38.2-135 - Classes of insurance companies may be licensed to write. - Virginia Statutes

§ 38.2-135. Classes of insurance companies may be licensed to write.

Except as otherwise provided in this title and subject to any conditions andrestrictions imposed therein, any insurer licensed to transact the businessof insurance in this Commonwealth, other than life insurers and titleinsurers, may be licensed to write one or more of the classes of insuranceenumerated in Article 2 (§ 38.2-101 et seq.) of this chapter that it isauthorized under its charter to write, except life insurance, industrial lifeinsurance, credit life insurance, variable life insurance, modifiedguaranteed life insurance, annuities, variable annuities, modified guaranteedannuities, and title insurance. An insurer licensed to write life insuranceshall not be licensed to write any additional class of insurance exceptmodified guaranteed life insurance, variable life insurance, annuities,modified guaranteed annuities, variable annuities, credit life insurance,credit accident and sickness insurance, accident and sickness insurance, andindustrial life insurance. An insurer licensed to write title insurance shallnot be licensed to write any additional class of insurance. However, any lifeinsurer that has been licensed to write and has been actively engaged inwriting life insurance and any additional class of insurance set out inArticle 2 (§ 38.2-101 et seq.) of this chapter continuously during a periodof twenty years immediately preceding July 1, 1952, may continue to belicensed to write those classes of insurance. No company shall write anyclass of insurance unless it has a current annual license from the Commissionto do so.

(Code 1950, §§ 38-159, 38-504; 1952, c. 317, § 38.1-25; 1978, c. 20; 1986, c.562; 1994, c. 316; 1995, c. 789.)