38.2-1030 - Surplus requirements for issuing policies without contingent liability. - Virginia Statutes

§ 38.2-1030. Surplus requirements for issuing policies without contingentliability.

No domestic or foreign mutual insurer shall issue policies without contingentliability unless, at the time of issue, the insurer has at least four milliondollars of surplus. In the case of an alien insurer, policies withoutcontingent liability shall not be issued unless, at the time of issue, theinsurer has at least four million dollars of trusteed surplus.

However, any mutual insurer that on June 30, 1991, was authorized to issueand was engaged in issuing policies without contingent liability may continueto do so, until July 1, 1994, by maintaining at all times the minimum surplusif a domestic or foreign insurer, and the minimum trusteed surplus if analien insurer, required at the time of authorization.

(Code 1950, § 38-508; 1952, c. 317, § 38.1-95.1; 1966, c. 580; 1977, c. 322;1986, c. 562; 1987, c. 520; 1991, c. 261.)