§ 38-543, 38-550; 1952, c. 317, §§ 38.1-692, 38.1-693; 1986, c. 562.
VA Code § 38.2-1205 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 12 - Reciprocal Insurance|§ 38.2-1205. Name

Every reciprocal shall have and use a business name that includes the word "reciprocal," "interinsurer," "interinsurance," "exchange," "underwriters," or "underwriting."Code 1950, § 38-546; 1952, c. 317, § 38.1-694; 1986, c. 562.